Active Stocks
Thu Mar 28 2024 15:59:33
  1. Tata Steel share price
  2. 155.90 2.00%
  1. ICICI Bank share price
  2. 1,095.75 1.08%
  1. HDFC Bank share price
  2. 1,448.20 0.52%
  1. ITC share price
  2. 428.55 0.13%
  1. Power Grid Corporation Of India share price
  2. 277.05 2.21%
Business News/ Industry / Citibank receives first branch approval in five years
BackBack

Citibank receives first branch approval in five years

Citibank will open branches at Nagpur, Thane in Maharashtra and at Sreilingampally, near Hyderabad, in the next '2 to 3 months'

The latest approval will increase Citibank’s total branch strength in the country to 45. Photo: MintPremium
The latest approval will increase Citibank’s total branch strength in the country to 45. Photo: Mint

Mumbai: Citibank NA has received the Reserve Bank of India’s (RBI) approval to open three new branches, which will increase the US-based lender’s total branch strength in the country to 45.

The branch approvals for Citibank come after a gap of five years, as RBI clears only a few branch licences for foreign banks every year.

A Citibank spokesperson said the bank will open branches at Nagpur and Thane in Maharashtra and at Sreilingampally, a suburb in Hyderabad, in the next “two to three months".

“The three new branch licences received for the locations of Nagpur, Thane and Sreilingampally (near Hyderabad), strengthen our brick-and-mortar network while complementing our digital strategy to serve the varying needs of our customers across consumer, commercial, corporate and the private bank client segments," Anand Selvakesari, head-consumer banking, ASEAN, and country business manager for India, global consumer bank, Citibank, said in an email reply.

RBI clears 12-18 branch licences for foreign banks each year, which means many don’t get permission to open new branches for years together.

Last year, the UK’s Standard Chartered Plc opened three branches for the first time in more than four years. Hong Kong and Shanghai Banking Corp. Ltd. (HSBC) has not received a branch approval since 2009.

Citi is the number three among foreign banks in India in terms of branches, behind Standard Chartered’s 99 and HSBC’s 50.

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

Catch all the Industry News, Banking News and Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
More Less
Published: 19 Feb 2014, 08:29 PM IST
Next Story footLogo
Recommended For You
Switch to the Mint app for fast and personalized news - Get App