by admin | May 25, 2021 | Banking, Corporate, Corporate finance, Corporate Governance, Finance, News
SBM Bank (India) Ltd
Mumbai : Mauritius Prime Minister P.K. Jugnauth inaugurated the SBM Bank (India) Ltd, which becomes the first foreign bank in India that was granted the Reserve Bank of India (RBI) licence to operate as a wholly owned subsidiary, an official said on Friday.
Previously known as SBM Bank (Mauritius) Ltd, it started Indian operations in 1994 and has branches in Mumbai, Chennai, Hyderabad and Ramachandrapuram in Andhra Pradesh.
Now, these will be renamed as ‘SBM Bank (India) Ltd’ and shall operate as a full-fledged universal bank, headed by Managing Director and CEO Sidharth Rath.
Present at the event on Thursday evening along with Jugnauth were Commerce Minister Suresh Prabhu, Maharashtra Governor C.V. Rao, Mauritian cabinet ministers, SBM Holdings Ltd Group Chairman K.C. Li Kwong Wing, Rath and other dignitaries.
Terming it a ‘historic event’, Rath said the SBM Bank would offer all retail, corporate, trade finance services, capital markets, trading and stockbroking, asset management and custody services for the Indian customers.
Wing said the group now has a bigger presence in Kenya after acquiring two local banks and the Indian banking licence to operate as a full-fledged universal bank would complement its ‘internationalisation strategy’.
An official said that as a new entity, the SBM Bank (India) Ltd will expand its Indian network by end-March 2020 with four more branches focusing on the mid-market segment comprising mid-corporate and higher-end SMEs, besides building its retail banking footprint in this country.
Targeting a business of Rs 5,000 crore over the next two years, the bank will support Indian companies investing in eastern Africa, given its strong presence in Kenya to facilitate India-Africa trade.
—IANS
by admin | May 25, 2021 | Economy, News
Mumbai (IANS) Key Indian indices plunged on Wednesday as an amended tax treaty with Mauritius spooked investors at the prospects of a massive outflow of foreign capital from the equity markets.
Consequently, the key indices of the Indian equity markets traded deep in the red during the mid-afternoon trade session.
The wider 51-scrip Nifty of the National Stock Exchange (NSE) edged lower by 39 points or 0.49 percent, at 7,848.80 points.
The barometer 30-scrip sensitive index (Sensex) of the BSE, which opened at 25,548.97 points, traded at 25,602.69 points (at 2.00 p.m.) — down 169.84 points or 0.66 percent from the previous close at 25,772.53 points.
The Sensex has so far touched a high of 25,762.49 points and a low of 25,409.24 points during the intra-day trade.
The BSE market breadth was skewed in favour of the bears — with 1,496 declines and 934 advances.
Initially during the day’s trade, the equity markets opened on a negative note, as investors were spooked after the government on Tuesday announced amendments to the DTAA (Double Taxation Avoidance Agreement) with Mauritius.
The amended DTAA has increased the potential of a massive outflow of foreign funds from the equity markets. Mauritius is a major source of foreign investments into the Indian equity markets.
Besides, investors were seen cautious ahead of the release of key domestic macro-economic data such as CPI (Consumer Price Index) and IIP (Index of Industrial Production).
In addition, upcoming quarterly results from the banking sector and negative European markets stroked volatility.
However, markets pared some of its losses on the back of value buying after the initial correction.
“The potential of FIIs’ outflows from India due to the amendment of the tax treaty with Mauritius spooked investors,” Anand James, chief market strategist, Geojit BNP Paribas Financial Services, told IANS.
“Investors were seen cautious ahead of the release of banks’ fourth quarter results and the key-macro economic data.”
by admin | May 25, 2021 | Corporate, Corporate finance
New Delhi:(IANS) Seychelles said on Thursday that it wants to work together with India on developing its blue economy and that it was keen to invite Indian participation in a 396,000 sq km extended continental shelf area that it shares with Mauritius in the Indian Ocean.
Visiting Seychelles President James Alix Michel said: “Without India we cannot move forward on blue economy; it will remain a concept. We have to work together and see how to develop it to areas that can benefit both our countries.”
Speaking at the Indian Council of World Affairs (ICWA) 19th Sapru House Lecture here, Michel said that blue economy is important to India and to his Indian Ocean archipelago nation and mooted regular discussions so that “both countries can think together and work together and develop better concepts”.
Michel, who had held talks with Prime Minister Narendra Modi on Wednesday, termed his visit “very successful” and said it shows the “excellent ties and friendship between India and Seychelles, which will keep growing and developing”.
Michel had got along two of his ministers, Joel Morgan, who holds portfolios of foreign affairs and transport; and Jean-Paul Adam, who holds finance, trade and the Blue Economy, to also speak on the subject “Maritime Security for Blue Economy” at the lecture.
Adam said that India, with its 1,300 islands, is also a maritime and a blue economy nation. He said that Seychelles and Mauritius together co-manage the 36,000 square km continental shelf area, which is as large as Germany.
“We will approach Indian developers at the right time” to conduct hydrography in the area and to use Indian technical knowledge to develop the sea bed which is known to be rich in marine life and hydrocarbons, he said.
On the bilateral agreement on Assumption Island, on which Modi said India has begun the process of infrastructure work, Adam said India is developing the remote island, one of the 115 islands that constitute Seychelles.
He clarified that Seychelles has not leased the island to India and that it was a joint project for collaboration to “survey and have maritime presence and safeguard that part of our ocean”.
Stressing that Seychelles has an Exclusive Economic Zone of 1.3 million sq km, Adam said Seychelles “appreciates Indian vessels in our port” which he described as “part of our security strategy”.
Adam said that Seychelles’ bilateral engagement with India was “beyond that with any other country”. He said India’s providing a radar system to Seychelles would allow them “to share information on real time basis and take informed decisions on how to better protect our economic interests”.
Morgan, in answer to a query, said that Seychelles is close friends with both India and China.
“Seychelles recognizes that the Indian Ocean belongs to countries of the region but that does not preclude the participation or presence of other counties that can bring positive benefits to the region,” he said.
Referring to peace and security of the Indian Ocean region, he said that besides Chinese ships, other countries too had a presence in the area and mentioned the European Union bloc, which he said, had naval forces there.
“In terms of development of the Indian Ocean, we need an ocean that is safe, secure and free of politics in order to allow development of our economies. And also recognize the right of other counties to be present in the region and work with us, with everyone in the region in terms of economic prosperity and development.”
