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Home » Foreign Banks in India » Standard Chartered Bank India | |||||||||||||||||
Standard Chartered Bank |
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The Standard Chartered Bank opened its first overseas branch in India, at Kolkata, on 12 April 1858. Eight years later the Kolkata agent described the Bank's credit locally as splendid and its business as flourishing, particularly the substantial turnover in rice bills with the leading Arab firms. |
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When the Standard Chartered Bank first established itself in India, Kolkata was the most important commercial city, and was the centre of the jute and indigo trades. With the growth of the cotton trade and the opening of the Suez Canal in 1869, Bombay took over from Kolkata as India's main trade centre. Today the Bank's branches and sub-branches in India are directed and administered from Mumbai (Bombay) with Kolkata remaining an important trading and banking centre. |
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Foreign Banks like Standard Chartered Bank in India always brought an explanation about the prompt services to customers. After the set up foreign banks in India, the banking sector in India also become competitive and accretive. New rules announced by the Reserve Bank of India (RBI) for the foreign banks in India in Budget 2009 has put up great hopes among foreign banks which allows them to grow unfettered. Now foreign
banks in India are permitted to set up local subsidiaries. The policy
conveys that foreign banks in India may not acquire Indian ones (except for
weak banks identified by the
RBI,
on its terms) and their Indian subsidiaries will not be able to open
branches freely. Please see the list of
Foreign banks in India
till date. |
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