Foreign Exchange Companies In India
Foreign exchange trade has been one of the least explored financial avenues in India. A number of foreign exchange companies in India have cropped up due to due to the opening up of Indian economy for foreign direct investment, increasing influx of tourists and introduction of flexible foreign exchange regulations. This article introduces you to some of the best foreign exchange companies in India.
Citibank N.A. is one of the major foreign exchange companies in India. The bank is headquartered in New York, USA and is one of the biggest financial organizations involved in retail banking, forex trade and other investment related businesses in India. As of 2005, Citibank had an asset base of a staggering $1.5 trillion. The bank is also a Vice Chairman of the Foreign Exchange Dealers Association of India.
Citibank was established in 1812 with Samuel Osgood as its first head. From there it passed into the control of Moses Taylor. In 1865, Citibank changed its name to National City Bank and became a member of the National Banking System of United States. In 1897, the bank established its foreign department, becoming the first one to do so. Today Citibank is present in almost all countries of the world.
Another major foreign exchange company in India is the Standard Chartered Bank. Although primarily a British bank, the Standard Chartered bank has most of its patrons located in the Asia Pacific region. The bank traces its growth with that of the former British Empire. It is present in almost all the countries which were a part of the British Empire post its establishment in 1852. The bank made revenue of $13 billion in 2006. The Standard Chartered bank is one of the biggest banks in the entire developing world. At one point, the activities of the bank were threatened because a number of countries where it operated decided to nationalize the banking operation in their country. This led to bank deciding to venture back in developed world but most of its attempts failed and it had to revert back to the Asia and Pacific region where it became successful again. The third major player among the foreign exchange companies in India is The Federal Bank Ltd. The organization is a native Indian banking company. It holds the position of Additional Vice Chairman of the Foreign Exchange Dealers Association of India. It is headquartered in Kerala, India. The bank has more than 540 branches spread all over the country and most of the branches located in big cities are involved in foreign exchange related activities. Apart from the big banking behemoths, there are a number of small foreign exchange companies in India who provide the same services but do not have as deep penetration is these banking companies.
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