Royal Bank of Scotland eyes India licence

NEW DELHI: The 280-year old British banking giant Royal Bank of Scotland is learnt to be considering applying for a banking licence in India.

Sources in the industry say that the $71 billion financial powerhouse, which is among the top 10 financial services groups in the world, is keen to roll out its retail and corporate banking operations in India.

“The group is looking to apply for a banking license in India. India is on its radar for its banking operations,” said a source close to the development. Besides a 1,000-people IT development centre in India, the group, is yet to have a presence in India. The group currently provides retail banking, wealth management, consumer finance and insurance to its customers.

“I can confirm that we are recruiting to spearhead our strategy of organic growth in India. This recognises the growing importance of this region to our corporate, institutional and wealth management customers. RBS has not applied for a banking licence from the RBI at this time and we don’t speculate on the future,” a Royal Bank of Scotland spokesperson said.

Read more at Economic Times