“ROLE OF FOREIGN BANKS IN INDIAN ECONOMY”

Abstract

A perusal of the history of banking in India indicates that foreign banks had been operating in an organized form in our country since the beginning of 19th century. Majority of the foreign banks had been merely agencies of large banking companies having their registered offices in foreign countries. These banks were primarily called upon to contribute a lot to the development of foreign trade in India. In fact, these banks are still expected to play significant role in the country’s foreign trade. With normal ups and downs due to business vicissitudes, these banks have been varying in number over the period and at present, there are twenty-nine foreign scheduled banks operating in India.