Barclays to offer Indian retail banking

Barclays Bank is to launch its own retail banking services in India, according to local news reports.

According to the Business Standard, the financial services provider, which has been operating up to now in India through its Barclays Capital division, will aim to launch retail banking operations before the end of the year.

Services should include corporate banking services, trade transactions and import and export as well as premium banking services such as private banking and wealth management, the paper quoted unnamed sources as saying.

However, the plans, which are said to still be at a preliminary stage, are reportedly being hampered by restrictions by the Reserve Bank of India, which would need to give its approval for the expansion to go ahead.

Despite this, however, the new services, which will be offered as part of Barclays' global retail and commercial banking division, would most likely establish itself in Mumbai to begin with

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