Foreign banks in India have been a part of the banking system for centuries, with some having their origins dating back to the 1850s, like HSBC. Foreign banks play a major role in integrating India into the world financial system by introducing new technology, innovative products, and best international practices. These banks serve a global customer base of multinational corporations, high-net-worth individuals, and non-resident Indians (NRIs), providing services not available with local banks.
They have also introduced competition, forcing Indian banks to modernize and improve their service. Foreign banks in India are now major drivers in facilitating cross-border trade, investment banking, and sophisticated wealth management services, thereby generating economic growth for the country and integration into the international economy. In this article, we will explore the top 10 foreign banks in India. So, let’s begin!
A Statistical Overview: How Many Foreign Banks Are in India?
- Foreign Banks of India: There are 44 foreign banks present in the country as of early 2025. The number indicates the increasing economic standing of India in the world.
- Modes of Presence: Foreign banks are present in India in various other models. They have a huge physical presence with many branches, while others have a limited presence through representative offices.
- Regulatory Oversight: Reserve Bank of India (RBI) is the core and central overseer of such institutions. The regulatory design of RBI is to instill stability and competitiveness in the financial system while enhancing financial development and inclusion.
- Economic Impact: Foreign banks have an important role in mobilizing the foreign capital and facilitating international trade. They also introduce a multiregional portfolio of financial products and technology to the Indian economy, which is a good indicator of India’s integration within the world economic order.
Understanding the Two Models: Branches vs. Representative Offices
| Feature | Branch | Representative Office |
| Operational Scope | Can perform a full range of banking activities, including accepting deposits and issuing loans. | Limited to liaison and promotional activities; cannot conduct any commercial banking business. |
| Legal Status | A full-fledged legal entity of the parent bank, subject to local laws and regulations. | Not a separate legal entity; acts as a liaison office for the parent bank. |
| Revenue Generation | Can generate revenue through banking activities, such as interest income and fees. | Cannot generate any revenue locally; its expenses are funded by the parent bank. |
| Regulatory Requirements | Subject to stringent regulations, including capital adequacy and liquidity ratios, as mandated by the RBI. | Subject to lighter regulations, as it does not engage in commercial banking. |
| Customer Interaction | Directly interacts with customers for all banking transactions. | Facilitates communication and market research, but cannot directly conduct business with clients. |
Top 10 Foreign Banks in India: An In-Depth Profile
1. Standard Chartered Bank
Standard Chartered Bank has a long history in India, tracing its roots as far back as 1858. The bank is among India’s largest foreign banks operating in India with an enormous portfolio and a serious focus on its retail business and corporate business. Also, its strong focus on digital banking and technology has allowed it to remain ahead of the game, with its user-friendly digital channels serving millions of customers. Also, the knowledge the bank has of the Indian market, combined with its international reach, makes it the first choice among several clients seeking high-quality cross-border solutions. Aside from this, its commitment to the country is also evidenced by its involvement in various corporate social responsibility initiatives.
- Key Services: Retail and business banking, wealth management, home and personal loans, international trade accounts, and specialized NRI banking services.
- Target Customer: Multinational corporations, high-net-worth individuals, and Non-Resident Indians (NRIs) who require comprehensive global and domestic banking solutions.
- USP: Its enormous physical presence with over 100 branches, powerful digital banking facility, and a value-added services package for NRIs like wealth management and offshore fund transfer.
- Presence in India: Broad network of 100 offices in 42 cities, offering coverage and solid physical presence in major economic hubs.
- Website: https://www.sc.com/in/
Also Read: Microfinance Institutions In India
2. HSBC
HSBC is a long-established foreign bank in India with over a century and a half of history, having its first branch in Mumbai in 1867. The bank offers a comprehensive range of financial products and services such as retail banking and wealth management, with major emphasis on corporate banking. It is also hugely popular for its massive trade and international banking facilities, catering to the complex demands of multinational corporations and ultra-high-net-worth individuals. Furthermore, its strong digital platforms and customer experience focus have made it a market leader in the banking industry, continuously drawing in a discerning clientele. But HSBC continues to innovate and address the changing needs of the dynamic Indian economy to stay competitive.
- Key Services: Retail and private banking, wealth management, international money transfers, home loans, and a strong focus on global trade and payments.
