State Bank of India (SBI) and Bank of Baroda (BoB)
have received the Reserve Bank of Indias (RBI) licence
to set up offshore banking units (OBUs) in special economic
are the first batch of licences given by the RBI for OBUs,
after the government decided to allow offshore banking
units in SEZs in the last Exim policy.
to officials, SBI has been granted four licences for setting
up banks in SEEPZ in Mumbai, Kandla, Kochi and Surat.
is understood to have received licence for an OBU at SEEPZ.
There are others such as Union Bank of India awaiting
the RBI go-ahead.
to RBI guidelines on OBUs, banks with overseas branches
and experienced in running OBUs would be given preference.
foreign banks, Hong Kong and Shanghai Banking Corporation
of India is understood to be awaiting licence.