Top 10 Foreign Banks in India: The 2023 Leader’s Board


Foreign banks introduce a level sophistication when it comes to banking and investment. They introduce newer technologies and innovation, offering customers tremendous convenience and satisfaction. The evolution of the banking sector in India will see a crucial contribution from the foreign giants. 

Foreign banks are an integral part of India’s BFSI industry as they allow international expertise, and capital to enter the Indian market. Not to mention the significant role foreign direct investment (FDI) plays in India’s economic growth. Right from spurring capital infusion and exports to government revenue, FDI has been pivotal in shaping our development. They have also created new jobs, diversified industries, enabled technology transfer and maintained economic stability.

Foreign banks started gaining prominence in the country in the 1990s as a result of government-led economic reforms and liberalization policies. In the year of 1991, India opened its economic gates for foreign investments and reduced trade barriers. The RBI later introduced the ‘Ring-Fencing’ framework, which compelled the foreign banks to separate their retail and wholesale banking operations in India. This ensured protection from bankruptcy, market volatility, taxation, and creditors. 

In this blog, we will explore the top 10 foreign banks that are making remarkable progress in the Indian banking sector. 

10 major foreign banks in India in 2023

India has emerged as a hotbed for foreign investments and international banks to set up ground and expand. The leading foreign banks with a notable footprint in India include – 

  • HSBC India operates under the Hongkong and Shanghai Banking Corporation. 
  • The Indian subsidiary is located in Mumbai and offers a range of services including personal banking, corporate banking, retail banking, loans, and credit and debit cards. 
  • HSBC introduced the first-ever ATM in India in 1987 and has proliferated ever since with more than 24 branches across the nation today. 
Standard Chartered Bank
  • The UK-based bank became the first foreign institution to list in India in June 2010 post submission of Indian Depository Receipts. 
  • However, the bank’s history with our country is as old as 160 years.
  • The bank is well-known for its strong corporate and commercial banking services and is a popular choice for international businesses operating in India. 
DBS Bank
  • The bank operates across 12 cities including Mumbai, Delhi, Kolkata, Chennai, Pune, Bengaluru, and Nashik among others. 
  • Their innovative digital banking solutions are very popular among the tech-savvy customers. 
  • DBS has been well-known for harnessing digital technologies to reimagine the space of banking.
  • The bank offers a suite of services in institutional banking, consumer banking, and wealth management.
Barclays Bank
  • Barclays is a British multinational bank with a growing presence in India’s corporate and investment banking space. 
  • The bank offers services such as treasury solutions, corporate banking, and trade finance. 
  • Barclays is seen as a reliable and go-to bank by many owing to the extensive portfolio of products and services they offer.
  • The bank caters investment management, lending, mortgages, and wealth planning needs of customers. 
Deutsche Bank (DB)
  • The German banking firm first set up its branch in India in 1980 and currently operates across 16 cities. 
  • In addition to financial services, the bank offers valuable insights into the financial markets. 
  • DB assists clients in corporate banking, retail banking, investment banking and asset and wealth management.
  • Card products, trust, deposit services, loans, securities solutions, investment planning, financial advisory, wealth, and financing are some of the many attractive features of DB’s offerings.
Bank of America (BofA)
  • BofA has 5 branches in India and is well-known for facilitating international transactions with the US. 
  • The bank deals with giant conglomerates like Tata Sons, Reliance Industries, and Aditya Birla Group.
  • BofA has played a key role in introducing new sectors and start-ups to the IPO market. 
Bank of Bahrain and Kuwait (BBK)
  • This Middle Eastern bank first entered India in 1986 and now operates 4 branches across Mumbai, New Delhi, Hyderabad, and Kerala. 
  • BBK is popular among its customers for providing top quality credit facilities, NRI services, and a myriad of deposit products. 
  • The bank also features a strong remittances department along with a fully-stacked dealing room, equipped to deliver an exceptional banking experience.
  • BBK has the expertise and know-how of delivering structured finance to mid corporates and in the SME region.
  • Citibank has served Indian customers for decades with a wide range of products and services including personal loans, credit cards, and wealth management solutions. 
  • As one of the largest foreign direct investor, the bank is dedicated to advance the BFSI industry and make banking easier, convenient and more accessible to customers. 
Industrial and Commercial Bank of China (ICBC)
  • ICBC is one of the largest banks in the world with increasing footprint in India. 
  • The bank specialises in cross-border transactions, corporate banking, and trade finance. 
BNP Paribas
  • This leading European bank is the second oldest foreign institution in India with operations across Bengaluru, Mumbai, and Chennai. 
  • The bank is powering India’s green banking initiatives through sustainable finance. 
  • BNP Paribas facilitates corporate and institutional banking, hedging, equity, financing, investment banking and derivatives. 

Today, India houses a total of 46 foreign banks. In addition to the enlisted banks, some of the other prominent players include Credit Suisse, State Bank of Mauritius (SBM), the American Express Banking Corporation, Emirates Bank NBD, and Doha Bank. 

Wrapping up

Foreign banks are accelerating India’s economy growth and financial stability. The more foreign institutions you have access to, the easier it becomes to invest in businesses overseas or generate capital for a business via FDI. The 10 foreign banks we discussed are expected to play a pivotal role in shaping our baking and financial sector. 

To explore investment and stock trading options in these banks, click here.

Never miss a trading opportunity with Margin Trading Facility

Enjoy 2X leverage on over 900+ stocks

Download IconDownload the Upstox App Today