The State Bank of India (SBI), India’s largest bank, has decided to expand its global operations and expects more than a three-fold increase in its international business in five years, according to chairman O P Bhatt.
“The bank expects more than a three-fold increase in its international business from seven per cent last year to 25 per cent in the next five years,” Bhatt said yesterday while launching the bank’s first debit card in Canada.
“The focus of the international business would be related to India. We have formulated strategic plans to encash India’s emerging opportunities,” Bhatt said.
SBI (Canada) would encourage the Canadian investors, particularly NRI Indians, to invest in the Indian market. The bank is already offering loans to NRIs for owning a home in India, he said.
Harinder Takhar, Ontario Minister for Small Business and Consumer Affairs, commended India’s efforts to expand bilateral relations and urged the Canadian entrepreneurs to invest in India.
“In today’s challenging economic climate, it is more important than ever that we strengthen the competitiveness of Ontario’s small and medium-sized enterprises and take advantage of emerging opportunities in India,” he said.
“The Export Market programme, launched by the Ontario government, will help the Ontario companies enter and expand into the Indian market, generating prosperity and strengthening our presence on the world stage,” Takhar said.
Arun Nagaran, President and Chief Executive Officer of SBI (Canada) said the new SBI debit card would meet the demand of Indo-Canadian customers.
