List of Foreign Banks in India(Top 10 International Banks in India)

After the introduction of the LPG (Liberalisation, Privatization, Globalization) model in 1991 by former finance minister DR. Manmohan Singh, the whole Indian economy has seen dramatic reforms over time. Singh's LPG model made the Indian economy more stabilized and cleared all restrictions for foreign investments in India.

International Foreign Banks In India

The Indian banking sector has also been very efficient and well regulated over time. Various foreign banks have found their way into the Indian markets. As of 22 July 2020, there are 46 working Foreign banks in India(International Banks in India). 

Currently, the Indian banking system is dominated by public sector banks. Though the Indian economy is growing at its best pace, we still need more foreign banks in India to strengthen the backbone of the economy. 

Recent trends have shown the inimical behaviour of the government about the expansion of the field for establishing more foreign banks in India. Government should not overlook the key role played by foreign banks in uplifting the Indian market and its economy.

Here, we have listed all foreign banks, their branches, and representative offices in India, as per the RBI report.

What is a Foreign Bank in India(International Bank in India)?

A foreign bank, as the name suggests, is an international bank. Any bank that opens its branch in a host country (India) but has its headquarters in its homeland is a foreign bank. In India, every foreign bank is obligated to follow rules and regulations as per guided by RBI and its parent bank.

HSBC and Citi banks are the oldest foreign banks in India. As per the RBI, there are 46 foreign banks and 37 representative offices of various international banks.

Types of foreign banks in India(International Banks in India)

In India, foreign banks are in two forms: whether they have opened their branch in the host country or they are setting up their representative offices.

A branch of a foreign bank in India can engage in transactions, banking, or other monetary services, while a representative office can only be used to market the brand or can contact local markets.

Best foreign banks in India(Top International Banks in India)

1. Standard Chartered Bank 

Standard Chartered Bank
Standard Chartered Bank

Standard Chartered bank is operating 100 banking branches in India. It is one of the oldest foreign banks in India. Its headquarters are in London.

In 1969, a British African bank named Standard Bank was merged with India’s Charted bank, which is now working as a single body under the name of Standard Chartered Bank.

They offer a great variety of services like institutional banking, commercial and retail banking, consumer services, corporate services, lending service, and many more. It is the biggest and one of the best foreign banks in India.

2. HSBC

HSBC
HSBC

Hong Kong and Shanghai Banking Corporation is a Chinese foreign bank in India. They are operating 26 banking branches in India. HSBC is headquartered in London. It is the 6th largest public bank in the world.

HSBC acquired the mercantile bank in 1970 and found its way into the Indian market. HSBC is credited for introducing ATMs in India.

Their services include cash management solutions, trade services, and lending services. They also provide financial products and services for corporate and institutional clients.

3. Citi Bank

Citi Bank
Citi Bank

Citibank is the oldest foreign bank in India. It was founded in 1902 in West Bengal. It is a subsidiary of the Citigroup.

Citi bank introduced many financial technologies to Indian banking like credit cards, telephone customer service, and net banking.

They offer a broad range of financial products and services to their customers including corporate and investment banking. Citi bank is one of the best foreign banks in India with more than 4 lakh customers. 

4. Royal Bank of Scotland (NatWest Market Plc)

Royal Bank of Scotland
Royal Bank of Scotland

The Royal Bank of Scotland was renamed NatWest Market Plc in Feb 2020. Now it is a subsidiary bank of NatWest Group. Their headquarters are in London. 

NatWest provides complete wealth management and corporate and commercial banking to its customers.

5. DBS

Development Bank of Singapore Limited is a foreign bank in India. DBS was founded by the government of Singapore in 1968. There are currently 33 active banking branches of the foreign bank.

DBS opened its first branch in 1995 as a foreign bank in India. Credit cards, ATMs, loans, commercial and corporate banking are some prominent services offered by the Development Bank of Singapore Limited. 

