According to the Reserve Bank of India (RBI), the central banking institution in India, the country’s banking sector is promising and has a big potential of growing even further as it is regulated properly and capitalized sufficiently. Looking at the economy on a global scale, India takes pride in its current economic and financial conditions that have become stronger and much better than other countries all over the world.
Such significant developments in India’s banking sector have attracted numerous foreign banks that show interest in launching their new branches in the South Asian country. Most of these multinational corporations or MNC banks operating in India offer different products and services such as credit cards, housing loans, automobile finance, industrial loans, and CC loan to business owners to name a few. On this note, here is a recent list of foreign banks in India that a majority of the Indian populace trusts.
10. Doha Bank
Doha Bank originates from Qatar. It is one of the MNC banks in India, which entered the Asian country in 2014, having its first branch in the city of Mumbai, Maharashtra. Its primary products and services are personal banking, corporate banking for businesses, trade services, and Non-Resident Indian (NRI) services.
9. Bank of Bahrain and Kuwait
Established in 1971, this bank was initially launched in the Kingdom of Bahrain and the State of Kuwait. However, a majority of its shareholders are the government and the general populace of Bahrain. As of the present time, it has four branches in India, serving the consumers in Aluva, Hyderabad, Mumbai, and New Delhi. Its primary services are NRI, personal, and investments.
8. Bank of America
The eighth place on this list of foreign banks in India is Bank of America, which has been in the industries of banking and financial services for 111 years already. However, it was first named as Bank of Italy when it was established in 1904. In 1930, the name was changed to Bank of America National Trust and Savings Association. And finally, it has been carrying the name Bank of America since 1998. It came to India in 1964 and launched its first branch in Mumbai, Maharashtra. It has other four more branches located in Delhi, Karnataka, Tamil Nadu, and West Bengal.
7. Barclays Bank
Having its headquarters in London, Barclays Bank is one of the oldest banks existing today. It has been in the banking industry since 1690 and still remains as a well-known and trusted bank as of the present time. In 1967, it unveiled the first automated teller machine in the world. With its strong and thriving business, Barclays Bank has expanded to many countries, including India where it has seven branches to date. Its primary services in India are credit cards, personal banking, commercial banking, treasury solutions, NRI banking, loans, and investment banking.
6. DBS Bank
Formerly known as The Development Bank of Singapore Limited, DBS Bank is a Singaporean bank that was established by the Government of Singapore. It is included in the list of foreign banks in India since it has a strong presence in the country, servicing the customers in 12 branch offices in different majorareas, with the headquarters in Mumbai. DBS India offers personal banking, wealth management, and business banking.
5. Bank of Nova Scotia
This bank is another old establishment that has been doing banking business for 184 years already. Its current headquarters is in Ontario, Canada but has a thriving business in other countries, including India. Presently, it has branch offices in Bangalore, Mumbai, and New Delhi. The Bank of Nova Scotia in India offers a wide range of financial services such as personal banking, business banking, global transaction banking, as well as, corporate and institutional services.
4. Deutsche Bank
Founded in Berlin, Germany in 1870, Deutsche Bank is already 146 years old, but it still remains as one of the best and most trusted banks in the world. It entered the Indian banking sector in 1980 and has built a formidable brand presence across the nation, making it as one of the most popular MNC banks in India. It has 18 branch offices that are actively servicing the Indian customers every day. Meanwhile, some of the services the Deutsche Bank provides are personal banking, fixed deposit, business banking, and NRI banking.
3. HSBC Bank India
HSBC Bank India is a subsidiary of the British multinational banking company, HSBC Holdings. The establishment of this bank dates back to 1855 when it was still called as Mercantile Bank of India, London and China. But now, it has more than 50 branches all over India, providing a variety of banking services to the Indian clients. Furthermore, HSBC launched its first HSBC Global Technology in Pune, India in 2002 to provide advanced banking solutions and services to customers all over the world.
2. Standard Chartered Bank
For a little history, this bank got its name from merging two banks – the Chartered Bank of India, Australia and China, and the Standard Bank of British South Africa – in 1969. Currently, it is based in London, United Kingdom. It services many countries worldwide and has been a flourishing bank establishment in India. As a matter of fact, the Standard Chartered Bank has a strong presence in India, having 102 branch offices all over the country. It offers a wide range of banking and financial services, including credit cards, debit cards, consumer banking, corporate banking, and loans. Furthermore, it has been highly recognized for being a recipient of awards like Bank of the Year for two consecutive years.
New York-based Citibank was established in 1812 while Citibank India, one of its subsidiaries, was founded in 1902, making it one of the most highly recognized banks in India. Its first branch was constructed in Kolkata, West Bengal, but the headquarters is located in Mumbai. It has a total of 44 branch offices in the country and more than 700 ATMs all over India. Moreover, Citibank India offers a variety of banking products and services, and some of them are personal banking, small and medium enterprise (SME) banking, credit cards, loans, mortgages, insurance, investments, NRI banking, and online services, among others.