Which are the top 10 foreign banks in India?
You must have heard and must be possessing knowledge about many private sector banks, public sector banks and government banks in India, but do you know about foreign banks in India?
Yes! According to the latest report of Reserve Bank of India (RBI) on foreign banks in India, there are 46 foreign banks functioning in India. Without taking you on a here and there tour, let’s plunge into the post ahead and get to know which top 10 foreign banks in India have stood out from others.
Top 10 Foreign Banks in India
It is a well-known fact to the world that India is one of the fastest-growing economies across the globe. Therefore, it’s not a surprise when India attained the highest Foreign Direct Investment (FDI) till date, in the last financial year 2019-20, amounting to humongous Rs. 47.94 trillion.
Citibank, earlier called as City Bank of New York, is a global functioning bank with its headquarter in New York since 1812 and most popular foreign bank in India.
The bank was established in 1902 in India, with a motto of offering numerous banking, investment, and advisory services, finish with risk management solutions and transaction features.
The bank serves over 2.5 million consumers in India, functions from around 48 branches and 750 ATMs.
Standard Chartered Bank
With its root in London, Standard Chartered Bank serves the banking and financial services across the globe.
The bank got established in India in the year 1858. Today, it possesses more than 100 branches across 43 cities in India, wherein it provides numerous services including Retail Banking, Personal Banking, Commercial Banking alongside Corporate and Institutional Banking.
The bank also got an award for the “Most Innovative Digital Bank in India” at the International Finance Awards in 2018.
Another foreign bank in India is HSBC Bank India. The bank is a division of the Hong Kong and Shanghai Banking Corp. With its headquarter in Mumbai, the bank offers many services including retail banking, personal banking, debit and Credit Cards, loans alongside foreign exchange amongst others.
With over 24 branches throughout the nation, HSBC bank is popular for giving India its first ATM, back in 1987.
As the name states itself, the Deutsche Bank has its headquarter in Frankfurt, Germany. The Indian division of the bank was incorporated back in 1980 in the commercial capital of India – Mumbai.
Today, the Deutsche Bank holds 17 branches across the nation with a reputable consumer base of Rs. 5 Lakh. The bank offers all kind of fundamental banking services.
Royal Bank of Scotland (NatWest Markets PLC)
In 1921, the Royal Bank of Scotland (now known as NatWest Markets PLC) entered the financial industry of India with a goal to offer a wide extent of banking services to people.
The bank stood amongst the best bank in India, currently functions in India with its 10 branches, strategically based in the core metropolitan cities and offers debt capital market services, financial advisory alongside foreign exchange services amongst several others services.
Actually, DBS stands Development Bank of Singapore, so it is guessed to not state further that the bank’s roots are in Singapore. The bank was established with a certain goal of stimulating financial communication between India and Singapore.
DBS bank got founded back in 1994, the bank has its Indian headquarter in Mumbai. With 12 branches throughout the nation, DBS Bank provides personal and Business Banking Services, finish with Wealth Management.
Relishing a robust presence in India since 1990, Barclays PLC is a UK based organisation with over 23,000 employees in its banking, technology, and shared services operations. The bank has its Indian roots in Mumbai, the bank has 7 branches throughout India.
Some of the leading services that the Barclays Bank offers are Commercial Banking, Loans, Credit Cards, and Treasury Solutions amongst many other services.
Bank of America
It is often stated as best bank in India when it comes to the matter of foreign banks in India. Established in 1964, the Bank of America, the name clarifies itself, has its international roots in the United States of America only. Since Mumbai is the commercial capital of India, Bank of America also possesses its headquarter over there.
With 5 branches across India, the bank performs an ideal job of assisting the international transactions between India and America.
Bank of Bahrain and Kuwait
Having its roots in the Middle East, the Bank of Bahrain and Kuwait was incorporated in 1971 in Bahrain. It was 1986 when the bank entered the Indian financial market, with a vision to serve both residents and non-resident Indians (NRIs).
At present, the bank possesses 4 branches across the nation which are located in New Delhi, Hyderabad, Aluva (Kerala), Mumbai.
Doha Bank got established rather newly in 2014. Having its global roots in Qatar, the bank relishes a strong presence in India with its 3 branches located in Kochi, Chennai and Mumbai.
The bank offers a wide range of financial services including Personal Banking, Corporate Banking, Loans, Trade Services, NRI Banking alongside Foreign Exchange amongst many other services.
At present, there are 46 foreign banks in India which are functioning on wholly-owned subsidiary mode, out of which we brought up the list of top 10 above. If you wish to go through the entire list of foreign banks in India, you can visit the latest report of RBI on foreign banks in India as on May 31, 2020.