At present, there are 29 foreign banks operating in India with a network of 273 branches and 871 off-site ATMs.At the end of June 2007, foreign banks had a 6.11 per cent share in total deposits in the Indian commercial banking system and 6.83 per cent in terms of advances. Foreign banks were far more dominant in the off-balance sheet business with a market share of as high as 72.66 per cent
Merrill Lynch is having a joint venture in Indian investment banking space -- DSP Merrill Lynch. Goldman Sachs holds stakes in Kotak Mahindra arms.
GE Capital is also having a wide presence in consumer finance through GE Capital India.
India's GDP is seen growing at a robust pace of around 7% over the next few years, throwing up opportunities for the banking sector to profit from.
The credit of banks has risen by over 25% in 2004-05 and the growth momentum is expected to continue over the next four to five years.
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