Foreign Banks in India
Foreign banks are not new to the Indian banking sector. These banks have played an important role in the development and advancement in banking sector of India by introducing services of international standards in India.
First foreign bank to start its operation in India was standard chartered bank in 1858. Second bank was Citi bank which started in 1902 in India.
Popular Foreign banks in India
There are many foreign banks operating in India few popular among those banks are, Amex bank, Citibank, Deutsche bank, HSBC Bank and Royal bank of Scotland.
Some common services provided by these banks are, accounts, credit cards, loans and insurance facilities. All these facilities are usually of international standards so many people are attracted towards them.
Recently Reserve bank of India has provided guidelines and initiatives for foreign banks, this has encouraged many other foreign banks to start their operations in India.
By the end of 2010 their was introduction of more foreign banks in India like, Switzerland’s UBS, industrial and commercial bank of china, Goldman sachs, US-based GE capital and many more.
This has also helped in developing Indian economy and has persuaded more people to use banking facilities in India.