25756131 Role of Foreign Commercial Banks in Indian Economy

SANTOSH PARASHARSANTOSH PARASHAR

Role of Foreign Commercial Banks in

Indian Economy

Presentation By- Santosh Parashar

Program Co-ordinator (Finance)Institute of Advanced Management &

Research, Ghaziabad E-mail: [email protected]


Topics CoveredTopics Covered IntroductionIntroduction

Pre-requisites for banking business in IndiaPre-requisites for banking business in India Licensing to Foreign Banks in India Licensing to Foreign Banks in India

Policies adopted by RBI for Foreign banks ; Road MapPolicies adopted by RBI for Foreign banks ; Road Map Foreign Banks’ Operation in India; Financial Performance of Foreign BanksForeign Banks’ Operation in India; Financial Performance of Foreign Banks

Conclusion Conclusion ReferencesReferences


For the past three decades India’s banking For the past three decades India’s banking

system has several outstanding achievements system has several outstanding achievements to its credit. to its credit.

The most striking is its extensive reach. It is The most striking is its extensive reach. It is no longer confined to only metropolitans or no longer confined to only metropolitans or cosmopolitans in India. In fact, Indian banking cosmopolitans in India. In fact, Indian banking system has reached even to the remote system has reached even to the remote corners of the country. corners of the country.

Thus, Growing Indian economy is the result of Thus, Growing Indian economy is the result of effective Indian banking system amongst effective Indian banking system amongst many other responsible internal and external many other responsible internal and external factors, in which the role played by foreign factors, in which the role played by foreign commercial banks in the country is also a commercial banks in the country is also a crucial one.crucial one.

Foreign banks like Foreign banks like Citibank, HSBC, Standard Citibank, HSBC, Standard Chartered BankChartered Bank, etc are the branches of those , etc are the branches of those banks which are incorporated in foreign banks which are incorporated in foreign countries. Most of them perform essentially countries. Most of them perform essentially the same range of services as local banks, the same range of services as local banks, except that their focus in terms of product and except that their focus in terms of product and customers may be different due to their limited customers may be different due to their limited branch network.branch network.

Introduction


They bring in new technology and facilitate in They bring in new technology and facilitate in the introduction as well as assimilation of the introduction as well as assimilation of international products into the domestic international products into the domestic markets. markets.

They help the local banking industry keep They help the local banking industry keep pace with developments in the financial pace with developments in the financial centres abroad. They also help provide centres abroad. They also help provide Indian corporations access to foreign capital Indian corporations access to foreign capital markets. markets.

In keeping with the general trend towards In keeping with the general trend towards liberalization, the Government has liberalization, the Government has introduced several measures for widening introduced several measures for widening the scope for foreign banks to enter and the scope for foreign banks to enter and operate in India. operate in India.

On the one hand if they always brought an On the one hand if they always brought an explanation about the prompt services to explanation about the prompt services to customers then on the other hand they offer customers then on the other hand they offer biggest competition to the domestic banks in biggest competition to the domestic banks in India.India.

This paper focuses on RBI regulation This paper focuses on RBI regulation (licensing requirement) for foreign banks, (licensing requirement) for foreign banks, economic contribution and prospects of economic contribution and prospects of foreign Banks in Indian economy.foreign Banks in Indian economy.


A A foreign bankforeign bank is a bank organized under foreign law and located outside is a bank organized under foreign law and located outside the country of its origin. A foreign bank includes the country of its origin. A foreign bank includes offices, branches, and offices, branches, and agencies of commercial banks or trust companies, private banks, national agencies of commercial banks or trust companies, private banks, national banks, thrift institutions, credit unions, and other organizations chartered banks, thrift institutions, credit unions, and other organizations chartered under banking laws and supervised by banking supervisors of country of under banking laws and supervised by banking supervisors of country of operation.operation.

A A "foreign bank""foreign bank" does not include does not include any foreign central bank or monetary any foreign central bank or monetary authority that functions as a central bank, or any international financial authority that functions as a central bank, or any international financial institution or regional development bank formed by treaty or international institution or regional development bank formed by treaty or international agreement.agreement.

On the basis of On the basis of purpose to operate,purpose to operate, there are there are two main typestwo main types of foreign of foreign banks -those that come into developing countries primarily to serve their banks -those that come into developing countries primarily to serve their home clients, the so–called home clients, the so–called traditional traditional or or classical classical banksbanks, and the , and the opportunistopportunist,, who come looking for profit (short or long-run) opportunities who come looking for profit (short or long-run) opportunities in developing countries.in developing countries.

