You are here: Home » PTI Stories » National » News
Business Standard

State Bank of Mauritius appoints Sidharth Rath as MD of India operation

Topics
Business Finance

Press Trust of India  |  New Delhi 

State Bank of Mauritius, which has received a licence as a scheduled commercial bank in India, said Wednesday that it has appointed Sidharth Rath as managing director.

SBM Bank is the first foreign bank to set up a Wholly Owned Subsidiary (WOS), to provide universal banking service with a focus on Wholesale Banking, Trade Finance, Capital Market and Retail Banking, the bank said in a statement.

Following the approval, the SBM Bank (India) Limited will start operation as scheduled commercial bank under the Banking Regulation Act, 1949 with effect from December 1, 2018, it said.

The statement said that Rath has taken over as the MD & CEO of SBM Bank (India) Limited pursuant to the approval received from the Reserve Bank of India.

Prior to this assignment, he was with Axis Bank as the Group Executive and Head, of Corporate, Transaction Banking and International Banking.

SBM Bank is backed by SBM Group, diversified financial services provider with a strong base in Mauritius, Eastern Africa and India. SBM Holdings Ltd is the third largest listing on the Stock Exchange of Mauritius.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Wed, November 21 2018. 20:30 IST
RECOMMENDED FOR YOU