United Kingdom is eager to allow more Indian banks to operate in the country. It would “make it as easy as it can” for Indian banks to commence operations there, according to UK’s commercial secretary to treasury Sir James Sassoon. The country’s chief aim is to increase bilateral cooperation on the financial services front.
Sir James said, there are around 10 Indian banks, eager to expand their branch network in UK. Currently there are10 Indian banks having their branches in UK.
UK has 11 ICICI Bank branches and 7 SBI branches. Other banks with branches there comprise of Bank of India, Bank of Baroda and Punjab National Bank.
RBI is trying to boost the “reciprocity” in this respect for quite some time by letting foreign banks to commence operations here. India can offer license to 12 foreign banks a year to start operations in the country.