Banking Institutions and History

As of 2011, there were 28 foreign banks operating in India according to Reserve Bank of India data.

UTI Bank was rebranded as Axis Bank in 2007 to avoid confusion with the Unit Trust of India, which is a separate entity.

Hanil Bank is a South Korean bank that opened its first branch in New Delhi in 1997. It later merged to become part of Woori Bank.

China Trust Commercial Bank is a major financial institution headquartered in Taiwan. It expanded its operations to India in 1996.

ABN Amro served as the counseling bank for the modernization projects of the airports at New Delhi and Mumbai.

Foreign banks operating in India are considered part of the private sector, as they are not owned by the government.

HSBC (Hongkong & Shanghai Banking Corporation) acquired a significant stake in UTI Bank, which was later rebranded as Axis Bank.

Standard Chartered Bank acquired Korea First Bank in 2005 to expand its presence in the South Korean market.

Standard Chartered has acquired several banks in India, including Grindlays and the Indian operations of Bank of Bahrain and Kuwait, but it did not acquire Mizuho Bank.

Overseas Chinese Banking Corporation (OCBC) is a major financial services organization headquartered in Singapore.

Habib Bank of Pakistan has expressed interest and received permissions at various times to operate in the Indian banking sector.

Ahmedabad Mercantile Co-operative Bank and Bharat Co-operative Bank are scheduled cooperative banks, while Development Co-operative Bank (now DCB Bank) is a private sector commercial bank.

Bank of Baroda surpassed Canara Bank in 2009 to become the third-largest public sector bank in India at that time.

Andhra Bank was the first public sector bank in India to introduce credit cards, including the Visa card.

ICICI has launched I-Express, an instant cross-border money transfer option for non-resident Indians(NRIs) in Gulf countries in Oct 2010.