Standard Chartered opens its 100th branch in India

Country's oldest and largest foreign lender, Standard Chartered, today opened its 100th branch in India in Uttar Pradesh's Bareilly district, becoming the first foreign lender to reach the figure.
The branch at Nakatia in Bareilly, its seventh in UP, will provide entire range of products, including the basic or no-frills accounts, the bank said in a statement issued here.
The offerings will include savings products, current and term deposit products and no-frills accounts, it added.
The local economy around the branch comprises of small and medium enterprises pertaining to zari-zardosi embroidery work, sugar and bamboo and cane furniture, it said.

The bank's other branches in the country's most populous state are at Kanpur, Lucknow, Allahabad, Agra, Mathura and Saharanpur, and it now employs 80 people in UP.
"Uttar Pradesh has always been a key market for us and with this we are deepening our presence in the state with our landmark 100th branch at Nakatia," Regional Chief Executive Sunil Kaushal said.
The Reserve Bank has been asking foreign banks like Standard Chartered to convert as wholly-owned subsidiaries, rather than merely operating as a branch of an international subsidiary.
Doing so will result in an 'at par' treatment with domestic banks which are mandated to have a network in smaller centres as well.