List of Foreign Banks in India 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.

Name of the Bank	Headquarter
AB Bank Ltd.	Dhaka, Bangladesh
Abu Dhabi Commercial Bank Ltd.	Abu Dhabi, United Arab Emirates
American Express Banking Corporation	New York, United States
Australia and New Zealand Banking Group Ltd.	Melbourne, Australia
Barclays Bank Plc	London, United Kingdom
Bank of America	Charlotte, North Carolina, United States
Bank of Bahrain & Kuwait BSC	Manama, Bahrain
Bank of Ceylon	Colombo, Sri Lanka
Bank of China	Beijing, China
Bank of Nova Scotia	Toronto, Canada
BNP Paribas	Paris, France
Citibank N.A	New York, United States
Rabobank	Utrecht, Netherlands
Credit Agricole Corporate & Investment Bank	Paris, France
Credit Suisse A.G	Zürich, Switzerland
CTBC Bank Co. Ltd.	Nangang District, Taipei, Taiwan
DBS Bank India Limited	Singapore
Deutsche Bank	Frankfurt, Germany
Doha Bank	Doha, Qatar
Emirates Bank NBD	Dubai, United Arab Emirates
First Abu Dhabi Bank	Abu Dhabi, United Arab Emirates
FirstRand Bank Ltd.	Johannesburg, South Africa
HSBC Ltd.	London, England, UK
Industrial & Commercial Bank of China Ltd.	Xicheng District, Beijing, China
Industrial Bank of Korea	Jung-gu, Seoul, South Korea
J.P. Morgan Chase Bank N.A.	New York, USA
JSC VTB Bank	Moscow, Russia
KEB Hana Bank	Seoul, South Korea
Kookmin Bank	Seoul, South Korea
Krung Thai Bank Public Co. Ltd.	Watthana, Bangkok, Thailand
Mashreq Bank PSC	Dubai, United Arab Emirates
Mizuho Bank Ltd.	Chiyoda City, Tokyo, Japan
MUFG Bank, Ltd.	Chiyoda City, Tokyo, Japan
NatWest Markets Plc	London, United Kingdom
PT Bank Maybank Indonesia TBK	Senayan, Jakarta, Indonesia
Qatar National Bank (Q.P.S.C.)	Doha, Qatar
Sberbank	Moscow, Russia
SBM Bank (India) Limited	Port Louis, Mauritius
Shinhan Bank	Jung-gu, Seoul, South Korea
Societe Generale	Paris, France
Sonali Bank Ltd.	Dhaka, Bangladesh
Standard Chartered Bank	London, England, UK‎
Sumitomo Mitsui Banking Corporation	Chiyoda City, Tokyo, Japan
United Overseas Bank Ltd.	Singapore
Westpac Banking Corporation	Sydney, Australia
Woori Bank	Jung-gu, Seoul, South Korea

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.

Founded	Established in 1902
Location	Calcutta (Kolkata)
Chief Executive Officer	Ashu Khullar (Since 2019)

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.

CEO	Hitendra Dave (7 Jun 2021–)
Parent Organisation	HSBC
Subsidiary	HSBC Agency (India) Private Limited
Founded	1853
Headquarters	Mumbai

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.

CFO	James Von Moltke
COO	Frank Kuhnke
Headquarters	Frankfurt, Germany
CEO	Christian Sewing (Since 2018)
Founders	Ludwig Bamberger, Adelbert Delbrück

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.

Founded	31 May 1727; 296 years ago
Headquarters	Edinburgh, Scotland
Chairman	Howard Davies

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.

Founded	16 July 1968
Headquarters	Singapore
Key people	Peter Shah
CEO	Piyush Gupta

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.

Headquarters	London, United Kingdom
CEO	C. S. Venkatakrishnan (Since Nov 2021)
Founded	17 November 1690
Founders	John Freame, Thomas Gould

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.

CFO	Alastair Borthwick
Founded	30 September 1998
Headquarters	Charlotte, North Carolina, United States
Founders	Amadeo Giannini (Bank of Italy), Hugh McColl (NationsBank)

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.

Founded	16 March 1971
CEO	Abdulrahman Ali Saif (1 Apr 2020–)
Headquarters	Manama, Bahrain

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.

Founded	1979
Headquarter	Doha, Qatar
CEO	Raghavan Seetharaman

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.

Owner	Temasek Holdings
CEO	Bill Winters (Since 2015)
Founders	Royal Charter, Chartered Bank of India, Australia and China, Standard Bank
Founded	1969, London
Headquarters	United Kingdom

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.