An international bank is a financial institution that operates outside of its home country and provides financial services to international customers. A foreign bank branch is a type of international bank that is required to obey both the home and host country's legislation. Foreign bank branches can provide larger loans than subsidiary banks because their loan limitations are dependent on total bank capital. The RBI's policy on foreign banks' presence in India is founded on two fundamental principles: reciprocity and single mode of presence. According to the Reserve Bank of India, there are currently 46 foreign banks in India (As on July 14, 2020). In various industries, India has attracted massive inflows of foreign direct investment (FDI). Below are some of the best international banks in India.
1) Best International Bank: CitiBank
For the fifth year in a row, Kiplinger's Personal Finance has named Citibank the "Best Bank for High-Net-Worth Families," putting the Citigold option accessible to high-net-worth clients at the top of the list. Citibank India is a full-service onshore foreign bank having a presence in India. Its Indian headquarters are in Mumbai, Maharashtra's Bandra Kurla Complex. It is a subsidiary of Citigroup, a multinational financial services business based in New York City. Although the bank is headquartered in Mumbai, the majority of its employees are stationed in Chennai, Mumbai, and Gurugram.
Citibank announced on April 15, 2021, that after 119 years in India, it will depart consumer banking in 13 regions, including India, as part of a reorganisation.
2) Best International Foreign Bank: Standard Chartered Bank
Standard Chartered plc, headquartered in London, England, is a British multinational banking and financial services corporation. It employs over 87,000 people and has a network of more than 1,200 branches and outlets in more than 70 countries. Standard Chartered is a constituent of the FTSE 100 Index and has its primary listing on the London Stock Exchange. The Hong Kong Stock Exchange, the National Stock Exchange of India, and OTC Markets Group Pink all have secondary listings. In 1858, Chartered established its first branches in Mumbai (Bombay), Kolkata (Calcutta), and Shanghai, with Hong Kong and Singapore following in 1859. In 1862, the Bank began printing Hong Kong dollar banknotes. The bank offers outstanding credit card, private banking, and wealth management services.
3) HSBC BANK
HSBC Bank India is a bank headquartered in Mumbai that is a subsidiary of the UK-based HSBC Holdings plc. The Reserve Bank of India regulates it as a foreign bank under the Banking Regulation Act, 1949. (RBI). HSBC Holdings is a multinational investment bank and financial services holding corporation headquartered in the United Kingdom. With total assets of US$2.984 trillion, it is Europe's second largest bank (as of December 2020). The Hongkong and Shanghai Banking Corporation created HSBC in London in 1991 to function as a new group holding company, tracing its origins to an hong in British Hong Kong. In India, it has more than 50 branches and services a customer base of more than 1 lakh people.
4) DEUSTCHE BANK
Deutsche Bank AG is a Frankfurt-based global investment bank and financial services firm that is dual-listed on the Frankfurt Stock Exchange and the New York Stock Exchange. The bank's network stretches across 58 countries, with strongholds in Europe, the Americas, and Asia of 5 lakh people. The bank employs up to 11,000 individuals with 18 branches and provides all basic financial services. On-shore investment banking, institutional equities broking, asset and private wealth management, retail banking, and business processing outsourcing are among the financial products and services it provides.
5) ROYAL BANK OF SCOTLAND
The bank currently has over ten branches that offer services such as foreign exchange, corporate banking, and insurance. It is believed to have over 700 branches and is one of the most reputable banks in the world. In India, the Royal Bank of Scotland was founded in 1921 with the goal of providing a comprehensive range of banking services. With the establishment of its Microfinance business in September 2003, RBS India began operations. In underprivileged areas, RBS developed a three-year Microfinance Technical Assistance initiative. RBS India commenced operations in September 2003 with the launch of its Microfinance business. RBS created a three-year Microfinance Technical Assistance initiative in underserved communities.
DBS Bank Ltd, located in Marina Bay, Singapore, is a Singaporean multinational banking and financial services organisation. The Development Bank of Singapore Limited was the company's previous name before its current name was adopted on July 21, 2003, to represent the company's evolving role as a global bank. DBS is Asia's #1 Safest Bank, and its global strength has earned it a top score among commercial banks and a spot among the world's 15 Safest Banks. These findings demonstrate DBS' trustworthiness to investors, business clients, and retail depositors. Loans, credit cards, and a plethora of NRI services are among the services provided by this worldwide bank.
Barclays is a constituent of the FTSE 100 Index and has its principal listing on the London Stock Exchange. The New York Stock Exchange has a secondary listing for it. The Financial Stability Board considers it a systemically important bank. Barclays plc, headquartered in London, England, is a British global universal bank. Barclays is divided into two divisions: Barclays UK and Barclays International, with Barclays Execution Services as a service company. The bank, which is headquartered in Mumbai, has seven branches around the country. Commercial Banking, Loans, Credit Cards, and Treasury Solutions are just a few of the top services provided by the bank.
8) BANK OF AMERICA
The Bank of America Corporation (often abbreviated as BofA or BoA) is an American global investment bank and financial services holding company with headquarters in Charlotte, North Carolina. Bank of America was founded in San Francisco in 1998 as a result of NationsBank's acquisition of BankAmerica. The bank began operations in 1964 and currently has only 5 offices in India. With 4.9 million customers, it is still one of the largest banks in the world.
BANK OF BAHRAIN AND KUWAIT
Both the Kingdom of Bahrain and the State of Kuwait founded the Bank of Bahrain and Kuwait on March 16, 1971. The general people, the Bahraini government, and Kuwaiti banks and investment firms are among its shareholders. BBK provides a variety of banking services and products through its Bahrain, Kuwait, and India branches, as well as its representative office in Dubai, United Arab Emirates.In India, BBK has four locations: Mumbai, New Delhi, Hyderabad, and Aluva.mbai, New Delhi, Hyderabad, and Aluva.
Doha Bank is one of Qatar's most well-known commercial banks. It banking services on March 15, 1979 in Doha, Qatar. On June 10, 2014, Doha Bank Q.P.S.C., Qatar launched its first branch in India in Mumbai, and it now has three branches in India: Sakhar Bhavan, Nariman Point, Mumbai, Chennai, and Kochi. The bank also has a large global correspondent network to provide Trade Finance and Remittance-related services. The bank provides credit and a variety of other services.
Based on their presence, functioning branches or representative offices, clients, and products and services offered, these are the top international banks in India.