India’s foreign banking sector represents the most internationally diverse and technically sophisticated segment of the country’s banking industry, with global institutions from the UK, USA, Europe, Asia, and the Middle East operating in India serving multinational corporations, sophisticated retail consumers, and institutional clients. As of 2026, approximately 46 foreign banks operate in India through branch offices or wholly owned subsidiaries, with DBS Bank India and Standard Chartered Bank consistently leading in total assets among foreign bank subsidiaries. Foreign banks collectively hold approximately 5 to 7 percent of India’s total banking assets but punch above their weight in corporate banking, trade finance, foreign exchange, derivative products, and wealth management for affluent customers. The RBI’s wholly owned subsidiary model for foreign banks has attracted new entrants seeking full commercial bank status. Let us have a look at the top 10 foreign banks in India for the year 2026.
1. Standard Chartered Bank India
Standard Chartered Bank, incorporated in the year 1853 and headquartered in London with Indian operations since the year 1858 making it one of the oldest foreign banks in India, is consistently one of the largest foreign banks in India by total assets and business volume. The bank has converted to a wholly owned subsidiary model and operates an extensive retail and private banking franchise in India’s top cities alongside its very large corporate, institutional, and trade finance business. Standard Chartered India is the most comprehensive foreign bank in India by product range, covering retail banking, wealth management, SME banking, and institutional banking.
Standard Chartered India serves wealthy retail customers, NRI clients, multinational corporations, financial institutions, and large Indian conglomerates with its comprehensive banking services, and is the most established and widest-reaching foreign retail bank in India with physical branches across major Indian cities.
2. DBS Bank India
DBS Bank India, the wholly owned subsidiary of Singapore’s DBS Group established in India as a subsidiary in the year 2019 after operating as a branch for decades, is consistently ranked as the largest foreign bank subsidiary in India by total assets and is the most digitally advanced foreign bank in the country. DBS India has been rated as one of the best digital banks globally and its India operations reflect the parent bank’s extraordinary commitment to technology-led banking. The bank offers retail, SME, and corporate banking services and is known for its paperless digital account opening and highly rated mobile banking application.
DBS Bank India serves individual consumers, SMEs, and large corporate clients across India’s major cities with its technology-first banking approach, and as the Indian subsidiary of the world’s best bank as rated by multiple international publications, DBS brings Singapore’s gold standard for digital banking excellence to the Indian market.
3. HSBC India
HSBC Bank India, part of the global HSBC Holdings group which was founded in the year 1865 in Hong Kong and has operated in India since the year 1867, is one of the most comprehensive and well-regarded foreign banks in India with a strong presence in private banking for high-net-worth individuals, corporate banking, and trade finance. HSBC India is known for its Premier wealth management service for affluent customers and its Jade service for ultra-high-net-worth clients. The bank also has a significant global transaction banking business supporting multinational companies with cash management, trade finance, and payments in India.
HSBC India serves affluent retail customers, high-net-worth individuals, multinationals, and large Indian corporations with its private banking, corporate banking, commercial banking, and global markets services, and its extraordinary network of 62 countries makes it the preferred banking partner for Indian companies with extensive international operations and for foreign companies investing in India.
4. Citibank India
Citibank India, a branch of Citigroup Inc. which has been operating in India since the year 1902 making it one of the oldest foreign banks in the country, completed the sale of its consumer banking business to Axis Bank in 2023 following Citigroup’s global strategic decision to exit retail banking in non-core markets. Citibank India now operates exclusively as an institutional bank serving large Indian and multinational corporations with its corporate banking, investment banking, markets, and global transaction services. The institutional Citi business in India remains one of the most important international banking relationships for India’s largest companies.
Citibank India serves large Indian corporations, financial institutions, and multinational companies with institutional banking, cash management, trade finance, and capital markets services, and despite the retail exit, remains one of India’s most important international banking franchises for corporate clients who value Citi’s global network across 160 countries.
5. Deutsche Bank India
Deutsche Bank India, a branch of German multinational Deutsche Bank founded in the year 1870 and operating in India since the year 1980, is one of the most significant European institutional banks in India with a strong corporate banking, global markets, and transaction banking franchise. The bank serves India’s largest corporations with foreign exchange, interest rate derivatives, fixed income securities, and structured products alongside its corporate lending and trade finance capabilities. Deutsche Bank India also manages a significant asset management business through DWS Investments India.
Deutsche Bank India serves large Indian and multinational corporations, financial institutions, and institutional investors with its corporate banking, global markets trading, transaction banking, and investment banking services, and is the most important European bank for India’s foreign currency bond market access and cross-currency hedging requirements of Indian corporate borrowers.
6. Barclays Bank India
Barclays Bank India, part of the UK’s Barclays plc which was founded in the year 1690, operates in India primarily as a corporate and institutional bank following the bank’s exit from its India retail banking business. The bank serves large Indian corporations, financial institutions, and multinational companies with its investment banking, debt capital markets, and fixed income trading capabilities that leverage Barclays’ significant global capital markets franchise. Barclays is particularly active in arranging international bond issuances for Indian issuers and providing cross-border M&A advisory services.
Barclays India serves large Indian corporations and financial institutions seeking access to international debt capital markets, and Indian subsidiaries of multinational clients seeking integrated global banking services, and is one of the most important foreign investment banks for Indian companies raising capital in international bond markets.
