It is now a well-established fact that India is one of the fastest-growing economies of the world. Hence, it didn’t come as a surprise when India received the highest Foreign Direct Investment (FDI) till date, from April to September 2020, amounting to a whopping $500.12 billion. As one might expect, this boom in the economy has led to the unparalleled growth of existing as well as new financial institutions in the country. As a matter of fact, as many as 46 foreign banks are operational in India in 2021.
The country enjoys two-fold benefits owing to the presence of these foreign entities; the first being boost in international transactions, and the second being increased employment opportunities for qualified nationals. For what they’re worth, the foreign banks in India have also helped India establish a firmer international presence while bringing in ease of business on a global scale for the domestic enterprises.
Foreign banks are a kind of International Bank that are obligated to follow the regulations of the home country as well as the host country. These foreign banks are classified as banks from a foreign country that is working in India through its branches. Foreign banks have presence in India either as a representative office or as a branch.
There are a total of 46 foreign banks in India as of now as per the RBI. The list includes American Express Banking Corporation, Barclays Bank Plc, Bank of America, Bank of Bahrain & Kuwait BSC, Citibank N.A, Deutsche Bank, DBS Bank India Limited, Emirates Bank NBD, HSBC Ltd, Industrial & Commercial Bank of China Ltd., Standard Chartered Bank, and others.
The best banks for international banking in India are 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 others. Standard Chartered Bank ranks the best in terms of credit card services.
Citibank, formerly known as City Bank of New York, is a multinational bank with its roots in New York (USA) from as early as 1812. Citibank India was established back in the year 1902, with the objective of offering various banking, investment, and advisory services, complete with risk management solutions and transaction facilities. Serving over 25 Lakh customers across the nation, the bank carries out its operations through as many as 43 branches and 750 ATMs. With Mr. Ashu Khullar as its CEO, the bank now employs over 7,500 people in India.
|Citibank Personal Loan||9.99%|
|Citibank Home Loan||6.73%|
|Citibank Business Loan||12%|
|Citibank Loan Against Property||7.28%|
HSBC Bank India is a subsidiary of the Hong Kong and Shanghai Banking Corporation. The Indian subsidiary headquartered in Mumbai offers numerous services including but not limited to retail banking, personal banking, debit and Credit Cards, loans, as well as foreign exchange amongst others. With more than 24 branches across the nation, the bank is well-known for offering India its first ATM, back in the year 1987.
As the name suggests, the Deutsche Bank has its roots in Frankfurt, Germany. The Indian subsidiary of the bank was established in the year 1980 in the financial capital of the country – Mumbai! Today, the bank enjoys as many as 17 branches across the country with a respectable customer base of 5 Lakh. Offering all the elementary banking services, the bank employs as many as 11,000 people.
|Deutsche Bank Personal Loan||24.00%|
|Deutsche Bank Home Loan||6.49%|
|Deutsche Bank Business Loan||24%|
|Deutsche Bank Loan Against Property||8.25%|
The Royal Bank of Scotland was established in India in the year 1921 with the aim of offering a wide array of banking services. The bank, fairing amongst the best foreign banks in India, currently operates in the country through its 10 branches, strategically located in the leading metropolitan cities and offers debt capital market services, financial advisory as well as foreign exchange services amongst many others. In a recent change, it was announced that the bank’s Indian subsidiary shall now be known as NatWest Markets PLC.
Essentially a subsidiary of the Development Bank of Singapore, DBS was established with the precise objective of encouraging financial interaction between India and Singapore. Founded in the year 1994, the bank’s Indian headquarters are located in Mumbai. With as many as 12 branches in India, DBS Bank offers personal and Business Banking Services, complete with Wealth Management.
Enjoying a strong presence in India since the year 1990, the UK based Barclays PLC employs over 23,000 people in its banking, technology, and shared services verticals. Headquartered in Mumbai, the bank has as many as 7 branches across the nation. Some of the leading services offered by the bank include- Commercial Banking, Loans, Credit Cards, and Treasury Solutions amongst others.
Yet another foreign bank that enjoys its headquarters in the city of Mumbai, the Bank of America, as the name suggests, finds its origins in the USA. With a total of 5 branches in India, the bank does an excellent job of supporting the international transactions between India and America. Established back in the year 1964, the bank has stood the test of time with over 5 decades of offering numerous services to its patrons.
With its roots in the Middle East, the Bank of Bahrain and Kuwait was founded in the year 1971, in Bahrain. It was in the year 1986 that the bank was brought to India, in a bid to serve both –Residents as well as Non-Resident Indians. Today, the bank boasts of 4 branches in the country, located in Mumbai, Hyderabad, Aluva (Kerala) and New Delhi.
Established quite recently, in the year 2014, Doha Bank has shown incredible promise. Originally headquartered in Qatar, the bank enjoys a strong presence in India through its 3 branches in the cities of Mumbai, Chennai, and Kochi. The bank is known for offering a wide array of services including Corporate Banking, NRI Banking, Personal Banking, Loans, Trade Services as well as Foreign Exchange amongst others.
An international bank is foreign location based financial institution that provides banking services to clients across the world.
The largest foreign bank in India is Standard Chartered, a UK based bank. Standard Chartered Bank currently has 100 branches in India.
At present, there are total 46 international banks in India.
The State Bank of India (SBI) has 52 overseas branches, making it the largest international bank of India at present.
Also Read: Top 10 Commercial Banks in India in 2021
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