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Rabo to
start commercial bank next year
Our Banking Bureau
19 June 2002
 Kolkata:
The bank proposed
to be set up by the Rabo group of the Netherlands will be a
commercial bank for all practical purposes, but will focus
particularly on sectors such as food, life sciences and
technology.
The bank, which will come
up in association with a select group of banking professionals,
will be launched in early 2003. It will try to bring in a certain
degree of product differentiation in terms of both banking
products and technology application.
"The proposed
banking outfit, among the first to be cleared by the Reserve Bank
of India in recent times after it started vetting banking
applications afresh, will build on areas that have been identified
as growth sectors in India," says Rabo India Finance managing
director Rana Kapoor.
Rabo, he says, is the
world’s only AAA-rated bank in the private sector. The Indian
venture will be a conservative bank in many ways, maintaining
strict credit discipline and following all prudential norms.
Rabo India Finance, for
its part, has been in operation for more than three years. It is
now going in for fresh capitalisation — the  Foreign
Investment Promotion Board recently cleared an additional infusion
of $30 million.
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