SBI launches services from DIFC

The State Bank of India (SBI) has started providing a complete range of banking services from its base in the Dubai International Financial Centre (DIFC), the bank announced on Tuesday.

The SBI has received a full banking licence from the regulator, the Dubai Financial Services Authority (DFSA), which enables its DIFC branch to accept deposits and provide credit, subject to the regulations of the DFSA.

The bank has also obtained a retail endorsement to its licence, which enables it to arrange investments for retail customers and offer credit to small and medium enterprises (SME).