6. Deutsche Bank

Deutsche Bank is a German-based multinational financial institution. The bank opened its first branch in 1980 as a foreign bank in India. Currently, they are operating 16 branches across the country. 

Their headquarters are situated in Frankfurt, Germany. They provide services for private customers, corporates, and institutions.

7. Barclays Bank Plc.

With over 9 lakhs customers and 10 branches, Barclays Bank is a leading provider of financial services as a foreign bank in India. It is a British bank, headquartered in London.

They deliver services to NRIs, private and corporate customers. Other services include wealth management and loans.

8. Credit Agricole Corporate and Investment Bank

It is a multinational French corporate bank that is actively working in more than 32 markets. Their headquarters are in Paris. 

In India, the bank has established 5 branches. CACIB Bank offers a broad range of products and services to Indian companies, multinational companies, and financial institutions.

9. Bank of America 

One of the prestigious financial bodies, Bank of America has established 5 branches in the country. Bank of America is ranked 2nd in terms of capitalism. 

They offer capital loans, wealth management, trade banking, corporate finance, and many more. Bank of America is one of the best foreign banks in India.

10. BNP Paribas 

Banque Nationale de Paris is a French foreign bank in India. It is the merger body of BNP and Paribas group. Their headquarters are in Paris. 

This foreign bank also offers investment services for individuals, cash deposits and withdrawals, Government transactions, and many more. They operate 8 branches across the country. 

