List of Foreign Banks in India 2024 - GeeksforGeeks (2024)

Foreign Banks are financial institutions that establish a branch office in a country other than their home country. Their registered office is located in just one country. These international institutions establish branches in foreign nations. Their purpose is to provide multinational clients with enhanced convenience and services. Sometimes, foreign institutions support companies. These companies maintain branches in various countries.

They collaborate with particular banks in their native country. Foreign banks frequently invest in low-tax countries. They can increase their profits through the establishment of branches there. Additionally, foreign institutions enjoy greater revenue and recognition. However, these international banks must adhere to the regulations of both nations.

How Many Foreign Banks are in India?

As of May 2023, 45 multinational banks operate in India, with the majority of their roughly 300 branches located in the country’s main cities.

Top 10 Foreign Banks in India

1. Citi Bank

Citibank, formerly known as City Bank of New York, is a worldwide bank founded in New York (USA) in 1812. Citibank India was founded in 1902 to provide diverse banking, financial, and consulting services, as well as risk management solutions and transaction facilities. The bank operates through 43 offices and 750 ATMs around the country, serving over 25 lakh people. The bank today employs approximately 7,500 individuals in India, led by Mr. Ashu Khullar. Citi India provides a wide range of financial products and services to consumers and institutions, including consumer banking and credit, corporate and investment banking, institutional equities research and sales, foreign exchange, credit cards, commercial banking, and treasury and trade solutions. Citi India’s balance sheet is regarded as one of the healthiest in the Indian banking industry, having a net NPA level of 0.55% as of March 31, 2018.

2. HSBC India Limited

The Hong Kong and Shanghai Banking Corporation owns HSBC Bank India. The Indian subsidiary, located in Mumbai, provides a wide range of services, including retail banking, personal banking, debit and credit cards, loans, and foreign exchange, among others. It is classified as a foreign bank under the Banking Regulation Act of 1949 and is thus subject to regulation by the Reserve Bank of India (RBI). According to records from the Ministry of Company Affairs (MCA), the Indian branch has been in operation since 1 January 1983. The bank, which has more than 24 locations around the country, is well-known for providing India with its first ATM in 1987.

3. The Deutsche Bank

The Deutsche Bank was founded in Frankfurt, Germany, as the name suggests. The bank’s Indian subsidiary was founded in the country’s financial hub, Mumbai, in 1980. Today, the bank has 17 locations around the country and a customer base of 5 lakh people. The bank employs up to 11,000 individuals and provides all basic financial services.

4. Scotland’s Royal Bank (NatWest Markets PLC)

In 1921, the Royal Bank of Scotland was founded in India to provide a comprehensive range of banking services. The bank, which ranks among the top international banks in India, presently conducts business there through its ten branches, which are thoughtfully positioned in the most important cities. Among other things, the bank provides financial advising, debt capital market services, and foreign exchange services. It was recently revealed that the name of the bank’s Indian affiliate will henceforth be NatWest Markets PLC.

5. DBS Financial

The primary goal of DBS Financial DBS, which is essentially a division of the Development Bank of Singapore, is to advance financial transactions between Singapore and India. The bank was founded in 1994, and its Indian headquarters are in Mumbai. Through as many as 12 branches across India, DBS Bank offers personal and business banking services, including wealth management.

6. Barclays Bank

Established in 1990, Barclays PLC, a UK-based company, has a significant presence in India and employs over 23,000 people across its shared services, technology, and banking verticals. The bank, which has its headquarters in Mumbai, operates up to seven branches around the country. The bank provides several top services, including credit cards, loans, commercial banking, and Treasury Solutions.

7. Bank of America

As the name implies, Bank of America is yet another international bank with its headquarters located in Mumbai, with its roots in the United States of America. The bank does a great job of serving international transactions between India and America, with a total of 5 branches in India. The bank was founded in 1964 and has been providing its customers with a wide range of services for more than 50 years.

8. Bank of Bahrain and Kuwait

The Bank of Bahrain and Kuwait was established in 1971 in Bahrain and has its origins in the Middle East. The bank was introduced to India in 1986 to serve both Indian residents and non-residents. The bank now has four branches across the nation, one each in Mumbai, Hyderabad, Aluva (Kerala), and New Delhi.

9. Doha Bank

Doha Bank was founded very recently, in 2014, and it has shown a great deal of promise. The bank, which has its original headquarters in Qatar, has three branches in India: Mumbai, Chennai, and Kochi. As a result, it has a significant presence in India. The bank is well-known for providing a broad range of services, including foreign exchange, loans, trade services, personal banking, corporate banking, and NRI banking.

10. Standard Chartered Plc

It is a British international bank that provides consumer, business, and institutional banking services, as well as treasury services. Despite having its headquarters in the UK, it does not handle retail banking in the country, and Asia, Africa, and the Middle East account for over 90% of its revenues.Standard Chartered is a constituent of the FTSE 100 Index and has a main listing on the London Stock Exchange.

Best Bank for International Banking in India

American Express Banking Corporation, DBS Bank India Limited, Bank of America, Citibank N.A, Barclays Bank Plc, Deutsche Bank, HSBC Ltd, Standard Chartered Bank, and others are among the best banks in India for international banking. In terms of credit card services, Standard Chartered Bank is the finest.

Frequently Asked Questions (FAQs)

1. What role do Foreign Banks play in India?

Commercial banking, investment banking, and wealth management are all services offered by foreign banks in India. They help to the overall growth of the Indian banking sector and facilitate foreign trade and investment.

2. Can international banks set up operations in India?

Foreign banks can open branches in India, subject to RBI approval. The expansion is normally governed by the RBI’s standards.

3. What role do Foreign Banks have in the Indian economy?

Foreign banks help the Indian economy by allowing cross-border commerce and investment, providing banking services, and investing in a variety of areas.

4. Can Indian citizens open international bank accounts in India?

Yes, Indian residents can typically open accounts with foreign banks operating in India.

5. What is the number of Foreign Banks in India?

In India, 45 multinational banks operate, with the majority of their roughly 300 branches concentrated in the country’s major cities.