Global Fortune 500-listed State Bank of India, has started providing a complete range of banking services from its base in the Dubai International Financial Centre, India's top bank announced today. SBI has received a full banking licence from the regulator, the Dubai Financial Services Authority, which enables its DIFC branch to accept deposits and provide credit, subject to the regulations of the DFSA. India's number one 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.
SBI's DIFC branch will provide trade finance and short-term working capital loans including letters of credit and bank guarantees, term loans, project finance and as well as syndication of credit requirements at highly competitive rates. The branch has a special desk to handle LC related activity. The branch can arrange and advise on the investment products of the State Bank Group and other reputed
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