Doha Bank, Qatar to set up NBFC here in 2011
By Joseph Samson
Dec 20, 2010
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Doha Bank based in Qatar is likely to initiate its non banking finance company (NBFC) in India next fiscal. The bank has been seeking license to start operations in India since quite some time.

It had first applied for banking license in 2005 but could not get an approval due to some reason.

"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 said.

He said that the NBFC wing of the bank, Doha Brokerage and Financial Services (DBFS) plans to venture into the car loan, personal loan as well as home loan segment of India's banking industry.

DBFS was previously known as Select Securities, which was taken over by the bank three years back and rebranded.

On banking licence, Seetharaman said, "we have re-applied to Reserve Bank of India for a bank licence in February this year."


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