List of Foreign Banks in West Bengal

Find The Complete List of Foreign Banks in West Bengal

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Foreign Banks in India

There are many types of banks in India, including foreign banks. All these banks have an important role in the Indian economy. If we talk about foreign banks, they are known as International Banks. An international bank is a financial institution that provides financial services to international consumers from outside its country of origin. These types of banks have their headquarters in some other country, but one of their branches works in India. However, all these banks have to follow their country as well as Indian rules. According to the Reserve Bank of India (as on 14 July 2020), there are 46 foreign banks in India as of now.

What are Foreign Banks

• These banks are registered and have their headquarters in another country, but they have branches in our country.
• Foreign banks  account  for less than 1% of  the country's total branch network  . However , they account for around 7% of the total banking sector assets  and around  11% of the profit.
• RBI's policy regarding the presence of foreign banks in India is based on two basic principles-
• reciprocal
• single mode of attendance
• Reciprocity  means that foreign banks in India are treated nationally only when their home country allows Indian banks to open branches freely.
• By single mode of presence RBI means, that either branch mode or Wholly Owned Subsidiary (WOS) mode is allowed in India.
• The other policy guidelines issued by RBI to foreign banks include:
• Banks must comply with the mandatory capital adequacy requirements of the Basel Standards.
• They have to meet the minimum capital requirement of 500 crores.
• They should maintain CRAR of at least 10%.
• The priority sector target for foreign banks in India is 40%.
• Apart from this, foreign banks should follow other norms issued by the Reserve Bank of India.
• Foreign banks can also open representative offices in India. Representative offices have less authority than branches or agencies.
• Foreign banks often open representative offices as a first step towards establishing a presence in the country.
• These offices act as a point of contact between the parent bank and its customers and correspondent banks in India.
• They can build relationships with potential customers, but they cannot conduct banking transactions on their own.
• Foreign bank branches are also more likely to operate in areas where regulatory barriers to entry are lower.
• Presently 45 foreign banks are functioning as foreign bank branches and 34 as foreign bank representative offices.

List of Foreign Banks in India (List of Foreign Banks in India 2022)

The list of foreign banks in India is as follows-

List of Top Foreign Banks in India & Details

The list of top foreign banks in India and their details are as follows-

Citi Bank

The New York-based International Financial Services Corporation is a subsidiary of Citigroup. Most of the employees of this bank are working in Chennai, Mumbai and Gurugram while the headquarter of this bank is situated in Mumbai. Citibank is one such foreign bank in India, which provides very high level of services. Its Indian headquarters is at the Bandra Kurla Complex in Mumbai, Maharashtra.

Standard Chartered Bank

Standard Chartered opened its first branch in Bombay, Kolkata and Shanghai in the year 1858, followed by Hong Kong and Singapore in the year 1859. Standard Chartered plc is a British multinational banking and financial services firm headquartered in London and England. About 87 thousand employees work in this bank, along with it branches and outlets are present in more than 70 countries.

HSBC Bank

The bank is the second largest bank in Europe with total assets of $2.984 trillion (as of December 2020). The bank was established in the year 1991 as a new group holding company in London by the Hong Kong and Shanghai Banking Corporation. This bank has more than 50 branches in India. HSBC Bank India is a subsidiary of HSBC Holdings plc, and is based in the United Kingdom. Its headquarter is in Mumbai. Under the Banking Regulation Act, 1949, the Reserve Bank of India regulates it as a foreign bank (RBI).

Deutsche Bank

Apart from India, the network of this bank is spread in about 58 countries of the world, in which 5 lakh employees are working in Europe, America and Asia. The most interesting thing is that with 18 branches, the bank provides employment to 11 thousand people.

ROYAL BANK OF SCOTLAND

The services offered by the 10 branches of this bank include Forex, Corporate Banking and Insurance. With more than 700 branches, it is one of the most prestigious banks in the world.

DBS Bank

DBS Bank Limited is a Singapore-based multinational banking and financial services company headquartered in Marina Bay. This bank is considered to be one of the safest banks in Asia and has been ranked among the top 15 safest banks in the world.

Barclays Bank

The head office of Barclays Bank is in London, England. Barclays is divided into two divisions, Barclays UK and Barclays International. In which Barclays Execution Services acts as a service firm in the middle.

Bank of America

Bank of America Corporation It is known as BOFA or BOA in short. This bank is a financial services holding firm based in Charlotte, North Carolina. The bank operates 5 branches in India, making it one of the largest banks in the world with 4.9 million customers.

Bank Of Bahrain And Kuwait

Bank of Bahrain and Kuwait is known as BBK in short. The bank's share holders include the citizens of Bahrain, the Government of Bahrain and Kuwaiti banks and a number of financial organizations. Branches of this bank in India are operated in Mumbai, New Delhi, Hyderabad.

Doha Bank

The first branch of Doha Bank in India was opened in Mumbai on June 10, 2014, while currently its branches are providing continuous services in India. This bank has a vast network, which provides bank credit as well as many other services to its customers.

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