SBI to set up ‘by-invitation-only’ branches to serve Super-rich and NRIs

India’s largest public sector bank, State Bank of India (SBI), along with its associates, plans to set up ‘by-invitation-only’ branches under the ‘Kohinoor’ brand in 20 cities to serve uber-rich customers and Non-Resident Indians (NRIs).

What would be so special with these branches?

These branches will be operational 24X7 and have amenities like lounges, conference rooms, personal business centres and cafeterias. The branches will offer all the banking products and services of SBI and its subsidiaries. The bank will assign personal banker to each client. Clients can either visit the branch or interact with staff over video chat for their banking needs. SBI had launched first such branch — Kohinoor Banjara — in Hyderabad in 2010. While the bank has not specified any minimum deposit requirement, it expects customers to have at least Rs 1 crore of deposits in the branch.

SBI had launched first such branch — Kohinoor Banjara — in Hyderabad in 2010.

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Categories: Banking Current Affairs 2017

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