- Target Customer: Global corporate, ultra-high-net-worth individuals, and NRIs seeking sophisticated wealth management and convenient cross-border banking.
- USP: Trade and payment leadership, deep wealth management capability, and a strong global network facilitating cross-border flows.
- Presence in India: Rapidly expanding network of branches and offices with robust presence in key business hubs.
- Website: https://www.hsbc.co.in/
3. Citibank
Citibank has long been the market leader in Indian banking since its inception in 1902. Ranked among the top foreign banks in India, it recently sold its consumer banking business to Axis Bank, but its hold on institutional and corporate banking is still strong. Apart from that, Citibank has a healthy treasury and trade solutions business, catering to the needs of large corporations with an asset size of over INR 2.5 lakh crore as on March 2024. In addition, its focus on digital banking along with technology-driven solutions makes it the top priority for many companies, hence sustaining its solid liquidity coverage ratio of 154.3% as well during the same period. Also, its commitment to providing sophisticated financial services is unwavering, supported by its strong capital adequacy.
- Key Services: Corporate and investment banking, treasury and trade solutions, commercial cards, and a range of institutional banking services.
- Target Customer: Corporate and institutional clients, major companies, and financial institutions requiring high-value, complex financial services.
- USP: Sophisticated corporate and investment banking capabilities, market leadership in treasury and trade solutions, and a strong balance sheet with sound capital adequacy.
- Presence in India: A strong corporate franchise and offices concentrated in prime financial centers, Mumbai, Delhi, and Bengaluru.
- Website: https://www.citi.com/
4. Deutsche Bank
Deutsche Bank is one of India’s leading foreign banks operating in India, established in 1980. It is particularly well known for investment banking and private wealth management, and provides a full range of corporate banking services, including cash management and trade finance. With its profit after tax of close to INR 2,000 crore in FY 2023-24, its India business is one of the largest among the bank’s 15 Asia-Pacific markets. Additionally, with a solid branch network and some 23,000 staff members, Deutsche Bank has established itself as a trusted business partner. It is also a leading dealer in the Indian fixed-income market, demonstrating its significant presence in the domestic economy.
- Key Services: Corporate and transaction banking, investment banking, private banking and wealth management, and securities services.
- Target Customer: Ultra-high-net-worth individuals, institutional investors, and corporates seeking sophisticated wealth management and banking products.
- USP: A top investment banking and private wealth management franchise, a top position in transaction banking, and a full array of corporate banking solutions.
- Presence in India: 17 offices across 16 cities, an IFSC Banking Unit in GIFT City, and Global Capability Centres in key tech locations like Bengaluru and Pune.
- Website: https://www.db.com/
5. J.P. Morgan
J.P. Morgan is a banking behemoth with a strong presence in India, ranked among the top 10 foreign banks in India, offering mainly corporate and investment banking solutions. The bank offers a strong suite of solutions, ranging from mergers and acquisitions advisory to capital markets and treasury solutions. Furthermore, J.P. Morgan’s history in India goes as far back as 1945, illustrating its long-term dedication to the nation and its economy. It is also a global finance industry leader, using its immense network to meet the needs of Indian customers. The bank’s analytical and research skills are among the best in the business and make it an ideal partner for multi-million dollar financial undertakings.
- Key Services: Investment banking, commercial banking, payments, and asset management.
- Target Customer: Institutional customers, corporate clients, and government clients.
- USP: Leadership in investment banking, mergers and acquisitions advice, and treasury solutions, supported by strong analysis and research capability.
- Presence in India: Has a branch license in Mumbai and a significant presence in other offices as well.
- Website: https://www.jpmorgan.com/
6. Bank of America
Bank of America, another foreign bank in India giant from the US, is an investment and corporate bank. The bank has been operational in India since 1964 and has a strong presence in urban centers such as Mumbai, Delhi, and Bengaluru. Additionally, it has an extensive line of services comprising corporate banking, treasury solutions, and risk management. Moreover, the bank’s Global Capability Centers in India are the nerve center of its international operations, a testament to its unshaken faith in the country’s pool of talents. Apart from that, it puts enormous value on corporate social responsibility and sustainability, as evidenced in its widespread activities in society.
- Key Services: Corporate banking, capital markets, treasury solutions, and advisory services.
