Doha Bank to start NBFC operation in India next year

DOHA Bank - Qatar-based Doha Bank, which is seeking a branch licence in India, is expecting to operationalise its Non Banking Finance Company (NBFC) arm by the middle of next year.

"We have already got the NBFC licence from the regulator...we would start its operation by middle of next year," Doha Bank CEO R Seetharaman told PTI.

Doha Brokerage and Financial Services (DBFS), the NBFC arm of Doha Bank, intends to enter into the domestic car loan, consumer loan, home loan segment, he said.

DBFS was earlier known as Select Securities. Doha Bank took over Kochi-based Select Securities three years ago and re-branded it subsequently.
Currently DBFS offers brokerage services through its 200 branches spread across states like Tamil Nadu, Karnataka, Kerala and Andhra Pradesh.

On banking licence, Seetharaman said, "we have re-applied to Reserve Bank of India for a bank licence in February this year."
Post RBI approval, the bank intends to set up its branch in Mumbai, he said.

For the first time it had applied for the banking licence during 2005 but could not get approval for it for some reason.

Seetharaman said Doha Bank has tied up with other banks across India, including Axis Bank and IndusInd Bank, for distribution of financial products to NRI-customers.

Two Indian banks--State Bank of India and ICICI Bank-- currently having operation in Qatar.