List of foreign banks in India(International Banks in India) – Comparision Table

Sr. No.Name of BankCountry of incorporation No. of banking bran8ches in IndiaServices offer by the bank
1AB Bank Ltd.Bangladesh1Correspondent Banking, Export Business, Import Business, Corporate Banking, Retail Banking, SME & MSME Banking, General Banking
2Abu Dhabi Commercial Bank Ltd. UAE 1retail banking, wealth management, private banking, corporate banking, commercial banking, cash management, investment banking, corporate finance, foreign exchange, interest rate and currency derivatives, Islamic products
3American Express Banking CorporationUSA1Investment Services which include Demat, retail banking, wealth management, private banking, corporate banking, commercial banking, cash management, investment banking, corporate finance, foreign exchange, interest rate and currency derivatives, Islamic products Health insurance, Life Insurance, insurance on home loans and travel insurance
4Australia and New Zealand Banking Group Ltd.Australia3globally transaction, Investment Services which include Demat, Mutual Funds, and Deposits, Loans which include home loans, business loans, personal loans,Insurance services which include Health insurance, Life Insurance, insurance on home loans and travel insurance
5Barclays Bank Plc.United Kingdom6Investment Banking, Corporate Banking, Retail Banking, home loans, business loans, personal loans, Wealth & Investment Management and Equities Sales & Trading
6Bank of AmericaUSA4Checking, Savings, Credit Cards, Home Loans, Auto Loans, Small Business, Investing, Student Banking
7Bank of Bahrain & Kuwait BSCBahrain4Retail banking, home loans, business loans, personal loans, Health insurance, Life Insurance, insurance on home loans and travel insurance
8Bank of CeylonSri Lanka1Online Banking, Forex Exchange, Deposit Rate, MCLR
9Bank of ChinaChina1Retail banking, online banking, corporate banking
10Bank of Nova ScotiaCanada2home loans, business loans, personal loans,Insurance services which include Health insurance, Life Insurance, insurance on home loans and travel insurance
11BNP ParibasFrance8Cash Deposits and Withdrawals, Clearing of Cheques, Remittances, Government Transactions
12Citibank N.A.USA35Credit Cards, Debit Cards, Loans, Investments, Assurance/Insurance, NRI Banking, Private Banking
13Cooperative Rabobank U.A.Netherland1Corporate BankingMarkets, Corporate Finance Advisory, Project Finance, RaboResearch Food & Agribusiness, Trade Finance, Cash Management, International Desk
14Credit Agricole Corporate and  Investment BankFrance5Credit cards, Debit cum ATM cards, Investment Services which include Demat, Mutual Funds, and Deposits, Loans which include home loans, business loans, personal loans,Insurance services which include Health insurance, Life Insurance, insurance on home loans and travel insurance, Export and Trade Finance, Project Finance and Acquisition Finance
15Credit Suisse A.GSwitzerland 1wealth management services, credit cards, Debit cum ATM cards, Investment Services which include Demat, Mutual Funds, and Deposits, Loans which include home loans, business loans, personal loans,Insurance services which include Health insurance, Life Insurance, insurance on home loans and travel insurance, investment banking and brokerage services 
16CTBC Bank Co., Ltd.Taiwan2Forex and trade finance, corporate banking, and Deposits, wealth management
17DBS Bank India LimitedSingapore 33Credit cards, Debit cum ATM cards, Investment Services which include Demat, Mutual Funds, and Deposits, Loans which include home loans, business loans, personal loans,Insurance services which include Health insurance, Life Insurance, insurance on home loans and travel insurance
18Deutsche BankGermany 17Prepaid mobile recharge, Credit cards,home loans, business loans, personal loans, Insurance services which include Health insurance, Life Insurance, insurance on home loans and travel insurance 
19Doha Bank Q.P.S.CQatar3Personal Banking, Current Account, Savings Account, Term Deposits, NRI Deposits, RFC Account, Deposit Interest Rates, Resident Home Loans & LAP, Corporate Banking, Fund Based Facilities, Non-Fund Based Facilities, Trade Services, Advising L/Cs, Local Bill Discounting, Bills under Collection, Export Finance, Import Services, Bank Guarantee, Trade Credit
20Emirates Bank NBDUAE1NRI banking, Retail Banking, Private banking, Loans which include home loans, business loans, personal loans, Insurance services which include Health insurance, Life Insurance, insurance on home loans and travel insurance
21First Abu Dhabi Bank PJSCUAE1Corporate banking, Investment Services which include Demat, Mutual Funds, and Deposits, Loans which include home loans, business loans, personal loans, private banking
22FirstRand Bank Limited South Africa1Corporate banking, Investment Services which include Demat, Mutual Funds, and Deposits, Loans which include home loans, business loans
23HSBC LtdHong Kong26Internet banking,Credit cards, Debit cum ATM cards, Investment Services which include Demat, Mutual Funds, and Deposits, Loans which include home loans, business loans, personal loans, NRI banking, Insurance services which include Health insurance, Life Insurance, insurance on home loans and travel insurance
24Industrial and Commercial Bank of China Ltd.China1Study loan, Loans which include home loans, business loans, personal loans, ATM services, debit card, Insurance services which include Health insurance, Life Insurance, insurance on home loans and travel insurance
