Legal Developments: First Quarter, 2008; State Bank of India

state bank of india insurance

State Bank of India

Order Approving Establishment of a Branch

State Bank of India (Bank), Mumbai, India, a foreign bank within the meaning of the International Banking Act (IBA), has applied under section 7(d) of the IBA 1 to establish a branch in Jackson Heights, New York. The Foreign Bank Supervision Enhancement Act of 1991 (FBSEA), which amended the IBA, provides that a foreign bank must obtain the approval of the Board to establish a branch in the United States.

Notice of the application, affording interested persons an opportunity to comment, has been published in a newspaper of general circulation in Jackson Heights, New York (The New York Times. August 5, 2005). The time for filing comments has expired, and the Board has considered all comments received.

Bank, with total assets of approximately $187.5 billion, is the largest ba... http://go-travel.ucoz.com/news/state_bank_of_india_insurance/2013-06-16-3538