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
|Australian Banks||Australia and New Zealand Banking Group|
|National Australia Bank|
|Westpac Banking Corporation|
|Bahraini Banks||Bank of Bahrain and Kuwait|
|Bangladeshi banks||AB Bank|
|Belgian Bank||Antwerp Diamond Bank|
|Canadian Bank||Bank of Nova Scotia|
|Chinese Bank||Industrial & Commercial Bank of China|
|French Banks||BNP Paribas|
|German Banks||Deutsche Bank|
|Indonesian Bank||Bank Internasional Indonesia|
|Japanese Banks||Mizuho Corporate Bank|
|Sumitomo Mitsui Banking|
|Bank of Tokyo-Mitsubishi|
|Mauritian Bank||State Bank of Mauritius|
|Qatari Bank||Doha Bank|
|Qatar National Bank|
|Singaporean Banks||DBS Bank|
|United Overseas Bank|
|South African Bank||FirstRand Bank|
|South Korean Banks||Shinhan Bank|
|Sri Lankan Bank||Bank of Ceylon|
|Swiss Banks||Credit Suisse|
|Taiwanese Bank||Chinatrust Commercial Bank|
|Thai Bank||Krung Thai Bank|
|UAE Banks||Abu Dhabi Commercial Bank|
|UK Banks||HSBC (as HSBC Bank India)|
|Standard Chartered Bank|
|US Banks||Bank of America|
|J.P. Morgan Chase Bank|