- Target Customer: Multinational companies, financial institutions, and large-scale Indian businesses.
- USP: Excellent corporate banking and treasury services, supported by a worldwide network, and a strong operational presence through its India-based Global Capability Centres.
- Presence in India: Presence through offices in major urban cities such as Mumbai, Delhi, Bengaluru, and Chennai.
- Website: https://www.bankofamerica.com/
7. DBS Bank
A Singapore-based institution, DBS Bank is India’s largest foreign bank operating in India, offering a formidable digital-first approach. It is the first large foreign bank to start in India as a locally incorporated wholly-owned subsidiary, which demonstrates its commitment to the Indian market. Furthermore, DBS offers the complete suite of consumer and corporate banking services, with a strong focus on Small and Medium Enterprises (SME). Additionally, its “digibank” online platform is a favorite among retail customers because of its intuitive and hassle-free experience. DBS is generally regarded as one of the best digital banking innovators in the world, having received distinguished awards such as “World’s Best Bank” from Euromoney.
- Key Services: Retail banking (digibank), savings and fixed deposits, personal and business loans, wealth management, and NRI banking.
- Target Customer: Retail customers, SMEs, and corporate customers seeking a hassle-free, digital-first banking experience.
- USP: Digital banking innovations through its “digibank” platform, SME banking with significant focus, and leadership in digital innovations.
- Presence in India: A Growing number of branches in strategic cities backed by its strong digital presence serving a national customer base.
- Website: https://www.dbs.com/in/index/default.page
8. Mitsubishi UFJ Financial Group (MUFG)
Japan’s MUFG Bank, a banking behemoth, is one of the top foreign banks in India, particularly for Japanese and other Asian market-linked business houses. The bank provides an extensive array of corporate and investment banking products. Besides this, it is also very active in arranging financing and advisory services for infrastructure and corporate deals based on its huge worldwide asset base of about US$3.1 trillion. Moreover, the global network and experience of MUFG position it as a highly sought-after partner for Indian businesses that want global access. Additionally, it is a key promoter of India-Japan trade and investment.
- Key Services: Corporate banking, project finance, trade finance, and treasury services.
- Target Customer: Large corporates, particularly with international operations or Japanese exposures, and infrastructure and project finance businesses.
- USP: A leading position in project and structured finance, strong ties to Japanese and Asian businesses, and a vast global network.
- Presence in India: Operates through a network of branches with a focus on Mumbai and other key business centers.
- Website: https://www.mufg.jp/english/index.html
9. Mizuho Bank
Mizuho Bank is another large Japanese foreign bank operating in India, with a corporate and institutional banking focus. The bank is a subsidiary of Mizuho Financial Group, which is one of the world’s largest financial services firms. Besides, Mizuho offers various products, such as trade finance, treasury services, and corporate loans. Further, it is also a critical partner for Indian and Japanese companies doing business with Japan and India, respectively. The bank’s presence is instrumental in facilitating bilateral trade and investment flows and reinforcing its position in the India-Japan economic relationship.
- Key Services: Corporate finance, trade finance, cash management, and treasury services.
- Target Customer: Large firms, specifically Japanese and multinationals.
- USP: Corporate finance expertise, strong connection with the Japanese market, and trusted partner for enhancing bilateral trade and investment.
- Presence in India: Has a presence through a branch network.
- Website: https://www.mizuhogroup.com/bank
10. Societe Generale
Societe Generale, a French multinational investment bank, is a prominent player among foreign banks operating in India, with its corporate and investment banking focus. The bank provides a full range of services such as corporate banking, trade finance, and capital markets. Societe Generale is also well recognized for its structured financing and derivatives skills. In addition, it has a global solution center in India, which facilitates its operations globally, highlighting its massive investment in India’s human resources and infrastructure. The bank’s presence in India since 1978 speaks of its deep passion for the nation’s financial ecosystem.
- Key Services: Corporate and investment banking, structured financing, trade finance, and capital markets solutions.
- Target Customer: Large corporates and institutional customers, especially those dealing in capital markets and complex financial products.
- USP: Capabilities in capital markets, derivatives, and structured finance, and an international solution center to act as the nerve center for its global operations.
- Presence in India: Offices in major financial hubs such as Delhi and Mumbai.
