The central bank has licensed a new commercial bank, the State Bank of India (SBI). SBI will become the tenth bank to run commercial banking activities in the country, Mmegi can reveal. Although no confirmation could be obtained from the public relations department of the Bank of Botswana at press time, sources close to the developments have confided to Mmegi that SBI, which is one of two Indian banks to have recently applied for a commercial banking licence in Botswana, received regulatory approval last week and will soon announce its operationalisation plans.
"They received the licence last week and should start operations soon," said the source.
Contacted for comment, SBI Botswana acting managing director Aditya Jha declined to confirm or deny the issuance of the licence. "I am not authorised to speak to the press. My senior management from India should be in the country soon. I am sure they will be able to help you with your enquiries," he said in a telephone interview.
