Top 10 Foreign Banks in India 2025

Foreign banks bring valuable expertise and money to India’s banking, financial services, and insurance (BFSI) sector, helping the economy grow. Their investments boost funding, exports, government revenue, job creation, and industry diversity. They also share advanced technology and help keep the economy stable. In the 1990s, economic reforms and relaxed trade rules allowed more foreign banks to operate in India, starting in 1991. To reduce risks like bankruptcy, market ups and downs, taxes, and creditor issues, the Reserve Bank of India (RBI) introduced a “Ring-fencing” rule, requiring foreign banks to separate their retail and wholesale banking activities.

This article will explore the major impact of foreign banks in India, highlighting the top 10 foreign financial institutions and their contributions.

What Are Foreign Banks?

Foreign banks are financial institutions that provide banking services in countries outside their home base. They operate under the regulations of both their home country and the host country, such as India. As of 2024, the Department of Financial Resources, Government of India, reports that 45 foreign banks are active in India.

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Why Foreign Banks Matter in India?

Foreign banks significantly influence India’s banking sector by boosting competition, improving services, and attracting foreign investment. Their expertise, technology, and global reach strengthen the Indian banking system. Here’s how they make an impact:

Advances in Technology: Foreign banks introduce advanced digital tools, making banking more accessible, convenient, and efficient for customers, which improves the overall financial services industry.
  
Increased Competition: By entering the Indian market, foreign banks drive competition, leading to better products and services, higher quality banking, and greater customer satisfaction.

Global Financial Market Access: With connections to global markets, foreign banks offer diverse financial products, enhancing the competitiveness of India’s banking sector and attracting more foreign investment.

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Improved Financial Services: Foreign banks bring international expertise and best practices, improving customer satisfaction and expanding financial inclusion, especially in rural and underdeveloped areas.

Capital Infusion: Foreign banks bring in external capital, strengthening the financial base of Indian banks and creating a more robust banking system.

Risk Diversification: Operating across multiple markets, foreign banks reduce risks tied to local economic downturns, making India’s financial system more resilient.

Better Corporate Governance: Known for high governance standards, foreign banks help raise regulatory and operational standards in India’s banking sector.

This summary highlights the critical role foreign banks play in enhancing India’s banking system through innovation, competition, and financial stability.

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Types of Foreign Bank Offices Present in India (2025)

Foreign banks in India operate through two main types of offices in 2024: Branches/Wholly Owned Subsidiaries (WOS) and Representative Offices. Below is a concise summary based on the provided data.

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1. Branches/Wholly Owned Subsidiaries (WOS)  
   Number of Banks: 45  
   Description: These are fully operational banking entities offering services like retail and wholesale banking, regulated by both India and their home country. They contribute to capital infusion, technology transfer, and financial services.  
   Examples:  
     - AB Bank Limited  
     - American Express Banking Corporation  
     - Barclays Bank Plc.  
     - Citibank N.A.  
     - HSBC  
     - Standard Chartered Bank  
     - Deutsche Bank A.G.  
     - J.P. Morgan Chase Bank N.A.  

2. Representative Offices 
   Number of Banks: 31  
   Description: These offices do not conduct direct banking activities (e.g., lending or deposits) but serve as liaison points for market research and coordination with Indian entities.  
   Examples:  
     - Bank of Montreal  
     - Wells Fargo Bank N.A.  
     - The Bank of New York Mellon  
     - ING Bank N.V.  
     - Commerzbank  

Regulatory Frameworks for Foreign Banks in India

The rules for foreign banks in India are set mainly by the Reserve Bank of India (RBI). Here’s a brief overview:

• Regulator: The RBI oversees foreign banks setting up subsidiaries in India. Approval from the bank’s home country regulator is required, along with proof of financial stability and strong supervision.

• Capital Requirement: A minimum of ₹3 billion (about $40 million) is needed to start a subsidiary, plus enough reserves based on risk levels.

• Board Members: Half of the board must be Indian citizens living in India, and the other half should not be directly involved in daily operations.

• Rules: Subsidiaries follow rules similar to those for new Indian private banks. The RBI may set extra restrictions to ensure compliance.

• Existing Branches: Foreign banks with branches in India can convert them into subsidiaries if they meet the eligibility criteria and have a good track record.

• Buying Shares: Foreign banks can buy stakes in certain Indian banks that need restructuring, with RBI approval and shareholder qualification checks.

• Application: Applications to set up a subsidiary must be sent to the RBI in Mumbai, and the forms are available on the RBI’s website.

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List of Top 10 Foreign Banks in India

In this section, we share a list of the top 10 foreign banks operating in India in 2025.

