Mumbai: Doha Bank, one of the largest banks in Qatar, is planning to set up a non-banking financial services company (NBFC) in India.

The company, to be set up through its associate Doha Brokerage and Financial Services Limited, would start operations within the next four months, the bank said.

Doha Bank Group CEO R Seetharaman said the bank has already received the licence from the Reserve Bank of India and the NBFC would be operational in the next 3-4 months.

Seetharaman said the group, which is focusing on emerging markets, has ambitious investment plans in India.
 
The bank, started off in India with equity investment in the erstwhile Kochi-based Select Securities, which was subsequently renamed Doha Brokerage and Financial Services. It has now 140 offices across India offering share and commodity broking and other financial services.

Doha Bank, he said, was also looking at opportunities for commencing banking operations in India. It had submitted its application in 2005 and was hopeful of establishing its presence in India in three years, he added.

The bank has tied up with banks and NBFCs in India, including Axis Bank, IndusInd Bank and Tata Asset Management, for distribution of financial products to its large base of NRI-customers.