Doha Bank has been granted licence to commence banking operations in India and has been permitted to open a branch in Mumbai to provide full-scale banking services. Chairman of the bank Sheikh Fahad Bin Mohammad Bin Jabor Al-Thani said in line with the bank’s strategy of expanding operations at the local, regional and international levels, the licence from RBI to start operations in India is another milestone. Sheikh Fahad said with this new licence, Doha 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 enhance the niche role Doha Bank is playing and facilitating the movement of trade between Qatar and India.
The proposed branch will contribute in servicing a larger segment of the bank’s customers in both the countries and will help its corporate customers in India to benefit through the representative offices located around the world.
Managing director of the bank Sheikh Abdul Rahman bin Mohammad bin Jabor Al-Thani said the bank is the first Qatari bank to have full-scale operations in Dubai, Abu Dhabi, Kuwait and India.
Sheikh Abdul Rahman said that Qatar-India bilateral annual trade is about $16 billion and that there are huge opportunities of growth available in infrastructure and other sectors in India. As a result, the bank sees huge potential for bringing additional value to the shareholders through new operations in India and also due to the strategic locations where Doha Bank operates, he added.
R Seetharaman, CEO of Doha Bank said there is a large diaspora of Indian population in Qatar and that various Indian companies are active in infrastructure projects.