Reserved Bank of India backs ANZ Mumbai opening

Committee members approving foreign bank’s proposals for branch installation in the country unanimously favored ANZ's return.

RBI has recommended to the finance ministry that ANZ Bank be allowed to open a branch in Mumbai. The final decision on the matter now rests with the finance minister.

At the turn of the millennium, ANZ, or the Australia and New Zealand Banking Group, was among the top three foreign banks in India, but it made an exit from the country in 2000 after selling its Grindlays Bank unit to Standard Chartered for $1.34 billion. At that time, ANZ Grindlays had 41 branches in India.

ANZ has subsequently been very vocal about its interest in coming back to India. In 2006, a stake acquisition in IndusInd Bank did not work out. Last year, it wanted to acquire Royal Bank of Scotland’s India operations, but even that did not materialise.

View the full story in Economic Times.