State Bank of India, DIFC Branch, was established in January 2007, with a vision to synergize the trade and industrial business related banking requirements between India and the UAE. It was a Category 4 branch under the license of DFSA to begin with and has upgraded its license to Category 1 branch from October 2008. The branch is regulated by DUBAI FINANCIAL SERVICES AUTHORITY [DFSA] and operates under the guidelines laid out by DFSA.