The State Bank of India (SBI) – a multinational, public sector banking and financial services company, and a government-owned corporation with its headquarters in Mumbai – recently launched ‘Japan Desk’ at its New Delhi branch to woo Japanese business.
After inaugurating the desk in the presence of Japanese Ambassador to India Kenji Hiramatsu, SBI Chairman Arundhati Bhattacharya said that the main purpose of first-of-its-kind initiative is to facilitate Japanese corporate houses, which are interested in investing in the Indian banking and advisory services. She also said that the “SBI Japan Desk” would provide one-point comprehensive and reliable information to Japanese companies. According to Bhattacharya, the Japan Desk will help SBI in acting as the window for inbound Japanese investments in the South Asian country.
The chairperson told the audience that SBI had planned to establish the Desk in the Indian capital mainly to encourage Japanese corporate houses and nationals to bolster banking relationship with India by providing in-depth information on industrial sectors. Simultaneously, the Desk will help Indian companies explore investment opportunities in Japan.
Meanwhile, Ambassador Hiramatsu thanked the SBI for helping the Japanese corporate houses in expanding their businesses in India. At the same time, he urged the Narendra Modi government to implement more reform programmes in an attempt to make India as an investment-friendly destination. He further advised the Indian government to concentrate on taxation and financial sector reforms.
As of 2014-15, the SBI has assets worth INR 20,480,800,000,000 and 16,333 branches, including 191 foreign offices spread across 36 countries.