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The Indian Banks Association has set up a local chapter in New York for coordination and liaison with the US Federal Reserve and other regulators. State Bank of India, Bank of India and Bank of Baroda have branches in US, while ICICI Bank, has a representative office.
IBA is aiming to explore the prospects for increased presence of Indian banks in USA. With bilateral trade between India and USA exceeding $20bn and a significant portion of India’s external trade taking place in dollar terms, IBA sees a large potential for increasing the network of Indian banks in USA and also with large Indian diaspora, Indian banks can have substantial remittance business.
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