BANKING AFFAIRS

Detailed explanation-1: -Citibank, which is headquartered in the USA, has received a license from the IFSC Authority to set up its banking unit at India’s first International Financial Services Centre at GIFT City, Gujarat.

Detailed explanation-2: -The correct answer is BNP Paribas. BNP Paribas is a foreign bank operating in India as of 31st May 2021. BNP Paribas is a French multinational bank and financial services company with global headquarters in Paris.

Detailed explanation-3: -As of the year 2022, 46 international banks have established operations in India, as reported by the country’s central bank. A total of 45 international banks operate in India, with most of their roughly 300 branches concentrated in the country’s largest cities.

Detailed explanation-4: -India Code: Section Details. [(1) Save as hereinafter provided, no company shall carry on banking business in India unless it holds a licence issued in that behalf by the Reserve Bank and any such licence may be issued subject to such conditions as the Reserve Bank may think fit to impose.]

Detailed explanation-5: -Foreign banks too started to appear, particularly in Calcutta, in the 1860s. Grindlays Bank opened its first branch in Calcutta in 1864. The Comptoir d’Escompte de Paris opened a branch in Calcutta in 1860, and another in Bombay in 1862; branches followed in Madras and Pondicherry, then a French possession.