Anticipating opportunities in India after 2009, foreign banks are queuing up to open offices in India.
- Royal Bank of Canada, the largest bank in Canada, opened its first representative office in India, in Mumbai on February 1.
- Glitnir, the Northern European bank headquartered in Iceland, also announced that it would be filing applications with the Reserve Bank of India to open a representative office in India.
A Swiss delegation also visited the Indian Banks’ Association office in Mumbai on February 11, to explore the possibilities of setting up operations in India.
“Foreign banks can’t escape emerging markets such as India and China, which are on their radar, whether March’09 happens or not. They are continuously in talks with the RBI for licensing or taking the NBFC route for expansion,” said Mr Tarun Bhatia, Head, Financial Sector Ratings.