Foreign Banks In India
Foreign banks are available in myriad in India and known for offering snug service in all parts of the country.
It plays great role in boosting Indian economy and also lends debt to those who need it.
With the help of globalization, many private banks have showed their keen interest to expand their business in all over the world and opened it branches across the globe to serve a large number of customer and also to serve the existing customers in well manner.
In India’s context, foreign banks in India are growing by leaps and bounds and known for offering committed service to the customers.
It also brought the latest techniques to serve the customers in the most effective manner and known for introducing several banking practices.
Moreover, such private banks come with great capacity to provide better service to customers at a large extent and also look after their different types of financial requirements.
At present, there are 29 foreign banks are operating in the country that facilitate people by serving their needs in the best possible manner.
Some of the famous foreign banks are HDFC Bank, City Bank, Scotia Bank, BNP Paribas Bank, ABN-AMRO Bank, Abu Dhabi Commercial Bank
Deutsche Bank, China Trust Commercial Bank, BNP Paribas Bank, Bank of Ceylon and more. Such banks have established their several branches in almost every part of the country and offers round the clock service.
Reserve Bank of India is the most powerful body in India and works as a boss for other banks.
It has authority to look after the smooth functions of both nationalized and private banks and also concerned for issuing bank notes. Besides, it also issues several guidelines, which are quite necessary for both private and nationalized banks to follow.
It also helps to ensure smooth flow of finance. Reserve Bank of India is completely free to take any kind of financial decision and authorize to penalize those banks, which decline the set rule and regulation.
Foreign banks are also known for uprooting the unemployment in India by offering lots of job opportunities.
It offers good packages and tantalizes the sense of youngsters by offering several other job facilities. Besides, it also contributed its tremendous effort to improve Indian foreign exchange market.
Statically, the foreign banks witnessed 41 per cent in 2005-06. Besides it also witnessed the surging growth of 52 per cent in 2007-08. Foreign banks in India also known for bringing great revolution in terms of fast service and efficiency.