Oman's largest bank to float an Indian subsidiary

BankMuscat, Oman's largest bank, would soon float an Indian subsidiary, and also has plans to come out with a debit card besides setting up a call center in the country, Indian news agency (PTI) reports quoting senior Bank officials.

BankMuscat's Chief Executive, India, Samit Ghosh, told reporters here that with the recent Indian Budget allowing foreign banks to incorporate locally, his bank was awaiting detailed Reserve Bank of India guidelines in this regard, which was expected to come in the next two months.

Once the guidelines come, the bank would apply to the apex bank for setting up an Indian subsidiary.

BankMuscat, who presently has a branch only in Bangalore, is targeting to double the number of customers in the next six months. The bank's vice-president, Shome Sengupta, said the bank had plans to come out with a debit card in the middle of this year, and was looking at Visa for the tie-up, as well as for setting up a call center. A foray into Internet banking is also on the anvil, he said.