SBI launches in Melbourne

With the largest number of its citizens Iiving in the state of Victoria, State Bank of India (SBI) has opened in second branch in Australia in the city of Melbourne. It is the first indian bank to have a branch location in the state. The reserve bank in India regulates SBI in conjunction to APRA/ASIC in Australia.While indians in Victoria make up a significant first home buyer market in the state, SBI will not offer home loans but provide deposits, remittances and trade finance products as it has provided for its Sydney branch. With remittances with India being some of the highest in the world, it allows Melbourne NRI (Non Resident Indians) to remit directly through the largest bank in India and capture the growth occuring in Melbourne, which is the fastest growing major city population in Australia.