State Bank of Mauritius (SBM) has secured approval from the Reserve Bank of India to open a wholly-owned subsidiary in the country.

The approval makes SBM the first foreign banking institution to receive the licence to launch a local subsidiary.

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The bank is planning to expand its network in the country by opening six new branches under its subsidiary which will operate under the name SBM Bank (India).

The planned branches, expected to open by 2019, will be located in Delhi, Bangalore, Kolkata, Ahmedabad, Pune, and Jaipur.

Currently, SBM has four operational branches in India in Mumbai, Hyderabad, Chennai and Ramachandrapuram.

All the four existing branches will also be incorporated into the new subsidiary.

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The expansion to India is a part of the SBM strategy to expand its global footprint and strengthen its cross-border banking business.

Established in 1973, SBM has a strong presence in the domestic market of Mauritius holding significant market share in advances and deposits. Besides India, it is present in Madagascar and Kenya.

Apart of SBM, Singaporean banking entity DBS has also applied to open a subsidiary in India and is currently awaiting final approval.