Functions of Foreign Banks in India & Complete List below
An international OR Foreign banks in India are the financial institution that operates outside of its home country and offers financial services to people of India.
A foreign bank branch is a sort of international bank that is expected to follow both the laws of the home and host countries. Foreign bank branches can provide greater loans than subsidiary banks since their loan limits are based on total bank capital.
The RBI‘s policy on foreign banks’ presence in India is based on two key principles: reciprocity and a single mode of presence. According to the Reserve Bank of India, India currently has 46 foreign banks. India has attracted significant foreign direct investment in a range of industries (FDI). Some of India’s major international banks are mentioned below.
What exactly are foreign banks in India?
A foreign bank is a type of multinational bank with headquarters in another country but branches in India. A foreign bank is required to comply with the laws of both its home and host nations.
International banks operate in India either as branches or as wholly-owned subsidiaries. To meet the needs of foreign business customers, the bank establishes abroad bank branches.
How many foreign banks are there in India?
According to the Reserve Bank of India, there are presently 45 plus foreign banks operating in India as of July 14, 2020. After that, you will be given a solution to the question: what are the names of foreign banks in India?
What are the prerequisites for opening a foreign bank account in India?
The Indian government has announced collaboration with IndiaStack to digitize the country’s financial infrastructure. As a result of this collaboration, having a bank account is nearly mandatory for those who wish to access financial services or purchase financial products.
To open a bank account, you must meet certain “Know Your Customer (KYC)” criteria. You must have the following four items:
• Aadhaar card: A card that has a 12-digit identification number as well as demographic and biometric information.
• Permanent account number (PAN): A 10-digit alphanumeric number given by the Income Tax Department of India.
• Two recent photographs
• Address and identification proving documents:
These vary as per bank and include your passport, a copy of your visa and residency permit, and a phone or power bill.
List of Foreign banks in India 2021
We have compiled a list of foreign banks in India (India’s list of international banks) from various sources. Take a look at the list of private foreign banks in India (In India, there are foreign sector banks) in the table below.
|S. No.||Name of Foreign Banks||Head Office||Bank Home Country||Number of branches in India|
|1||AB Bank Ltd.||Dhaka, Bangladesh||Bangladesh||1|
|2||Abu Dhabi Commercial Bank Ltd||Abu Dhabi, United Arab Emirates||UAE||1|
|3||American Express Banking Corporation||New York, United States||USA||1|
|4||Australia and New Zealand Banking Group Ltd.||Melbourne, Australia||Australia||3|
|5||Barclays Bank Plc||London, United Kingdom||United Kingdom||6|
|6||Bank of America||Charlotte, North Carolina, United States||USA||4|
|7||Bank of Bahrain & Kuwait BSC||Manama, Bahrain||Bahrain||4|
|8||Bank of Ceylon||Colombo, Sri Lanka||Sri Lanka||1|
|9||Bank of China||Beijing, China||China||1|
|10||Bank of Nova Scotia||Toronto, Canada||Canada||2|
|11||BNP Paribas||Paris, France||France||8|
|12||Citibank N.A||New York, United States||USA||35|
|13||Cooperatieve Rabobank U.A||Utrecht, Netherlands||Netherlands||1|
|14||Credit Agricole Corporate & Investment Bank||Paris, France||France||5|
|15||Credit Suisse A.G||Zürich, Switzerland||Switzerland||1|
|16||CTBC Bank Co. Ltd.||Nangang District, Taipei, Taiwan||Taiwan||2|
|17||DBS Bank India Limited**||Singapore||Singapore|
|18||Deutsche Bank||Frankfurt, Germany||Germany||17|
|19||Doha Bank Q.P.S.C||Doha, Qatar||Qatar||3|
|20||Emirates Bank NBD||Dubai, United Arab Emirates||UAE||1|
|21||First Abu Dhabi Bank PJSC||Abu Dhabi, United Arab Emirates||UAE||1|
|22||FirstRand Bank Ltd||Johannesburg, South Africa||South Africa||1|
|23||HSBC Ltd||London, England, UK||Hong Kong||26|
|24||Industrial & Commercial Bank of China Ltd.||Xicheng District, Beijing, China||China||1|
|25||Industrial Bank of Korea||Jung-gu, Seoul, South Korea||South Korea||1|
|26||J.P. Morgan Chase Bank N.A.||New York, USA||USA||4|
|27||JSC VTB Bank||Moscow, Russia||Russia||1|
|28||KEB Hana Bank||Seoul, South Korea||South Korea||2|
|29||Kookmin Bank||Seoul, South Korea||South Korea||1|
|30||Krung Thai Bank Public Co. Ltd.||Watthana, Bangkok, Thailand||Thailand||1|
|31||Mashreq Bank PSC||Dubai, United Arab Emirates||UAE||1|
|32||Mizuho Bank Ltd.||Chiyoda City, Tokyo, Japan||Japan||5|
|33||MUFG Bank, Ltd.||Chiyoda City, Tokyo, Japan||Japan||5|
|34||NatWest Markets Plc||London, United Kingdom||United Kingdom||1|
|35||PT Bank Maybank Indonesia TBK||Senayan, Jakarta, Indonesia||Indonesia||1|
|36||Qatar National Bank (Q.P.S.C.)||Doha, Qatar||Qatar||1|
|38||SBM Bank (India) Limited**||Port Louis, Mauritius||Mauritius|
|39||Shinhan Bank||Jung-gu, Seoul, South Korea||South Korea||6|
|40||Societe Generale||Paris, France||France||2|
|41||Sonali Bank Ltd.||Dhaka, Bangladesh||Bangladesh||2|
|42||Standard Chartered Bank||London, England, UK||United Kingdom||100|
|43||Sumitomo Mitsui Banking Corporation||Chiyoda City, Tokyo, Japan||Japan||2|
|44||United Overseas Bank Ltd||Singapore||Singapore||1|
|45||Westpac Banking Corporation||Sydney, Australia||Australia||1|
|46||Woori Bank||Jung-gu, Seoul, South Korea||South Korea||3|
**DBS Bank India Limited (a subsidiary of DBS Bank Ltd.) and SBM Bank (India) Limited are subsidiaries of DBS Bank Ltd. (Subsidiary of SBM Group).
