RBI grants license to Doha Bank to start banking operations in India
The Reserve Bank of India has granted license to Doha Bank to start banking operations in India and has allowed it to open a branch in Mumbai to provide full-scale banking services.
Doha Bank which is the largest commercial bank in the state of Qatar intends to expand its operations at the local, regional and international levels. The bank will soon start operations as a foreign bank branch in Mumbai and will offer wholesale banking, retail banking, treasury and trade finance services to all customers in India.
This licence will further boost the niche role Doha Bank is playing and facilitating the movement of trade between Qatar and India. Qatar-India bilateral annual trade is about $16 billion and there are huge opportunities of growth available in infrastructure and other sectors in India.
There is a large diaspora of Indian population in Qatar and various Indian companies are active in infrastructure projects. As per Doha Bank, the licence will pave the way for the bank to support all expatriates with its solutions especially remittance solutions.