On the basis of On the basis of channel to operate /mode of presencechannel to operate /mode of presence, there are , there are three three typestypes of foreign Banks- first – of foreign Banks- first –Branches, second -A wholly owned Branches, second -A wholly owned subsidiary (WOS) and A subsidiary with maximum foreign investment of subsidiary (WOS) and A subsidiary with maximum foreign investment of 74% in a private bank. 74% in a private bank.


Pre-requisites of banking business in India Pre-requisites of banking business in India In terms of Sec 22 of the B.R. Act-1949, no company shall carry onIn terms of Sec 22 of the B.R. Act-1949, no company shall carry onbanking business in India, unless it holds a license issued in that behalf bybanking business in India, unless it holds a license issued in that behalf byReserve Bank and any such license may be issued subject to suchReserve Bank and any such license may be issued subject to suchconditions as the Reserve Bank may think fit to impose. Before grantingconditions as the Reserve Bank may think fit to impose. Before grantingany license, RBI may require to be satisfied that the following conditionsany license, RBI may require to be satisfied that the following conditionsare fulfilled: are fulfilled: that the company is or will be in a position to pay its present or future that the company is or will be in a position to pay its present or future

depositors in full as their claims accrue;depositors in full as their claims accrue; that the affairs of the company are not being , or are not likely to be, that the affairs of the company are not being , or are not likely to be,

conducted in a manner detrimental to the interests of its present or future conducted in a manner detrimental to the interests of its present or future depositors;depositors;

that the general character of the proposed management of the proposed that the general character of the proposed management of the proposed bank will not be prejudicial to the public interest or the interest of its bank will not be prejudicial to the public interest or the interest of its depositors;depositors;

that the company has adequate capital structure and earning prospects;that the company has adequate capital structure and earning prospects; that having regard to the banking facilities available in the proposed that having regard to the banking facilities available in the proposed

principal area of operations of the company, the potential scope for principal area of operations of the company, the potential scope for expansion of banks already in existence in the area and other relevant expansion of banks already in existence in the area and other relevant factors the grant of the license would not be prejudicial to the operation factors the grant of the license would not be prejudicial to the operation and consolidation of the banking system consistent with monetary stability and consolidation of the banking system consistent with monetary stability and economic growth.and economic growth.


Licensing to Foreign Banks in IndiaLicensing to Foreign Banks in India

Procedurally, foreign banks are required to apply to RBI for opening their Procedurally, foreign banks are required to apply to RBI for opening their branches in India. Foreign banks’ application for opening their maiden branches in India. Foreign banks’ application for opening their maiden branch is considered under the provisions of Sec 22 of the BR Act, 1949.branch is considered under the provisions of Sec 22 of the BR Act, 1949.

Before granting any license under this section, RBI may require to be Before granting any license under this section, RBI may require to be satisfied that the Government or the law of the country in which it is satisfied that the Government or the law of the country in which it is incorporated does not discriminate in any way against banks from India. incorporated does not discriminate in any way against banks from India.

Unlike the restrictive practices of certain foreign countries, India is liberal Unlike the restrictive practices of certain foreign countries, India is liberal in respect of the licensing and operation of the foreign bank branches as in respect of the licensing and operation of the foreign bank branches as illustrated by the following: illustrated by the following:

India issues a single class of banking license to banks and hence India issues a single class of banking license to banks and hence does not place any undue restrictions on their operations merely does not place any undue restrictions on their operations merely on the ground that in some countries there are requirements of on the ground that in some countries there are requirements of multiple licenses for dealing in local currency and foreign multiple licenses for dealing in local currency and foreign currencies with different categories of clientele. currencies with different categories of clientele.

Banks in India, both Indian and foreign, enjoy full and equal Banks in India, both Indian and foreign, enjoy full and equal access to the payments and settlement systems and are full access to the payments and settlement systems and are full members of the clearing houses and payments system.members of the clearing houses and payments system.

All banks can carry on both retail and wholesale banking.All banks can carry on both retail and wholesale banking. Deposit insurance cover is uniformly available to all foreign banks Deposit insurance cover is uniformly available to all foreign banks

at a non-discriminatory rate of premium. at a non-discriminatory rate of premium. The norms for capital adequacy, income recognition and asset The norms for capital adequacy, income recognition and asset

classification are by and large the same. Other prudential norms classification are by and large the same. Other prudential norms such as exposure limits are the same as those applicable to such as exposure limits are the same as those applicable to Indian banks.Indian banks.