- Website: https://www.societegenerale.com/en
List of All Foreign Banks in India (Full-List)
| Name | Country of Origin | Primary Focus | Official Website Link |
| Standard Chartered Bank | United Kingdom | Retail, Corporate, and NRI Banking | https://www.sc.com/en/ |
| HSBC Bank | United Kingdom | Corporate, Wealth Management, and NRI Banking | https://www.hsbc.co.in/ |
| Citibank | United States | Corporate and Institutional Banking | https://www.citi.com/ |
| Deutsche Bank | Germany | Corporate, Investment, and Private Banking | https://www.db.com/ |
| DBS Bank | Singapore | Retail, SME, and Corporate Banking | https://www.dbs.com/in/index/default.page |
| Bank of America | United States | Corporate and Investment Banking | https://www.bankofamerica.com/ |
| BNP Paribas | France | Corporate, Investment, and Wealth Management | https://group.bnpparibas/en/ |
| MUFG Bank | Japan | Corporate and Investment Banking | https://www.bk.mufg.jp/global/index.html |
| Mizuho Bank | Japan | Corporate and Institutional Banking | https://www.mizuhogroup.com/bank |
| Societe Generale | France | Corporate and Investment Banking | https://www.societegenerale.com/en |
| Barclays Bank | United Kingdom | Corporate and Investment Banking | https://www.barclays.in/ |
| Cooperatieve Rabobank U.A. | Netherlands | Corporate Banking and Food & Agri Finance | https://www.rabobank.com/ |
| Sumitomo Mitsui Banking Corporation | Japan | Corporate and Investment Banking | https://www.smbc.co.jp/global/ |
| The Royal Bank of Scotland N.V. | United Kingdom | Corporate and Institutional Banking | https://www.rbs.co.uk/ |
| Industrial and Commercial Bank of China (ICBC) | China | Corporate and Trade Finance | https://www.icbc-ltd.com/ICBCLtd/en/ |
| Sberbank | Russia | Corporate Banking and Trade Finance | https://www.sberbank.com/ |
| Credit Agricole Corporate and Investment Bank | France | Corporate and Investment Banking | https://www.ca-cib.com/en |
| Abu Dhabi Commercial Bank | UAE | Corporate and NRI Banking | https://www.adcb.com/en/personal/ |
| First Abu Dhabi Bank | UAE | Corporate and Trade Finance | https://www.bankfab.com/en-ae/personal |
| Bank of Bahrain and Kuwait B.S.C. | Bahrain | Corporate and Retail Banking | https://www.bbkindia.com/ |
| Bank of Nova Scotia | Canada | Corporate and Trade Finance | https://www.scotiabank.com/global/en/global-site.html |
| Mashreq Bank | UAE | Corporate and NRI Banking | https://www.mashreq.com/en/uae/neo/ |
| NatWest Group | United Kingdom | Corporate and Institutional Banking | https://www.natwestgroup.com/natwestgroup.html |
| State Bank of Mauritius | Mauritius | Retail and Corporate Banking | https://www.sbmgroup.mu/ |
| Woori Bank | South Korea | Corporate and SME Banking | http://eng.wooribank.com/ |
| UCO Bank (Foreign Branch) | India | Corporate and Trade Finance | https://www.ucobank.com/overseas-branches |
| Bank of Ceylon | Sri Lanka | Trade and Corporate Finance | https://www.boc.lk/ |
| Bank of China | China | Corporate and Trade Finance | https://www.boc.cn/en/ |
| Bank of Taiwan | Taiwan | Corporate Banking | https://www.bot.com.tw/en/personal-banking |
| Bank of Tokyo-Mitsubishi UFJ | Japan | Corporate Banking | https://www.bk.mufg.jp/global/index.html |
| Bank of Maharashtra | India | Retail and Corporate Banking | https://bankofmaharashtra.in/ |
| Bank of Thailand | Thailand | Representative Office | https://www.bot.or.th/en/home.html |
| Bank of Baroda | India | Retail and Corporate Banking | https://www.bankofbaroda.in/ |
| Bank of India | India | Retail and Corporate Banking | https://bankofindia.co.in/ |
| Bank of Rajasthan | India | Retail and Corporate Banking | https://web.rajasthanbank.co.in/ |
| Barclays Bank PLC | United Kingdom | Corporate and Investment Banking | https://home.barclays/ |
| CaixaBank S.A. | Spain | Corporate Banking | https://www.caixabank.com/en/home_en.html |
| Credit Suisse | Switzerland | Investment Banking and Wealth Management | https://direct.credit-suisse.com/ |
| Federal Bank | India | Retail and NRI Banking | https://www.federalbank.co.in/ |
| JP Morgan Chase Bank N.A. | United States | Corporate and Investment Banking | https://www.jpmorganchase.com/ |
| Kotak Mahindra Bank | India | Retail and Corporate Banking | https://www.kotak.com/en/home.html |
| The Bank of New York Mellon | United States | Corporate and Institutional Banking | https://www.bny.com/corporate/apac/en.html |
| The Bank of Nova Scotia | Canada | Corporate and Trade Finance | https://www.scotiabank.com/global/en/global-site.html |
| United Overseas Bank | Singapore | Corporate Banking | https://www.uobgroup.com/uobgroup/index.page |
The “Best” Foreign Bank in India: Finding the Right Fit for You
Finding the “best” foreign bank in India is a matter of personal preference that is entirely dependent on your personal financial needs and requirements. While some banks excel in retail banking, others have a speciality in corporate and investment banking, and hence it is worth matching a requirement with a bank’s speciality.
