Dutch lender, Rabobank has finally grabbed a license to start banking operations in India. The bank has received permission from regulator, Reserve Bank of India to set up its first branch in Mumbai.
The bank currently has its presence in India through Rabo India Finance (RIF) which is a wholly owned subsidiary of it. RIF is established in India as a non banking finance company (NBFC).
With its first branch getting set up, it would be able to expand widely in the Indian market.
"India is a key country for Rabobank. We are now able to offer a broader range of products and services to our Dutch, Indian and international clients," Sipko Schat, member of the executive board of Rabobank Group said.
The bank is setting itself up in India as part of its global expansion plans in markets having a strong agrarian base.
Rabobank India, once set up will work on working capital financing of customers as well as accept deposits. It will also venture in fields like foreign exchange, fixed income products as well as trade finance, said the bank in a statement.