Reserve Bank Of India has given consent to China's Industrial and Commercial Bank of China (ICBC) to begin its Indian operation in 2011.
The other banks that got their approval to expand their presence in India are Netherland's Rabobank International and South Korea's Woori Bank.
Goldman Sachs, Morgan Stanley, Industrial and Commercial Bank of China (ICBC) and National Australia Bank were among the 18 foreign applicants who had approached the Reserve Bank of India to start operations in India.
These applications are under various stages of progress," minister of state for finance Namo Narain Meena said in a written reply to the Rajya last week.
As of now, 38 foreign banks are functioning in India through 321 branches.
In 2010 calender year, eight foreign banks, including DBS Bank, Credit Suisse AG and Barclays Bank, had received RBI approval to open branches or expand their existing operations..
China's ICBC bank's first foray in South Asia was made in Pakistan in May this year. ICBC launched two branches in Karachi and Islamabad, which came ahead of the start of its operations in India.
ICBC has been planning to start operations in India since 2006 and was waiting necessary approvals from RBI, which it has finally received.