India's largest bank will open in Jackson Heights

U.S. Federal Reserve Approves Uninsured Branch Of State Bank Of India In New York

from allheadlinenews.com by Linda Young January 28, 2008

India's largest bank will open an uninsured branch in Jackson Heights, New York soon. The U.S. Federal Reserve Board announced that it approved an application from the State Bank of India in Mumbai, India to establish a branch there. The bank has assets of approximately $187.5 billion and the Government of India owns 63.8 percent of the bank, with no other shareholder directly owning more than 5 percent of the bank's shares.