1.HSBC India

• History: Started in 1853 as Mercantile Bank in Mumbai, acquired by HSBC in 1959.
• Presence: Over 24 branches, headquartered in Mumbai.
• Services: Retail banking, corporate banking, loans, credit cards, wealth management.
• Impact: Introduced India’s first ATM in 1987, shaping modern banking.

2.Standard Chartered Bank

• History: Operating in India for over 160 years.
• Presence: 100 branches across 42 cities.
• Services: Consumer, corporate, institutional, and private banking; securities broking; non-banking finance.
• Impact: First foreign bank in GIFT City, Gujarat, promoting commerce and prosperity.

3.Citibank

• History: In India since 1902, founded in 1812 as City Bank of New York.
• Presence: Multiple branches and ATMs, employs 7,500 people.
• Services: Wide range of financial services with a strong balance sheet.
• Impact: Leverages global network across 160 countries for seamless transactions.

4.Deutsche Bank

• History: A leading bank in Germany and Europe, expanding in Asia.
• Presence: Operates in major Indian cities.
• Services: Retail banking, wealth management, investment banking, equities broking.
• Impact: Offers comprehensive financial solutions for corporate and individual clients.

5.Bank of America

• History: Focused on corporate and investment banking in India.
• Presence: Offices in Bangalore, Delhi, and Mumbai.
• Services: Investment management, treasury services, corporate banking, mergers & acquisitions.
• Impact: Supports global operations with a tech center in Mumbai, operates as a separate RBI-licensed entity.

6.BNP Paribas

• History: In India since 1860, starting in Kolkata.
• Presence: Branches in Kolkata, Mumbai, and Delhi.
• Services: Financial assistance for trade, insurance, and investment services.
• Impact: Grew alongside India’s economy, employs around 1,000 people.

7.DBS Bank

• History: Singapore-based, known for digital innovation.
• Presence: Operates in cities like Mumbai, Delhi, Bengaluru, and Chennai.
• Services: Consumer, institutional, and wealth management banking.
• Impact: Enhances banking experience with digital solutions for tech-savvy customers.

8.Barclays Bank

• History: Operating in India since 1990.
• Presence: Employs over 23,000 people in banking, tech, and shared services.
• Services: Investment banking, corporate banking, M&A advisory, wealth management.
• Impact: Invested over $800 million, recognized as a top private bank in India.

9.Bank of Bahrain and Kuwait (BBK)

• History: In India since 1986.
• Presence: 4 branches in New Delhi, Aluva, and Hyderabad.
• Services: Credit facilities, deposits, NRI services, remittances, structured finance.
• Impact: Specializes in financial solutions for SMEs and large corporates.

10.Doha Bank

• History: Started in India in 2014.
• Presence: 2 branches in Mumbai and Kochi.
• Services: Trade finance, remittances, credit facilities, NRI services.
• Impact: Offers personalized banking through dedicated NRI departments.

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Foreign Banks Currently Operating in India

Below is a list of foreign banks that are active in India (excluding those already discussed earlier):

1. AB Bank Ltd.

2. Abu Dhabi Commercial Bank Ltd.

3. American Express Banking Corporation

4. Australia and New Zealand Banking Group Ltd.

5. Bank of Ceylon

6. Bank of China

7. Bank of Nova Scotia

8. Citibank N.A

9. Cooperatieve Rabobank U.A.

10. Credit Agricole Corporate & Investment Bank

11. Credit Suisse A.G

12. CTBC Bank Co., Ltd.

13. Deutsche Bank

14. Emirates Bank NBD

15. First Abu Dhabi Bank PJSC

16. FirstRand Bank Ltd.

17. Industrial & Commercial Bank of China Ltd.

18. Industrial Bank of Korea

19. J.P. Morgan Chase Bank N.A.

20. JSC VTB Bank

21. KEB Hana Bank

22. Kookmin Bank

23. Krung Thai Bank Public Co. Ltd.

24. Mashreq Bank PSC

25. Mizuho Bank Ltd.

26. MUFG Bank, Ltd.

27. NatWest Markets Plc

28. PT Bank Maybank Indonesia TBK

29. Qatar National Bank (Q.P.S.C.)

30. Sberbank

31. SBM Bank (India) Limited*

32. Shinhan Bank

33. Societe Generale

34. Sonali Bank Ltd.

35. Sumitomo Mitsui Banking Corporation

36. United Overseas Bank Ltd.

37. Woori Bank

Conclusion

Foreign banks help drive India’s growth and stability by enabling overseas investments and providing access to FDI, making it easier for individuals and businesses to secure global capital.