Top 10 Foreign Banks in India 2020
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, in the year 2019-2020, amounting to a whopping $65.37 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.
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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.
Given the significance of these banks, we have consolidated a list of the top 10 foreign banks in India below.
1. Citi Bank
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 48 branches and 750 ATMs. With Mr. Ashu Khullar as its CEO, the bank now employs over 7,500 people in India.
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2. Standard Chartered Bank
Headquartered in London, Standard Chartered PLC is a British multinational banking and financial services company. The company ventured in India back in the year 1858. Today, it has over 100 branches across 43 cities, wherein it offers multiple services including Retail Banking, Personal Banking, Commercial Banking as well as Corporate and Institutional Banking. The bank was recently awarded the coveted title of “Most Innovative Digital Bank in India”at the International Finance Awards, 2018.
3. HSBC India
HSBC Bank India is a subsidiary of the HongKong 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.
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4. Deutsche Bank
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.
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5. Royal Bank of Scotland (NatWest Markets PLC)
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.
6. DBS Bank
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.
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7. Barclays Bank
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.
8. Bank of America
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.
9. Bank of Bahrain and Kuwait
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.
10. Doha Bank
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.
Also Read: Top 10 Commercial Banks in India
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