Foreign Banks in India:
Foreign Banks in India always brought all expla¬nation about the prompt services to customers. After the set up foreign banks in India the hankino sector in India also become competitive and accurative.
New rules announced by the Reserve Bank of India for the foreign banks in India in this budget has put up great hopes along foreign banks which allows them to grow unfettered. Now foreign banks in India are permitted to set up local subsidiaries. The policy conveys that foreign banks in India may not acquire Indian ones (except for weak banks identified by the RBI, on its terms) and their Indian subsidiaries will not be able to open branches freely.
List of Foreign Banks in India :
• ABN-AMRO Bank
• Abu Dhabi Commercial Bank
• Bank of Ceylon
• BNP Paribas Bank
• CUi Bank
• China Trust Commercial Bank
• Deutsche Bank
• HSBC
• JPMorgan Chase Bank
• Standard Chartered Bank
• Scotia Bank
• Taib Bank
• Taib Bank
By the year 2009, the list of foreign banks in India is going to become more quantitative as number of foreign banks are still waiting with baggage to start business in India.
Upcoming Foreign Banks in India:
By 2009 few more names is going to be added in the list of foreign banks in India. This is as an aftermath. of the sudden interest shown by Reserve Bank of India paving road map for foreign banks in India with greater freedom. Among them is the world's best private bank by Euro Money magazine, Switzerland's
DBS.
- The following are the list of foreign banks go-
- ing to set up business in India
- Royal Bank of Scotland
- Switzerland's DBS
- US-based GE Capital
- Credit Suisse Group
- Industrial and Commercial Bank of China
Merrill Lynch is having a joint venture in Indian investment banking space - DSP M~rrill Lynch. Goldman Sachs holds stakes in Kotak Mahindra arms. GE Capital is also having a wide presence in consumer finance through GE Capital India.
India's GDP is seen growing at a robust pace of around 7% over the next few years, throwing up op¬portunities for the banking sector to profit from.
The credit of banks has risen by over 25% in 2004¬05 and the growth momentum is expected to continue over the next four to five years.
Participation in the growth curve of the Indian economy in the next four years will provide foreign banks a launch pad for greater business expansion when they g~t more freedom after April 2009.
