European Union banks to open around 15 branches in India
After the signing of the historic Free Trade Agreement (FTA) between the European Union (EU) and India, banks from European nations are likely to open upto 15 branches in India over four years.
The FTA liberalises the bank branch licensing framework, allowing the expansion from the 12-branch cap previously offered under the General Agreement on Trade in Services (GATS). Further, Indian banks will not be subject to any numerical limits on opening branches in EU member states.
Also Read: HSBC plans to open 20 new branches in India