There is no restriction as to the type of business to be conducted through branches unlike in some other countries where restrictions are placed on acceptance of retail deposits, conducting business in local currency, types of clientele, region, availability of deposit insurance, access to clearing and settlement systems etc.
As on October 31, 2014, there are 44 foreign banks in India operating through a network of 318 branches. Also, 45 foreign banks have presence in India in the form of representative offices. 14. Foreign banks are present in India in the branch mode since mid-nineteenth century. Also, foreign banks were allowed to set up a wholly owned subsidiary (WOS) in India.