The Reserve Bank of India has approved the merger of SBM (Mauritius), India with SBM Bank (India). SBM Bank is the.....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.

BANKING GENERAL KNOWLEDGE

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Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]

The Reserve Bank of India has approved the merger of SBM (Mauritius), India with SBM Bank (India). SBM Bank is the____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.

A	first
B	third
C	second
D	fourth

Explanation:

Detailed explanation-1: -Merger of State bank of Mysore (SBM) with State Bank of India (SBI).

Detailed explanation-2: -SBM Bank India is a subsidiary of the State Bank of Mauritius. It was the first bank to receive a banking license from the India’s banking regulator Reserve Bank of India (RBI) to establish a universal banking business in the country as a wholly owned subsidiary.

Detailed explanation-3: -SBM started operations in India on December 1, 2018. It was the first universal bank in the country to get a banking licence from RBI through the wholly-owned subsidiary (WOS) route. Globally, it is part of SBM Group.

Detailed explanation-4: -On 25.10. 2008, SBI (International) Mauritius Ltd amalgamated with Indian Ocean International Bank, and was renamed as SBI (Mauritius) Ltd.

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