7. Bank of America India
Bank of America India, established through its investment banking and corporate banking operations in India and part of Bank of America which was founded in the year 1904, serves India’s largest corporations and institutional clients through its Merrill Lynch investment banking franchise and its corporate banking operations. BofA India is particularly active in M&A advisory for India’s largest corporate transactions and in arranging international debt and equity capital for Indian companies. The bank also provides trade finance, cash management, and global markets services to its multinational and large Indian corporate client base.
Bank of America India serves India’s top conglomerates, financial institutions, and multinational companies with investment banking advisory, debt capital markets, equity underwriting, and global transaction banking services, and is a key international banking partner for Indian companies seeking to raise capital from American institutional investors or execute cross-border acquisitions.
8. JP Morgan India
JPMorgan India, the Indian operations of JPMorgan Chase and Co. which was founded in the year 1799 as the Manhattan Company, is one of the most influential and important international banks in India for investment banking, institutional equities, and global markets. JPMorgan India’s investment banking team manages many of India’s largest IPOs, international equity offerings, and cross-border M&A transactions. The firm has also built one of its largest global operations and technology centres in India employing tens of thousands of professionals for its global finance, risk, and technology functions.
JPMorgan India serves India’s largest corporations seeking international capital markets access, institutional investors in Indian equities, and multinational companies needing global banking services, and simultaneously operates one of its largest global operations hubs in India that supports JPMorgan’s worldwide investment banking and financial markets business.
9. BNP Paribas India
BNP Paribas India, part of French multinational BNP Paribas founded in the year 2000 and operating in India since the year 1860 through its predecessor entities, is one of Europe’s most important banks in India serving corporate and institutional clients with a strong presence in corporate banking, global markets, and securities services. The bank is particularly active in trade finance supporting France-India trade flows and managing assets for institutional investors through BNP Paribas Asset Management India, one of the established foreign asset management companies in the Indian mutual fund market.
BNP Paribas India serves large Indian corporations, financial institutions, and multinational clients with its corporate banking, fixed income and currency trading, trade finance, and asset management services, and is the most important French banking relationship for Indian companies with business interests in France, Germany, and continental Europe.
10. Abu Dhabi Commercial Bank (ADCB) India
Abu Dhabi Commercial Bank, established in the year 1985 and one of the UAE’s largest banks, has established a banking presence in India that is particularly relevant for NRI banking services for the large Indian diaspora in the Gulf region and for managing bilateral trade and investment flows between India and the UAE. ADCB India serves Indian residents with NRI banking products and assists UAE-based Indian expatriates with remittances, home loans in India, and investment management services. The India-UAE Comprehensive Economic Partnership Agreement signed in 2022 has strengthened the commercial banking opportunity for Middle Eastern banks in India.
ADCB India serves the large Indian expatriate community in the UAE with its NRI banking services and facilitates India-UAE bilateral trade and investment through its banking products, and represents the growing Middle Eastern banking presence in India driven by the expanding economic, trade, and people-to-people ties between India and the Gulf Cooperation Council countries.
Frequently Asked Questions (FAQs)
Q: How many foreign banks operate in India in 2026?
A: Approximately 46 foreign banks operate in India in 2026 through branch offices or wholly owned subsidiary structures. Foreign banks collectively hold approximately 5 to 7 percent of India’s total banking assets despite their sophisticated product capabilities. The RBI’s wholly owned subsidiary model for foreign banks with assets above a threshold is attracting new entrants like DBS who have converted from branch to subsidiary status to gain full commercial bank privileges.
Q: What is the RBI’s wholly owned subsidiary model for foreign banks?
A: The RBI encourages foreign banks with significant operations in India to convert from branch operations to a Wholly Owned Subsidiary structure, where the foreign bank incorporates a separate Indian company that holds a full commercial bank licence. WOS foreign banks are treated more like Indian banks with respect to priority sector lending requirements, branch expansion, and acquisition participation. DBS Bank India converted to WOS status in 2019 and is the largest foreign bank WOS in India by assets.
Q: What services are foreign banks best known for in India?
A: Foreign banks in India are best known for their corporate banking and trade finance for multinational companies, private banking and wealth management for high-net-worth individuals, foreign exchange and derivative products for corporate risk management, investment banking advisory for cross-border M&A and international capital markets, NRI banking services for the Indian diaspora, and global transaction banking including cash management and supply chain finance. They typically do not compete in mass-market retail banking where Indian PSU and large private banks dominate.
Q: Which foreign bank has the most retail branches in India?
A: Standard Chartered Bank has the most extensive retail branch network among foreign banks in India, operating branches across multiple Indian cities for its retail banking, wealth management, and SME banking services. HSBC India also operates retail branches across major cities. Most other foreign banks in India focus exclusively on corporate and institutional clients and do not operate retail banking branches.
Q: Why did Citibank India exit retail banking?
A: Citigroup announced in April 2021 as part of its global strategic refresh that it would exit consumer banking in 13 markets including India where it was not a scale player in retail banking. In India, Citi had approximately 35 retail branches — far too few to compete with HDFC Bank’s 8,700 or ICICI Bank’s 6,500 branches in the mass retail segment. Citi completed the sale of its India consumer banking business to Axis Bank in March 2023 for approximately Rs 11,603 crore, allowing it to refocus entirely on its more competitive institutional banking franchise in India.