Multiple choice

From the given options, identify the bank which is seeking qualified full banking status in Singapore. This is for mobilising retail deposits and setting up ATMs.

  1. Bank of Baroda

  2. Canara Bank

  3. Syndicate Bank

  4. State Bank of India
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

State Bank of India (SBI) was the first Indian bank to receive full banking status in Singapore, which allowed it to mobilize retail deposits and set up ATMs there as part of its international expansion strategy. The other banks listed (Bank of Baroda, Canara Bank, Syndicate Bank) are Indian public sector banks but SBI was the pioneer in Singapore.

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