Latest News | Presence of Indian Banks Via Subsidiaries Increased to 417 in FY23: RBI
Get latest articles and stories on Latest News at LatestLY. Indian banks increased their overseas presence through the subsidiaries route to 417 during 2022-23, from 399 at the end of the preceeding fiscal, as per Reserve Bank data released on Wednesday.
Mumbai, Dec 13 (PTI) Indian banks increased their overseas presence through the subsidiaries route to 417 during 2022-23, from 399 at the end of the preceeding fiscal, as per Reserve Bank data released on Wednesday.
Their employee strength, too, rose 0.5 per cent and 6.2 per cent for foreign branches and subsidiaries, respectively, during 2022-23, the Reserve Bank of India (RBI) survey on International Trade in Banking Services 2022-23 showed.
The survey covers 14 Indian banks having overseas branches or subsidiaries and 44 foreign banks having branches or subsidiaries in India.
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.
"Overseas business of Indian banks expanded as both mobilisation of deposits as well as lending activities increased during the year," the RBI said.
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 RBI further said the tightening global monetary policy cycle during the year led to a substantial rise in interest income and expenses across bank groups.
Total income to assets ratio of overseas branches of Indian banks increased to 3.9 per cent in 2022-23 (1.6 per cent in 2021-22), but it remained lower vis-à-vis that of 6.9 per cent for foreign banks in India.
Branches of Indian banks in the UAE generated highest fee income, followed by those in the UK, Hong Kong, and Singapore, the RBI added.
(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)