Foreign Banks in India

The foreign banks in India are slowly but steadily creating a niche for themselves. With the globalization hitting the world, the concept of banking has changed substantially over the last couple of years.

Some of the foreign banks have successfully introduced latest technologies in the banking practices in India. This has made the banking business in the country more smooth and interesting for the customers.

The concept of foreign banks in India has changed the prevailing banking scenario in the country. The banking industry is now more competitive and customer-friendly than before. The foreign banks have brought forth some innovations and changes in the banking industry of the country.

The Reserve Bank of India (RBI) is the supreme monetary authority of the country and tops the entire banking hierarchy. The scheduled banks under the authority of Reserve Bank of India are further categorized into two segments – commercial banks and co-operative banks. The commercial banks are then again subdivided into two classes – private sector banks and public sector banks. In the year 1994, the Government of India allowed the new private banks to operate in the country and this changed the face of banking in the country.

According to the new rules set by Reserve Bank of India in the new budget, some decisions regarding foreign banks in India have been taken. The steps taken by the central monetary authority provide some extent of liberty to the foreign banks and they are hopeful to grow unshackled. The foreign banks in India are now allowed to set up local subsidiaries in the country. The policy also states that the foreign banks are not allowed to acquire any Indian bank unless the Indian bank is listed as a weak bank by the RBI. The Indian subsidiaries of the foreign banks are not allowed to open branches freely in the country.

Here is a complete list of the foreign banks in India as of September, 2007:
ABN AMRO Bank N.V.
American Express Bank
Abu Dhabi Commercial Bank Ltd
Antwerp Diamond Bank
Bank International Indonesia
Arab Bangladesh Bank
Bank of America
Bank of Ceylon
Bank of Bahrain & Kuwait
Bank of Nova Scotia
Barclays Bank
Bank of Tokyo Mitsubishi UFJ
BNP Paribas
ChinaTrust Commercial Bank
Calyon Bank
Cho Hung Bank
DBS Bank
Citibank
Deutsche Bank
JPMorgan Chase Bank
HSBC (Hongkong & Shanghai Banking Corporation)
Krung Thai Bank
Mizuho Corporate Bank
Mashreq Bank
Oman International Bank
Standard Chartered Bank
Societe Generale
Taib Bank
State Bank of Mauritius

India offers a promising market for the foreign bankers beckoning some more respected names of the world. By the year 2009, some more banks are planning to establish themselves in India. With the RBI showing sudden interest in the establishment of foreign banking in India, the banking scenario of India is going to change even more in the near future.

 

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