As many as 18 foreign banks have applied for licences to set up operations in India while others have started expanding their footprint.
Canada-based TD Bank has set up a representative office and is yet to apply for a licences. On the other hand, Credit Suisse and Australia-based Commonwealth Bank have received their licences to operate in India.
TD Bank, which started its representative office in India in July 2010, is exploring opportunities in various banking segments and is in talks with the regulators, financial consultants, banks and industry players for the same.
Speaking to FE, Rohit Bhargava, chief representative & MD at TD Bank Financial Group, said, ?Now that we have established a representative office, we are looking at venturing into various other businesses. Wealth management, retail and wholesale banking is what we intend to do in the future.
?We are aiming at smaller regions where we see bigger opportunities,? said Bhargava.
Bhargava noted that the bank is constantly looking at entering the Indian territory organically or inorganically. However, he believes the big challenge for them would be to have a business model carrying out a host of activities with limited number of branches.
Simultaneously, Credit Suisse is active in different businesses like wealth management, investment banking and asset management in India, thereby tapping high net worth, corporate and institutional clients.
At the same time, Commonwealth Bank, which has acquired a branch licence in early February 2010, is all set to carry out its operations here. ?We received our first licence and will apply for more to the central bank. We are very keen on expanding our footprints here,? said a top official at the bank.
?Till date, RBI has received applications from 18 foreign banks for opening maiden branches and representative offices,? minister of state for finance Namo Narain Meena said in a written. As on June 30, foreign banks have 300 branches in the country, he said.