Policies adopted by RBI for Foreign banks Policies adopted by RBI for Foreign banks

The policy for approving foreign banks applications to open The policy for approving foreign banks applications to open maiden branch and further expand their branch presence maiden branch and further expand their branch presence has been incorporated by RBI in the has been incorporated by RBI in the ‘Roadmap for ‘Roadmap for presence of Foreign banks in India’ indicated in the Press presence of Foreign banks in India’ indicated in the Press Release dated February 28, 2005 as well as in the Release dated February 28, 2005 as well as in the liberalized branch authorization policy issued on liberalized branch authorization policy issued on September 8, 2005. September 8, 2005.

The branch authorization policy for Indian banks has been The branch authorization policy for Indian banks has been made applicable to foreign banks subject to the following made applicable to foreign banks subject to the following steps specified in the roadmap:steps specified in the roadmap:


Road MAP:Road MAP: Phase I: March 2005 to March 2009Phase I: March 2005 to March 2009

Foreign banks are required to bring an assigned capital of US $25 Foreign banks are required to bring an assigned capital of US $25 million up front at the time of opening the first branch in India.million up front at the time of opening the first branch in India.

Existing foreign banks having only one branch have to comply with Existing foreign banks having only one branch have to comply with the above requirement before their request for opening of second the above requirement before their request for opening of second branch are considered. Foreign banks may submit their branch branch are considered. Foreign banks may submit their branch expansion plan on an annual basis.expansion plan on an annual basis.

Foreign bank’s and its group’s track record of compliance and Foreign bank’s and its group’s track record of compliance and functioning in the global markets is considered. Reports from home functioning in the global markets is considered. Reports from home country supervisors are sought, wherever necessary. country supervisors are sought, wherever necessary.

Weightage is given to even distribution of home countries of foreign Weightage is given to even distribution of home countries of foreign banks having presence in India. The treatment extended to Indian banks having presence in India. The treatment extended to Indian banks in the home country of the applicant foreign bank is banks in the home country of the applicant foreign bank is considered .considered .

Due consideration is given to the bilateral and diplomatic relations Due consideration is given to the bilateral and diplomatic relations between India and the home country. between India and the home country.

The branch expansion of foreign banks is considered keeping in The branch expansion of foreign banks is considered keeping in view India’s commitments at World Trade Organization (WTO). As a view India’s commitments at World Trade Organization (WTO). As a part of market access, India is committed to permit opening of 12 part of market access, India is committed to permit opening of 12 branches of foreign banks every year. As against these branches of foreign banks every year. As against these commitments, Reserve Bank of India has permitted up to 17- 18 commitments, Reserve Bank of India has permitted up to 17- 18 branches in the past .branches in the past .

Licenses issued for off-site ATMs installed by foreign banks are not Licenses issued for off-site ATMs installed by foreign banks are not included in the ceiling of 12.included in the ceiling of 12.


The Reserve Bank follows a liberal policy where the branches are The Reserve Bank follows a liberal policy where the branches are sought to be opened in unbanked/under-banked areas. sought to be opened in unbanked/under-banked areas.

Permission for conversion of existing branches of a foreign bank Permission for conversion of existing branches of a foreign bank into a WOS will be guided by the manner in which the affairs of the into a WOS will be guided by the manner in which the affairs of the branches of the bank are conducted, compliance with the statutory branches of the bank are conducted, compliance with the statutory requirements and the overall supervisory comfort of RBI. Also, for requirements and the overall supervisory comfort of RBI. Also, for reckoning the minimum net worth the local available capital reckoning the minimum net worth the local available capital including the remittable surplus retained in India will qualify.including the remittable surplus retained in India will qualify.

In order to allow Indian banks sufficient time to prepare themselves In order to allow Indian banks sufficient time to prepare themselves for global competition, initially entry of foreign banks will be for global competition, initially entry of foreign banks will be permitted only in the private sector banks that are identified by the permitted only in the private sector banks that are identified by the RBI for restructuring. In such banks, foreign banks would be RBI for restructuring. In such banks, foreign banks would be allowed to acquire a controlling stake in a phased manner. allowed to acquire a controlling stake in a phased manner.

