Foreign banks in India –global entrants in Indian banking sector
Nine years back, RBI issued the guidelines for the opening of foreign banks in India. Since then these multinational commercial banks have been operating in our country through wholly owned subsidiaries. These wholly owned subsidiaries got the liberty to open their branches anywhere in India.
Some of the most significant global Banks are running their branches in this country. Till date, 45 foreign banks are operating their branches in India & comes under one of the types of Banks in India.
Some peculiar traits of foreign banks in India
- These banks are operated under the Banking Regulation Act, 1949 and the banking regulations of their own country.
- Just like the other public and private sector banks in India, RBI is the sole monitoring authority to keep a watch on the banking activities of foreign banks in India.
- 5 to 7 % of total deposits and advances portfolio in this country is managed by the foreign banks in India.
The superiority of foreign banks over their Indian counterparts
- These banks follow the latest banking technologies in the world leaving Indian banks far behind.
- Provide world class customer service to their account holders with specialized merchant banking services.
- Most of these banks are strong multinational heavyweights, so they are always ready with surplus capital accumulated from other countries.
Foreign Banks with branches in India
List of banks incorporated outside India and operating branches in India:
Bank Country Source
List of Foreign Banks in India
|Australia and New Zealand Banking Group
|National Australia Bank
|Westpac Banking Corporation
|Bank of Bahrain and Kuwait
|Antwerp Diamond Bank
|Bank of Nova Scotia
|Industrial & Commercial Bank of China
|Bank Internasional Indonesia
|Mizuho Corporate Bank
|Sumitomo Mitsui Banking
|Bank of Tokyo-Mitsubishi
|State Bank of Mauritius
|Qatar National Bank
|United Overseas Bank
|South African Bank
|South Korean Banks
|Sri Lankan Bank
|Bank of Ceylon
|Chinatrust Commercial Bank
|Krung Thai Bank
|Abu Dhabi Commercial Bank
|HSBC (as HSBC Bank India)
|Standard Chartered Bank
|Bank of America
|J.P. Morgan Chase Bank