South East Asia Bank seeks FIPB nod to set up NBFC in India

New Delhi: South East Asia Bank, which is based in Australia, has sought permission from the Foreign Investment Promotion Board (FIPB) to establish a wholly-owned non-banking finance company (NBFC) in India.

The bank has stated that it will invest Rs 250 crore in the equity of the proposed NBFC. The investment, according to the proposal, will be spread over a two-year period.

The proposed NBFC will be primarily engaged in project financing; it will also take up related financial services.

The bank in its application said the Reserve Bank of India had permitted it to open a representative office in India in May 1998 for a period of three years.