A three-member delegation of the Indian Banks' Association met senior executives of the US Federal Reserve and New York Banking Department to explore the prospects for increased presence of Indian banks in the United States.
With bilateral trade between India and the US exceeding $20 billion and a significant portion of India's external trade taking place in US dollar terms, IBA sees a large potential for increasing the network of Indian banks, IBA said on Thursday.
With the large Indian diaspora, Indian banks can have substantial remittance business, it said. The IBA delegation comprising deputy chairmen B D Narang and V P Shetty and chief executive H N Sinor met the senior executives and also set up a local chapter in New York for co-ordination and liaison with US regulators.
Meanwhile, IBA's managing committee has been expanded with the co-option of M Damodaran, chairman and managing director of IDBI and Aditya Puri, managing director of HDFC Bank as members, taking its strengh to 18 members.
