At present, only 10 per cent of the bank’s loans are in the retail segment with corporate loans making up the rest.
On November 21, State Bank of Mauritius, which has received a licence as a scheduled commercial bank in India, appointed Sidharth Rath as managing director.
Following the approval, the SBM Bank (India) Limited will start operation as scheduled commercial bank under the Banking Regulation Act, 1949 with effect from December 1, 2018, it said.
The SBM said it had lost Rs 143 crore in cyber fraud committed at its Nariman Point branch in Delhi on October 2.
The SBM said that some unknown persons have hacked into its servers to illegally access various accounts and managed to transfer the monies to multiple accounts outside the country.