Large Indian banks continue to have a reserved approach to their overseas operations. Banks like ICICI and SBI continue to focus on Indian clientele abroad.
On the retail side, it’s the steady growth in remittances that have caught the eye of many banks.
Remittance flows into India as per the latest data stood at $11.2 billion in this fiscal's first quarter up from $9.3 billion in the quarter preceding it.
Big banks like ICICI Bank say tapping this market would be part of their prime focus.
Chanda Kochhar, MD and CEO of ICICI Bank, said, "We will focus only on the Indian clientele abroad and not on the natives much."
In fact, recent signs of returning Indian appetite for overseas expansion seems to make a stronger case for banks to adopt an Indian-centric strategy overseas too.
Talks around deals like Bharti-MTN, Essar's hunt for Shell refineries abroad, Indian hotel's plans to increase foreign presence and BSNL-MTNL eyeing Kuwaiti telecom Zain, all indicate potential big business that banks like SBI are keen to tap.
O P Bhatt, chairman of SBI, said, “We understand how the Indian people do business. So our focus is to help Indians settled abroad and those who are looking for business abroad."
It may be time before Indian banks aggressively chase foreign clients, but at least for now, they are clear about their aim to tap the international Indians and natives with global plans.