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The collective asset base of the Indian banks operating in the US is of around $2.5-$3 billion. The State Bank of India has nine offices in the US, followed by two of Bank of India and one of Bank of Baroda.
The State Bank of India has four offices in New York, one in Chicago, three in the West Coast including Los Angeles besides a representative office in Washington DC. Bank of India branches are located in New York and San Fransisco. The lone Bank of Baroda branch is located about four kilometres from the World Trade Centre site in New York.
Indian banks in the US are primarily into trade financing, loan syndication and picking up debt papers from the market. A part of the business also relates to the ethnic Indian community.
Indian banks operating in the US are subject to three-fold regulations: the banking laws of the concerned state where it is licensed to operate, the Federal Reserve as well as Federal Deposit Insurance Corporation (FDIC).
In the wake of major terrorist attacks, banks in USA expect tighter regulations with closer eye on money laundering. In effect, there will be sterner checks and balances on the funds flow.
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