Presence of Indian banks via subsidiaries increased to 417 in FY23: RBI

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