RBI will consider the application for acquisition of 5% or more RBI will consider the application for acquisition of 5% or more stakes in a foreign bank depending upon the reputation of the stakes in a foreign bank depending upon the reputation of the foreign bank, its desired level of presence in the country and the foreign bank, its desired level of presence in the country and the interest of the shareholders of the investee bank.interest of the shareholders of the investee bank.

RBI may also specify, if necessary, that the investor bank shall RBI may also specify, if necessary, that the investor bank shall make a minimum acquisition of 15% or more and the period of time make a minimum acquisition of 15% or more and the period of time for such acquisition. The overall limit of 74% will continue to be for such acquisition. The overall limit of 74% will continue to be applicable. applicable.


Phase II: April 2009 onwardsPhase II: April 2009 onwards

In the second phase, the removal of limitations on the operations of In the second phase, the removal of limitations on the operations of the WOS and treating them on par with domestic banks to the extent the WOS and treating them on par with domestic banks to the extent appropriate will be designed and implemented after reviewing the appropriate will be designed and implemented after reviewing the success of Phase I. success of Phase I.

The WOS of foreign banks on completion of a minimum prescribed The WOS of foreign banks on completion of a minimum prescribed period of operation will be allowed to list and dilute their stake (by way period of operation will be allowed to list and dilute their stake (by way of IPO or offer for sale) so that at least 26% of the paid up capital of of IPO or offer for sale) so that at least 26% of the paid up capital of the subsidiary is held by resident Indians. the subsidiary is held by resident Indians.

After a review is made with regard to the extent of penetration of After a review is made with regard to the extent of penetration of foreign banks in India and their functioning, foreign banks may be foreign banks in India and their functioning, foreign banks may be permitted, to enter into merger and acquisition transactions with any permitted, to enter into merger and acquisition transactions with any private sector bank in India subject to the overall investment limit of private sector bank in India subject to the overall investment limit of 74%. 74%.


Foreign Banks’ Operation in IndiaForeign Banks’ Operation in India

As at June 2009, 32 foreign banks were operating in India with 295 As at June 2009, 32 foreign banks were operating in India with 295 branchesbranches as compared with 30 foreign banks with 279 branches as at as compared with 30 foreign banks with 279 branches as at end –June 2008. end –June 2008.

These banks originated These banks originated from 23 different countries.from 23 different countries. In addition, In addition, 43 43 foreign banks operated in India through representative offices. foreign banks operated in India through representative offices.

During the period from July 2008 to June 2009During the period from July 2008 to June 2009 , permission has been , permission has been granted granted to theto the four existing foreign banks to open 12 branchesfour existing foreign banks to open 12 branches and to and to three new banksthree new banks,, (viz., CIMB Bank Berhad, Malaysia, Commonwealth (viz., CIMB Bank Berhad, Malaysia, Commonwealth Bank of Australia and FirstRand Bank Ltd. of south Africa) Bank of Australia and FirstRand Bank Ltd. of south Africa) to open one to open one maiden branch each in India.maiden branch each in India.

During the same period, permission was granted to three foreign During the same period, permission was granted to three foreign banksbanks ( (viz.viz., Kfw-IPEX Bank GmbH, Toronto Dominion Bank and , Kfw-IPEX Bank GmbH, Toronto Dominion Bank and Duncan Lawrie Ltd.) Duncan Lawrie Ltd.) to open a representative office each in India.to open a representative office each in India.

Three foreign banksThree foreign banks viz., DBS Bank ltd., Deutsche Bank AG and viz., DBS Bank ltd., Deutsche Bank AG and FirstRand Bank Ltd. FirstRand Bank Ltd. together set up 12 branches during July 2008 to together set up 12 branches during July 2008 to June 2009. Besides, two foreignJune 2009. Besides, two foreign viz.viz., DnB NOR Bank and KfW IPEX , DnB NOR Bank and KfW IPEX Bank GmbH Bank GmbH opened a representative office each in India during the opened a representative office each in India during the same period. same period.


