State Bank of India has received the Qualifying Full Bank license from the Monetary Authority of Singapore to offer complete suite of banking services in that country.
The license will allow SBI to open new branches and cater to retail customers in Singapore. SBI’s Singapore branch currently offers services such as trade finance, corporate loans, and deposits and remittances.
SBI is the first Indian bank to get full banking license in Singapore. The announcement came at the same time when DBS Group revealed that it has been granted approval by the Reserve Bank of India to open eight new branches in the country.