<p>State Bank of India is determined to carry on retail banking operations in the UK despite a recent crackdown by the Bank of England on the operations of foreign-owned banks in the country.<br /><br /></p>.<p>SBI, which has been operating in the UK for 95 years, said it is prepared to set aside 100 million pounds in ring-fenced capital and restructure its operations if that is necessary to keep operating on the high streets.<br /><br />Mrutyunjay Mahapatra, the UK head of the bank, told ‘The Times’ newspaper that the bank will keep serving retail customers in Britain as well as open new branches.<br />“Our intention is to continue to do business in the UK. We have been here for 95 years. We’re too deep rooted here,” he said.<br /><br />The Prudential Regulation Authority (PRA) of the Bank of England had recently issued an ultimatum to the British operations of foreign-owned banks taking deposits of more than 100 million pounds to restructure with their own ring-fenced capital or end retail operations. SBI, which has over 900 million pounds of deposits in Britain, is among those affected.</p>
<p>State Bank of India is determined to carry on retail banking operations in the UK despite a recent crackdown by the Bank of England on the operations of foreign-owned banks in the country.<br /><br /></p>.<p>SBI, which has been operating in the UK for 95 years, said it is prepared to set aside 100 million pounds in ring-fenced capital and restructure its operations if that is necessary to keep operating on the high streets.<br /><br />Mrutyunjay Mahapatra, the UK head of the bank, told ‘The Times’ newspaper that the bank will keep serving retail customers in Britain as well as open new branches.<br />“Our intention is to continue to do business in the UK. We have been here for 95 years. We’re too deep rooted here,” he said.<br /><br />The Prudential Regulation Authority (PRA) of the Bank of England had recently issued an ultimatum to the British operations of foreign-owned banks taking deposits of more than 100 million pounds to restructure with their own ring-fenced capital or end retail operations. SBI, which has over 900 million pounds of deposits in Britain, is among those affected.</p>