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With globalization setting a major turn as economic reform, countries have crossed barriers in terms of trade, commerce, travel, education, science, and many more. With foreign banks being introduced in India, these establishments promote the Indian economy and have incorporated technological advancements and innovations in the Indian banking system. With headquarters in the home country and branches in foreign countries, this type of international bank has to abide by the rules and legislation of both home and host country.
Enhancing competition and enabling better banking practices in the Indian banking sector, foreign banks in India play a vital role in offering imports and exports facilities. These international banks provide financial and banking services to customers internationally. With total bank capital as a dependent factor for loan limitations, branches of foreign banks have larger loan services compared to subsidiary banks. According to the Reserve Bank of India, single mode of presence and reciprocity are the two main principles on which presence of foreign banks in India is founded.
Functions of foreign banks in India:
- Customer satisfaction enhancement
- Skill and technology transfer
- Banking sector competition enhancement
- Deepening of financial system through contribution of money market and foreign exchange by participation of foreign banks
- Expansion of modernised banking services
- Foreign currency provision to corporations enhancement
- International cash management services
- International loan syndications
- Trade financing arrangement
- Foreign exchange arrangement
- Contributes to the growth of GDP
Foreign banks in India 2022
The foreign banks in India are:
|Name of Bank
|Location in India
|Abn-amro Bank N.v
|Abu Dhabi Commercial Bank
|American Express Banking Corp
|Antwerp Diamond Bank Nv
|B N P Paribas
|Bank of America
|Charlotte, North Carolina
|Bank Of Baharain And Kuwait Bsc
|Bank Of Ceylon
|Bank Of Tokyo Mitsubishi
|Chinatrust Commercial Bank
|Dbs Bank Ltd
|HSBC Bank Oman Saog
|Jp Morgan Bank
|Jsc Vtb Bank
|Krung Thai Bank Public Co. Ltd
|Mizuho Corporate Bank
|NatWest Group (formerly RBS)
|Edinburg, United Kingdom
|Oman International Bank Saog
|Sbm Bank Mauritius
|Sonali Bank Ltd
|Standard Chartered Bank
|The Bank Of Nova Scotia
|Basel and Zurich
|United Overseas Bank
Top 10 foreign banks in India
Out of the 46 foreign banks in India, given below are the best 10 foreign banks in India:
Titled ‘Best Bank for High-Net-Worth Families’ by Kiplinger’s Personal Finance fifth time in a row, Citibank is one of the leading onshore foreign banks in India. Headquartered in New York, this Citigroup subsidiary is located in Mumbai in India. Part of a restructuring, the bank has announced that including India, consumer banking will be departed in 13 regions. The bank has been in connection with India for 119 years.
ii) Standard Chartered Bank
The Standard Chartered Bank, headquartered in London, England is located in Mumbai in India. A constituent of the FTSE 100 Index, the Standard Chartered Bank has got its primary listings on London Stock Exchange. With more than 1,200 outlets and branches in more than 70 countries, the bank has a larger network with over 87,000 employees.
iii) HSBC Bank
Headquartered in London, the HSBC Bank is located in Mumbai in India. With a customer base of more than 1 lakh people, the bank has over 50 services and branches in India. HSBC Bank is a subsidiary of HSBC Holdings plc.
iv) Deutsche Bank
Deutsche Bank, headquartered in Frankfurt, is located in Mumbai in India. This bank dual-listed on the New York Stock Exchange and Frankfurt Stock Exchange is a financial services firm and a global investment bank. With a stronghold of 5 lakh people in Asia, Europe and America, the large network of the bank stretches to 5 countries.
v) Royal Bank of Scotland
The Royal Bank of Scotland (NatWest Group), headquartered in Edinburgh, United Kingdom in Mumbai, India. The bank introduced the establishment of microfinance in the month of September, 2003 while it began its banking operations in India. RBS has also come up with a Microfinance Technical Assistance project of three-year for under served communities.
vi) DBS Bank
Known as Asia’s #1 Safest Bank and #15 among world’s Safest Banks, the DBS Bank is a Singapore based bank with its location in India at Mumbai. Trustworthiness to clients, investors and depositors are the few factors that led into choosing DBS Bank as one of the safest banks.
vii) Barclays Bank
Located in Mumbai in India, Barclays Bank is headquartered in London, United Kingdom. A constituent of the FTSE 100 Index, the Barclays Bank is on primary listing on the London Stock Exchange and on secondary listing on the New York Stock Exchange.
viii) Bank of America
Located in Charlotte, North Carolina, the Bank of America is located in Mumbai in India. The bank has 5 offices in India. Bank of America is one of world’s largest banks with over 4.9 million customers.
ix) Bank of Bahrain and Kuwait
With major locations in India at Hyderabad, New Delhi, Mumbai and Aluva, the banking services and products are provided. The Bank of Bahrain and Kuwait was founded by the Kingdom of Bahrain and the State of Kuwait in the year 1971.
x) Doha Bank
Doha Bank is one of the renowned commercial banks in Qatar. Headquartered in Doha, Qatar, the Doha Bank is located in Mumbai in India. With a large global correspondent network, the bank provides Trade Finance and Remittance related services.
Foreign Banks in India contribute to the speedy run to financial and economic growth in India. With many branches, outlets and service provided, foreign banks in India provide the platform to expand networking, enhance satisfaction of customers and catalyses banking potential, eventually strengthening the banking sector of India.
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