Offices of Commercial Banks in India-2005-09

Bank Group As on March 31

2005 2006 2007 2008 2009 (1) (2) (3) (4) (5)

State Bank of India and its Associates 14006 14294 14651 15814 16731

Nationalized Banks$ 35096 35848 37413 39204 40766

Foreign Banks 242 259 272 279 295

Regional Rural Banks 14763 14776 14812 15029 15384

Other Scheduled commercial Banks 6462 6828 7415 8294 9186

Non-Scheduled Commercial Banks 37 41 46 46 46

Total 70606 72046 74609 78666 82408

Notes : No. of offices includes administrative offices.$ Includes IDBI Bank Ltd.Data for 2005 to 2008 have been revised and data for 2009 are provisional.Source: Master Office File (latest updated version) on commercial banks, Department of Statistics and Information Management, RBI.


Offices of Commercial Banks in India 2009

Nationalized Banks, 40766

SBI & its Associates, 16731

Foreign Banks, 295

Regional Rural Banks, 15384

Other Scheduled Commercial Banks, 9186

Non-Scheduled Commercial

Banks, 46

SBI & its Associates

Nationalized Banks

Foreign Banks

Regional Rural Banks

Other ScheduledCommercial Banks

Non-Scheduled CommercialBanks

Source: Master Office File (latest updated version) on commercial banks, Department of Statistics and Information Management, RBI


Fig- OCCUPATION –WISE DISTRIBUTION OF CREDIT BY FOREIGN BANKS-2008 (AS ON 31ST MARCH)


Financial Performance of Foreign Banks in India (As on 31st March)

Deposit Investment Advances

2007 2008 2009 2007 2008 2009 2007 2008 2009

150,750 191,443 214,077 71,471 99,092 130,353 126,339 161,959 165,415

Statement II: Foreign Banks in India: Total Assets/Gross NPAs/Net NPAs (Rs. Crore)

Total Assets Gross NPA Net NPA

2007 2008 2009 2007 2008 2009 2007 2008 2009

274,392 365,255 447,070 2,263 2,872 6,807 927 1,254 2,973

Statement I: Foreign Banks in India: Deposits/Investments/Advances (Rs. Crore)



Statement III: Foreign Banks in India: Income (Rs. Crore)

Interest Income Other Income Total Income

2007 2008 2009 2007 2008 2009 2007 2008 2009

17,924 24,422 30,322 7,044 10,616 14,890 24,968 35,037 45,211

Statement IV: Foreign Banks in India: Expenditure (Rs. Crore)

Interest Expended Operating Expenses Total Expenditure#

2007 2008 2009 2007 2008 2009 2007 2008 2009

7,603 10,609 12,817 7,745 10,374 12,298 15,348 20,983 25,114

# excludes provisions and contingencies


Statement V: Foreign Banks in India: Profit (Rs. Crore)

Operating Profits Provisions &Contingencies Net Profit

2007 2008 2009 2007 2008 2009 2007 2008 2009

9,619 14,054 20,097 5,034 7,441 12,588 4,585 6,613 7,509



Net Profit Trend of Foreign Banks(As on 31st March)

4585

66137509

010002000300040005000600070008000

1 2 3

years

Net

pro

fit

years

net profit

Net Profit Trend of Foreign Banks (as on 31stMarch 2007 to 2009 )

44.23% Growth

13.54% Growth

By having look on performance of foreign banks in India mentioned in By having look on performance of foreign banks in India mentioned in statement I to V it is very clear that their statement I to V it is very clear that their Deposits/Investments/Advances Deposits/Investments/Advances have increased altogether from year 2007 to 2009have increased altogether from year 2007 to 2009 But with the increase in net NPA’sBut with the increase in net NPA’s (Proportionately more in year 2009) (Proportionately more in year 2009) over the years their net profits has declined in year 2009over the years their net profits has declined in year 2009, as the , as the percentage increase in net profits in year 2008 was 44.23% whereas in percentage increase in net profits in year 2008 was 44.23% whereas in year 2009 it was only 13.54%.year 2009 it was only 13.54%.

(Rs, in Crores)


Rising non-performing assets, or NPAs, and constraints on capital Rising non-performing assets, or NPAs, and constraints on capital flows following the global financial turmoil have taken their toll on flows following the global financial turmoil have taken their toll on foreign banks’ operations in India. foreign banks’ operations in India.

Banks need capital to expand loan assets, but in many cases, Banks need capital to expand loan assets, but in many cases, parents of foreign banks operating in India are not in a position to parents of foreign banks operating in India are not in a position to infuse capital.infuse capital.

