Foreign banks make a beeline for India
The number of foreign bank branches in India fell to 288 in 2016-17 from 317 in 2015-16, according to RBI data.
Renewing their interest in India, at least 14 foreign banks have applied to the Reserve Bank of India for opening branches in the country.
Four banks from South Korea, three from Iran, two each from China and the Netherlands have applied for setting up branches and wholly-owned subsidiaries in India over the last 12 months. One bank each from the Czech Republic, Sri Lanka and Malaysia have applied for opening branches in India. The RBI, government sources said, is currently examining these applications.