- Consider your financial goals, whether it’s wealth management, international fund transfers, or corporate banking solutions.
- Research a bank’s reputation on customer service as well as its digital banking capabilities to ensure a great experience with it.
- If you prefer access in a physical way, choose a foreign bank that has branches in your locality or city. But if you prefer access through the internet, choose one with a strong internet platform.
- Compare the richness of products and services such as expert NRI accounts, good interest rates, and lending facilities.
- Don’t forget to check customer reviews and industry ratings to get a balanced perspective on the bank’s performance and reliability.
Advantages and Disadvantages of Banking with Foreign Banks
Banking with foreign banks in India brings a unique set of strengths and weaknesses that you should know about. Knowing these can make you more intelligent in deciding where to put your faith and money.
Advantages:
- Foreign banks tend to deliver higher-quality customer service and a more individualized banking experience.
- They tend to have more advanced and innovative financial products, such as more sophisticated wealth management and investment opportunities.
- Their solid international network positions them well for smooth cross-border trade finance and international transactions.
- Foreign banks in India offer a more efficient and streamlined digital banking experience with easier-to-use platforms.
- They offer access to a broad spectrum of international financial markets and investments that may not be accessible through domestic banks.
Disadvantages:
- Most foreign banks in India have a low physical presence with fewer branches and ATMs than public sector banks.
- They typically charge higher fees and charges for most services, which may not be desirable for all customers.
- Foreign banks may have strict eligibility conditions to open an account with higher minimum balance requirements.
- Their attention is usually on corporate clients and high-net-worth individuals, and therefore, they may have fewer services designed for the general public.
- These institutions’ regulatory compliance can be complicated and require fulfilling Indian as well as home country regulations.
Conclusion
The choice of an appropriate foreign bank in India is based on balancing your business or individual needs with the prospect and limitation of the bank. You could be a multinational company seeking international banking facilities or an NRI seeking to remit money in easy and convenient forms; or even someone comparing services with a small finance bank — the multicultural soil of foreign banks in India offers a number of options.
With consideration of factors like quality of service, product offering, and area of coverage, you can find a finance partner that best suits your own needs and experience a natural and engaging banking.
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Frequently Asked Questions (FAQs)
Are foreign banks in India safe?
Yes, all foreign banks operating in India are covered under the regulation of the Reserve Bank of India and have the same deposit insurance scheme as domestic banks.
What is the difference between a branch and a representative office?
A branch would be allowed to carry full-fledged banking operations, while a representative office is only permitted to liaison activities and is not allowed to engage in commercial banking.
Do foreign banks offer services for retail customers?
Several foreign banks, such as Standard Chartered and DBS, provide a full assortment of retail banking products, such as savings accounts and personal loans.
Are foreign banks preferable to NRIs?
Foreign banks have a deep emphasis on NRI business, with specialized products and simple international fund transfers, which makes them a favorite among non-resident Indians.
How many foreign banks are in India?
As of 2025, there are 44 foreign banks in India, a diverse group of institutions with varying operational models and specializations.