Rising NPAs are also discouraging foreign banks from the Rising NPAs are also discouraging foreign banks from the aggressive asset creation they pursued in the past few years when aggressive asset creation they pursued in the past few years when the Indian economy was growing at an average pace of 8.5% and the Indian economy was growing at an average pace of 8.5% and consumers were buying homes and cars and spending more on consumers were buying homes and cars and spending more on their credit cards. their credit cards.

Banks have to set aside money to cover NPAs, for which they Banks have to set aside money to cover NPAs, for which they require more capital.require more capital.


However, by the year 2010, the list of foreign banks in India may However, by the year 2010, the list of foreign banks in India may become more quantitative as numbers of foreign banks are still waiting become more quantitative as numbers of foreign banks are still waiting with baggage to start business in India despite of liquidation decision with baggage to start business in India despite of liquidation decision discouraging foreign players- like, discouraging foreign players- like, RBS which has 31 branches in India RBS which has 31 branches in India and employs about 10,000 people has already approached the Indian and employs about 10,000 people has already approached the Indian central bank for approval of liquidation deal and central bank for approval of liquidation deal and The Reserve Bank of The Reserve Bank of India has confirmed that it will require foreign banks to undergo a full India has confirmed that it will require foreign banks to undergo a full audit of their Indian operations prior to be allowed to establish new audit of their Indian operations prior to be allowed to establish new branches. branches.

The requirement to audit foreign banks before further expansion is to The requirement to audit foreign banks before further expansion is to preserve risk management capabilities over concerns that any failure preserve risk management capabilities over concerns that any failure could create risks for Indian financial markets.could create risks for Indian financial markets.


ConclusionConclusion The move to audit foreign banks expansion in India is seen as a The move to audit foreign banks expansion in India is seen as a

sensible precaution in light of the current global crisis. sensible precaution in light of the current global crisis. Foreign banks committed to making a play in India will need to Foreign banks committed to making a play in India will need to

adopt alternative approaches to win the “race for the customer” and adopt alternative approaches to win the “race for the customer” and build a value-creating customer franchise in advance of regulations build a value-creating customer franchise in advance of regulations potentially in 2010. potentially in 2010.

At the same time, they should stay in the game for potential At the same time, they should stay in the game for potential acquisition opportunities as and when they appear in the near term.acquisition opportunities as and when they appear in the near term.

Maintaining a fundamentally long-term value-creation mindset will Maintaining a fundamentally long-term value-creation mindset will be their greatest challenge. be their greatest challenge.

The extent to which Indian policy makers and bank managements The extent to which Indian policy makers and bank managements develop and execute such a clear and complementary agenda to develop and execute such a clear and complementary agenda to tackle emerging discontinuities will lay the foundations for a high-tackle emerging discontinuities will lay the foundations for a high-performing sector in 2010.performing sector in 2010.


References: References: 1.1. Report on Trend and Progress of Banking in India (2008-09),RBI Report on Trend and Progress of Banking in India (2008-09),RBI

Bulletin; Nov.09. Bulletin; Nov.09. 2.2. Principles and practices of Banking; IIBF, McMillan reprinted, 2009Principles and practices of Banking; IIBF, McMillan reprinted, 20093.3. http://www.rbi.org.in/scripts/statistics.aspxhttp://www.rbi.org.in/scripts/statistics.aspx4.4. www.legalhelpindia.com/bareACTS/BANKING%20REGULATIONwww.legalhelpindia.com/bareACTS/BANKING%20REGULATION

%20ACT%201949.doc%20ACT%201949.doc5.5. http://www.idlo.int/microfinance/DOCUMENTS/REGULATIONS/http://www.idlo.int/microfinance/DOCUMENTS/REGULATIONS/

INDIA2.pdfINDIA2.pdf6.6. http://www.mckinsey.com/locations/india/mckinseyonindia/pdf/http://www.mckinsey.com/locations/india/mckinseyonindia/pdf/

india_banking_2010.pdfindia_banking_2010.pdf7.7. http://www.rupeetimes.com/news/personal_loan/http://www.rupeetimes.com/news/personal_loan/

foreign_banks_to_reconsider_growth_plans_for_india_2390.htmlforeign_banks_to_reconsider_growth_plans_for_india_2390.html8.8. http://www.livemint.com/2009/08/02205613/Capital-constraints-rising-http://www.livemint.com/2009/08/02205613/Capital-constraints-rising-

ba.html?d=1 ba.html?d=1



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25756131 Role of Foreign Commercial Banks in Indian Economy

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