In this article, we’re exploring international banks in India.
This is part of our free series on banking in India, covering topics like opening an NRI bank account, which you can access here.
Feel free to use the table of contents to jump ahead to the sections most relevant to you.
Table of Contents
- International Banks in India
- Benefits of International Banking With Foreign Banks in India
- Frequently Asked Questions
- Do You Want Help Opening Bank Accounts?
International Banks in India
There are 45 international banks in India. This includes banks from 20 different countries, including many of the top international banking jurisdictions. That said, this number does not include the multinational banks in India that originate locally.
Foreign banks in India are regulated by the Reserve Bank of India (RBI), operating RBI licensed branches. However, in certain instances, overseas banks in India operate wholly owned subsidiaries (WOS) instead of setting up local branches.
How Many International Banks Are in India?
As mentioned, there are 45 international banks in India representing more than 20 countries. These countries include Australia, Bahrain, Bangladesh, Canada, China, France, Germany, Kuwait, Japan, Netherlands, New Zealand, Qatar, Russia, Singapore, South Africa, South Korea, Switzerland, Thailand, the United Arab Emirates, the United Kingdom, and the United States.
In most cases, due to reciprocity arrangements, you can find international branches of Indian banks in these jurisdictions as well. This network of global banks in India and Indian banks abroad has helped to grow cross-border banking in India. Not surprisingly, this has supported international money transfers in India and abroad as well.
That said, the biggest beneficiaries of international banking services in India are the end consumers. This includes domestic clients as well as individuals seeking NRI banking services in India.
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Benefits of International Banking With Foreign Banks in India?
The benefits of international banking with foreign banks in India include cost savings, access to a wider range of products, more affordable exchange rates, more user centric services and more.
That said, it’s important to note that the RBI does impose certain restrictions that Indian residents do need to follow, though these generally apply when banking outside of India.
Here is a closer look at the specific benefits you can expect to access when opening an international bank account in India.
Benefits of Opening an International Bank Account in India
- Lower cost banking services
- Access to a wider range of banking products
- More affordable exchange rates on international transfers
- More user centric services and technology
- Diversified account opening options
- And more
Frequently Asked Questions
Below are a few of the most common questions we receive from people looking into international banks in India. If you have further questions you would like to ask our team, don’t hesitate to get in touch.
How Many Foreign Banks Are There In India?
There are 45 foreign banks in India. This includes banks from more than 20 countries, including most of the major financial jurisdictions like Singapore, Switzerland, the United Arab Emirates, the United Kingdom, and the United States.
In Terms of Size, What Is the Most Prominent International Bank in India?
The most prominent international bank in India in terms of size is Standard Chartered. Standard Chartered has 99 branches across 42 cities and has had a presence in India since 1858. This make Standard Chartered both the largest foreign bank in all of India and the foreign bank with the longest continuous presence, over 160 years.
Is SBI an International Bank?
SBI is an international bank that operates in 31 countries and has 229 international branches. That said, SBI is an Indian bank and in India, operates as a domestic financial institution.
The Number of International Banks in India Is?
The number of international banks in India is 45. However, this number changes every year as new banks enter India and other banks decide to release their local license to operate.
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