Over time, the Indian banking industry has undergone significant change that has welcomed the entry of Foreign Banks in India. Foreign banks’ arrival in India has expanded financial opportunities and significantly influenced the development of the nation’s economy. These banks contribute to the overall growth of the Indian economy by bringing with them a variety of expertise, international standards, and cutting-edge financial products.
What are Foreign Banks?
As a subset of international banks, foreign banks are required to abide by both their home country’s and their host country’s regulations. These foreign banks are categorized as foreign banks operating through their branches in India. International banks operate branches or representative offices in India.
How many Foreign Banks are in India?
The RBI reports that there are currently 46 foreign banks operating in India. Barclays Bank Plc, Bank of America, American Express Banking Corporation, Bank of Bahrain & Kuwait BSC, Citibank N.A., Deutsche Bank, DBS Bank India Limited, Emirates Bank NBD, HSBC Ltd, Standard Chartered Bank, and more are on the list.
Top 6 Foreign Banks in India
- Citibank: What would eventually become Citi Bank India began when the City Bank of New York opened for business in New York (USA) in 1812. To offer clients banking, investment, advisory, risk management, and transaction services, Citibank opened a store in India in 1902.
- HSBC India: HSBC Bank India is the wholly-owned subsidiary of the Hong Kong and Shanghai Banking Corporation in India. A comprehensive range of financial products and services, including retail banking, personal banking, debit and credit cards, loans, and foreign exchange, are offered by the Indian subsidiary, which is based in Mumbai.
- Deutsche Bank: Frankfurt, Germany was the original location of Deutsche Bank‘s founding. The bank’s Indian affiliate was founded in 1980 in Mumbai, the country’s financial center, and has since grown all over the country. With 17 branches across India, the bank currently serves a commendable 5 lakh clients.
- Royal Bank of Scotland: The Royal Bank of Scotland established a branch in India in 1921 to offer a comprehensive array of financial services and products. Apart from offering debt capital market services, the bank also has a good ranking as one of the leading foreign banks in India. This is made possible in part by its ten branches, all of which are located in significant urban areas.
- DBS Bank: DBS was established specifically to promote economic cooperation between India and Singapore. It is a fully owned subsidiary of the Development Bank of Singapore. The DBS bank was founded in 1994, and Mumbai, India, is now home to its headquarters.
- Barclays Bank: Established in 1990, Barclays PLC, a UK-based company, has a significant presence in India and employs over 23,000 people in its shared services, technology, and banking verticals. The Barclays Bank, which has its headquarters in Mumbai, operates up to seven branches around the country. The bank provides several top services, including credit cards, loans, commercial banking, and Treasury Solutions.
Best Bank for International Banking in India
American Express Banking Corporation, Barclays Bank Plc, Bank of America, Citibank N.A., Deutsche Bank, DBS Bank India Limited, HSBC Ltd, Standard Chartered Bank, and other banks are the best in India for foreign banking. In terms of credit card services, Standard Chartered Bank comes in first place.
Foreign Banks in India FAQ
Q1. What is an International Bank?
An international bank is a financial organization with its headquarters located abroad that offers banking services to customers worldwide.
Q2. What is the number of foreign banks in India?
In India, there are currently 46 foreign banks in total.
Q3. Which Indian bank operates the greatest number of foreign branches?
With 52 overseas branches, the State Bank of India (SBI) is currently the biggest foreign bank in India.
Q4. Which foreign bank is the biggest in India?
Standard Chartered is the biggest foreign bank in India. It is a UK-based bank. There are currently 100 branches of Standard Chartered Bank in India.