Presence of Indian banks via subsidiaries increased to 417 in FY23

Shifting of retail business of a major foreign bank in India to a domestic private sector bank led to decline in aggregate deposits and credit of foreign banks, whereas their capital and investments increased during 2022-23. The consolidated balance sheet of foreign banks in India increased 5.7 per cent in US dollar terms. The tightening global monetary policy cycle during the year led to a substantial rise in interest income and expenses across bank groups. On the other hand, the number of branches and employees of foreign banks in India contracted during 2022-23 to 774 from 858 in 2021-22. Presence of Indian banks via subsidiaries increased to 417 in FY23.

      Overseas business of Indian banks expanded as both mobilisation of deposits as well as lending activities increased during the year.

      The survey covers 14 Indian banks having overseas branches or subsidiaries and 44 foreign banks having branches or subsidiaries in India.

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