25Industrial Bank KoreaSouth Korea1Credit cards, Debit cum ATM cards, Investment Services which include Demat, Mutual Funds, and Deposits, Loans which include home loans, business loans, personal loans,Insurance services which include Health insurance, Life Insurance, insurance on home loans and travel insurance
26J.P. Morgan Chase Bank N.AUSA4corporate banking, including traditional trade products (import trade services, export trade services, guarantees / standby Letters of Credit and trade finance loans)
27JSC VTB Bank KEB Hana BankRussia1Investment Services which include Demat, Mutual Funds, and Deposits, Loans which include home loans, business loans, personal loans
28Kookmin BankSouth Korea 1Investment Services which include Demat, Mutual Funds, and Deposits, Loans which include home loans, business loans, personal loans, Insurance services
29Krung Thai Bank Public Co. Ltd.Thailand1Deposit, Funds Transfer, Payment & Top Up, Cards, E-Banking, Loan, Investment, Wealth Management, Insurance, Trade Finance Service, Cash Management, FX & Derivatives, Investment Banking
30Mashreq Bank PSCUAE1Net banking, Working Capital Finance, Short Term Loans, Structured Debt, Trade Finance Solutions, Treasury & Fx Products
31Mizuho Bank Ltd.Japan5Corporate banking, net banking, Investment Services which include Demat, Mutual Funds, and Deposits, business Loans
32MUFG Bank, Ltd.Japan5Corporate Banking Loans, Deposit Accounts, Remittances, Trade Finance, Bank Guarantees
33NatWest Markets PlcUnited Kingdom 1Credit cards, Debit cum ATM cards, Investment Services which include Demat, Mutual Funds, and Deposits, Loans which include home loans, business loans, personal loans,Insurance services which include Health insurance, Life Insurance, insurance on home loans and travel insurance
34PT Bank Maybank Indonesia TBKIndonesia 1Corporate banking, trade services, Investment Services which include Demat, Mutual Funds, and Deposits, Loans which include home loans, business loans, personal loans, deposits, Treasury and wealth management
35Qatar National Bank (Q.P.S.C.)Qatar1Brokerage services, trade services,  Investment Services which include Demat, Mutual Funds, and Deposits, Loans which include home loans, business loans, personal loans,
36Sber BankRussia 1Investment Services which include Demat, Mutual Funds, and Deposits, Loans which include home loans, business loans, personal loans, Credit cards, Debit cum ATM cards,Insurance services which include Health insurance, Life Insurance, insurance on home loans and travel insurance
37SBM Bank LimitedMauritius Credit cards, Debit cum ATM cards, Investment Services which include Demat, Mutual Funds, and Deposits, Loans which include home loans, business loans, personal loans,Insurance services which include Health insurance, Life Insurance, insurance on home loans and travel insurance
38Shinhan BankSouth Korea 6Retail Banking, Corporate Banking, Personal Banking, Credit cards, Debit cum ATM cards, Investment Services which include Demat, Mutual Funds, and Deposits, Loans which include home loans, business loans, personal loans,Insurance services which include Health insurance, Life Insurance, insurance on home loans and travel insurance
39Societe GeneraleFrance2Cash Management, Trade Finance, Investment Services which include Demat, Mutual Funds, and Deposits, business loans
40Sonali Bank Limited Bangladesh2Deposit, Private banking, locker services, Investment Services which include Demat, Mutual Funds, and Deposits, Corporate Banking, Project Finance, SME Finance Remittance, Lease Finance Consumer, Credit Trade Finance Loan, Syndication Foreign, Exchange Dealing, International Trade, NGO-Linkage Loan, Consumer Credit Investment, Government, Treasury Function Money, Market Operation Rural and, Micro credit Capital Market 
41Standard Chartered BankUnited Kingdom 100Credit cards, Debit cum ATM cards, Investment Services which include Demat, Mutual Funds, and Deposits, Loans which include home loans, business loans, personal loans,Insurance services which include Health insurance, Life Insurance, insurance on home loans and travel insurance
42Sumitomo Mitsui Banking CorporationJapan2Mortgage, Credit cards, Debit cum ATM cards, Investment Services which include Demat, Mutual Funds, and Deposits, Loans which include home loans, business loans, personal loans, Insurance services which include Health insurance, Life Insurance, insurance on home loans and travel insurance
43United Overseas Bank Limited Singapore 1Corporate banking, trade services, Investment Services which include Demat, Mutual Funds, and Deposits
44Westpac Banking CorporationAustralia 1trade finance, deposits, remittances, payments and receivables, savings and current account, foreign exchange and treasury services
45Woori BankSouth Korea 3deposits, securities dealing, underwriting, trust accounts, corporate finance, Investment Services which include Demat, Mutual Funds, and Deposits, Loans which include home loans, business loans, personal loans
46KEB Hana BankSouth Korea 1Corporate Banking, Loan & Guarantee, Working Capital Loan, Facility Loan, Overdraft, External Commercial Borrowing, Buyer’s Credit, Packing Credit (INR, Foreign Currency), Bank Guarantee, Foreign Exchange, Trade Finance, Inward & Outward Remittance, Foreign Direct Investment, Deposit, Exchange Earner’s Foreign, Currency Account, Fixed Deposit, Recurring Deposit

