This is the bank's 54th office outside India.

At the inauguration ceremony, SBI president and CEO VP Sharma announced that the bank would not charge any commission during the first year of operation. "All transactions will be free of charge," he said. There is a large concentration of Indo-Canadians in Mississauga and nearby Brampton and Malton areas. The new branch has a central location within easy reach of people from all these areas.

The main SBI office in Canada is in downtown Toronto, a location many from the targeted suburban areas found inconvenient. That prevented them from using the bank's services, especially for remittances to India.

The SBI has two more branches in Vancouver and Surrey, both of which have a large number of Indian expatriates.

Sharma said SBI has plans to open more branches in Canada. Officials arecurrently identifying possible locations, he said.

The total SBI portfolio in Canada is worth Canadian $135 million, Sharma said. Its profit till October 1998 was $2.5 million. Sharma said the bank hopes to increase its profit to $3million dollars by March next year.