Foreign Exchange Banks In India
Banks have been one of the most important part of the financial infrastructure of India. Now that foreign exchange related activities in the country have been liberalized to a large extent, no doubt the foreign exchange banks in India have started to play a key role in forex trading and currency conversion. This article introduces you to some of the very popular foreign exchange banks in India.
State Bank of India is the largest bank of India. It has the highest number of branches in the country and working in tandem with its associate banks (which form the State Bank system), it can also be classified as the largest banking institution that deals in foreign exchange in the country. The bank has branches in 32 countries including India. The 84 offices outside and the branches in India make it one of the best foreign exchange banks in India.
State Bank of India is the oldest bank in the entire Indian Subcontinent. It was established more than two centuries back in 1806 as the Bank of Bengal. In 1921, it was merged with Bank of Bombay and Bank of Madras to form the Imperial Bank of India The bank was nationalized in 1955 when the Reserve Bank of India took a 60% stake. In 2007, the Government of India took control of bank, Today the bankĀ's asset base is worth $128 billion.
The second most popular foreign exchange bank in India is ICICI Bank. This bank is the most popular private sector bank in India. Its assets touched the mark of $79 billion in March 2007. The bank has more than 950 branches and approximately 3600 ATM locations. This makes it one of the most deeply penetrated private sector banks of India. Apart from the regular retail and corporate banking, the bank is also involved in a number of other activities like general insurance in collaboration with Lombard through ICICI Lombard and health insurance in collaboration with Prudential through ICICI Prudential. The bank was formed in 1994 when it seeped out of its mother organization, Industrial Credit and Investment Corporation of India (ICICI). ICICI later merged in the bank itself in 2002 The Hongkong and Shanghai Banking Corporation Ltd. is another bank authorized to trade foreign exchange in India. HSBC is a well known organization involved in banking activities all over the world HSBC is especially well suited for foreign visitors coming to India who carry foreign exchange with themselves and want it converted to the Indian currency. The foreign exchange banks in India are very competitive and they provide great exchange service. The commission rates are low and the deep penetration of the branches allows you to do forex conversion all over the country.
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