The table above will help you identify international banks in India as well as their headquarters. This is a list of foreign banks in India that are currently active in the country.
What is the procedure for opening a foreign bank account in India?
The process in opening a bank account in foreign bank is quite similar to the procedure of opening a National bank account like SBI, PNB, Bank of Baroda etc, however may need to furnish few additional documents if required by the bank.
Complete the application form
If you have all of the necessary papers, go to the bank’s website or a local location to obtain the bank account opening form. Personal information such as your name, date of birth, permanent residence, and the names of your parents or spouse will be required. After you’ve completed all sections, sign the form to indicate that you agree with the bank’s terms and conditions.
2. Submit Documents
Submit documentation (Identity and address verification)
This is required to meet the above-mentioned “Know Your Customer (KYC)” standards. Customers in India are only able to open bank accounts if they provide specific documents as proof of identification. Most banks will want a PAN card, an Aadhaar card, and two recent photographs.
3. Document Verification Process
Give the bank the opportunity to review your paperwork.
Banks in India take 1 to 2 days to approve new accounts. Once your papers have been accepted, the bank will contact you for any additional verification or explanation. They may want clarification of inaccuracies in your KYC paperwork.
4. Receive Banking Kit
Obtain your debit card and account information.
Once your papers have been approved by the bank, you will be assigned an account number and a unique customer ID for internet banking.
In addition, the bank will provide you with a debit card for financial transactions. In addition, if you require a chequebook, the bank will give one.
Top Foreign Banks in India (Best International banks in India)
The following is a list of the best foreign banks in India. The best Indian banks for international banking are:
Citibank is one of India’s oldest banks. In India, the first branch was founded in Kolkata in 1902, however this international American bank hails from New York. In India, there are 44 Citibank locations that serve a wide range of customers, from individuals to small and medium-sized businesses.
The bank’s goods and services are divided into two categories: Global Consumer Bank (GCB) and Institutional Clients Group (ICG). Citibank provides retail banking services such as private banking, credit and debit cards, and investment banking.
The HSBC Bank
HSBC Bank India, a subsidiary of HSBC Holdings plc, is one of the major banking and financial institutions in the world. The bank opened its first ATM in India in 1987 and has its headquarters in Mumbai.
HSBC Bank has about 25 branches in India and serves over 100,000 customers. Personal banking, retail banking, loans, online banking, debit and credit cards, and foreign exchange are among its services and products. It also provides commercial banking, wealth management, and worldwide banking.
Standard Chartered Bank
Standard Chartered Bank is one of India’s largest and most reputable banks, with 100 branches spread across 43 cities. Commercial and private banking, corporate and institutional banking, and wealth management are all available.
Customers can create current and savings accounts, obtain insurance and financial counseling, and apply for credit products such as mortgages. In addition, Standard Chartered Bank offers electronic and internet banking services. Corporate banking services such as cash management and liquidity management are available to businesses.
The Royal Bank of Scotland
RBS, or the Royal Bank of Scotland, began operations in India as a microfinance organization in 2003. It started a three-year Microfinance Technical Assistance initiative in North and North-East India to help small businesses grow.
In addition to traditional banking services and products, the Royal Bank of Scotland provides Demat accounts, check protection, doorstep check collection, and non-branch ATM/Drop boxes.
Barclays Bank is a major multinational bank that has been functioning in India since 1990, with 7 locations. Integrated banking services are available both to individuals and businesses through the bank. For corporations, it offers investment banking services including capital raising, cash management, complete consulting, and financing and risk management.
Individual customers can take use of a wide range of services, including portfolio management, wealth management, and investment banking.
What is the definition of an international bank?
An international bank is a financial institution that works on a global scale and provides financial services to clients from other countries.
How many foreign banks are there in India?
According to the RBI, as of July 14, 2020, there are 46 foreign banks operating in India.
What is India’s largest foreign bank?
Standard Chartered Bank is India’s largest foreign bank, with 100 branches in 43 locations.
What are the top international banks in Mumbai?
Several multinational banks are located in Mumbai. Among them are the following:
- Citi Bank
- Standard Chartered Bank
- HSBC Bank
- DSB Bank Ltd
- Deutsche Bank
- Barclays Bank
- Bank of America
- Abu Dhabi Commercial Bank Ltd
- Bank of Nova Scotia
- Doha Bank
- Mashreq Bank
- Bank of Bahrain & Kuwait
- Emirates Bank
- Shinhan Bank
- Mizuho Bank Ltd
- AB Bank Ltd.
- Societe Generale Bank
What exactly is a foreign bank?
“A foreign bank is a sort of international bank that is required to adhere to the rules of both its home and host countries.” Foreign banks are banks from other countries that operate in India through branches. The Reserve Bank of India has created laws and guidelines for international banks wishing to set up shop and conduct business in India.
India will be one of the world’s fastest-growing developing market economies in the current fiscal year. The International Monetary Fund (IMF) predicts that India’s GDP would increase by 11.5% in the next fiscal year (2021-22). The banking sector in India is diverse, with a wide range of institutions. Banks have had a substantial impact on the Indian economy.
We hope this article has helped you understand the list of international banks in India. There are now 46 international banks operating in India.
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