List of Foreign(International) Banks’ Representative offices in India

Sr. No.Name of the representative officeCountry of incorporation Centre
1Access Bank Banco Bilbao Vizcaya ArgentariaNigeriaMumbai
2Banco BPM S.p. ASpain Mumbai
3Banco de Sabadell SAItaly Mumbai
4Bank for Development and ForeignSpain New Delhi
5Economic Affairs (Vnesheconombank)Russia
Mumbai
6Bank of MontrealCanada
Mumbai
7Bank of TaiwanTaiwan
Mumbai
8Busan BankSouth Korea
Mumbai
9CaixaBank S.A.SpainNew Delhi 
10Caixa Geral de DepósitosPortugal
Mumbai
11CIMB Bank BerhadMalaysia
Mumbai
12Commerz BankGermany
Mumbai
13Credit Industriel et CommercialFranceNew Delhi
14DNB Bank ASANorwayMumbai
15DZ Bank AGGermanyMumbai
16Everest Bank Ltd. Nepal
New Delhi
17Global IME Bank LtdNepal
New Delhi
18Intesa Sanpaolo S.p. AItaly
New Delhi
19K.B.C. Bank N.V.Belgium
Mumbai
20KfW IPEX Bank Germany 
Mumbai
21Landesbank Baden-WurttembergGermany 
Mumbai
22Mega International Commercial BankTaiwan
Mumbai
23Monte Dei Paschi Di SiennaItaly
Mumbai
24National Australia BankAustralia 
Mumbai
25NatixisFrance
Mumbai
26NongHyup BankSouth Korea
Mumbai
27Raiffeisen Bank International AGAustriaGurugram
28Skandinaviska Enskilda Banken ABSwedenMumbai
29Svenska HandlesbankenSwedenNew Delhi
30The Bank of New York MellonUSAMumbai
31Toronto Dominion BankCanadaMumbai
32UBI Banca – Unione di Banche ItalianeItalyMumbai
33Gazprom BankRussiaMumbai
34UBS AGSwitzerland Mumbai
35Uni Credit S.p. AItalyMumbai
36Wells Fargo Bank N.A.USAMumbai
37Zurcher KantonalbankSwitzerlandMumbai

Also Read: The Private Banks in India – A Complete Guide

Role of Foreign(International) Banks in India

For every developing economy, foreign banks can play a positive role in its growth. For the Indian economy, foreign banks can uplift its market. Some other pros of foreign banks in India are listed below.

  • Foreign banks in India can enhance the efficiency of its local banking system by increasing competitiveness.
  • They introduce new technology and innovation to local markets. Exempli Gratia, HSBC introduced ATMs to the locals.
  • Foreign banks tend to have higher lendings with lower costs as they have access to their parent companies’ internal capital.
  • During the recession period, these foreign banks in India can act as countercyclical. A Countercyclical body tends to show different behaviour during downturns or recession periods.
  • Foreign banks in India can lend money to the country during economic downturns.

Also Read: Top 15 Best Debit Cards in India

Final Thoughts 

Banks are an important aspect of a growing economy. It has been observed that foreign banks in India do not have any effect on the profits of local banks. Currently, foreign banks in India make up only 1% of the banking sector, but hold more than 8% of monetary assets.

Indians should lower the marginal tax rate, other taxations and restrictions in order to bring more foreign banks in India and urge more international monetary bodies to open their subsidiaries in the country.

Frequently Asked Questions

Which is the biggest foreign bank in India(International Bank in India)?

Standard Chartered Bank is the biggest foreign bank in India. The bank operates 100 branches in 43 cities across the country.

Which foreign bank(International Bank) in India offers the best services?

Citi bank is one of the best foreign banks in India. It offers more than 700 ATMs, wealth management in 35 branches to almost 4 lakhs customers.

Are foreign banks scheduled banks?

All commercial banks, whether they are national, International or cooperative fall under scheduled banks

What is a Subsidiary bank?

A bank which is located in a different country but is owned by a parent company in a different nation.