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Lenders from China, Other Countries Likely to Set up Branches in India

Lenders from China, Other Countries Likely to Set up Branches in India

A minimum of 14 foreign banks are expected to open their branches across the nation. These include three banks from Iran, four from South Korea, and two each from Netherlands and China.

One bank each from Sri Lanka, Malaysia, and the Czech Republic have already submitted their applications to the central bank RBI, which is now reviewing the same, sources said.

In FY17 the number of foreign bank branches were reduced to 288 from 317 of the previous fiscal year. However, it’s expected that the number will increase again this year.