Canadian Banks Setting Up Shop In India

The Bank of Nova Scotia, one of the top four Canadian banks, will soon open its third Indian branch in Coimbatore, according to sources here. The bank already has two branches in Mumbai and New Delhi.

The Toronto Dominion Bank, another major bank in Canada, last year secured the Reserve Bank of India's permission to open operations in India. Their first branch opened in Mumbai a few weeks before the Team Canada Mission headed by Prime Minister Jean Chretien visited India in January this year.

The bank provides its resources for project financing, specially in the power, telecommunications and environment sectors. The bank is believed to have some financial participation in the controversial Enron power project in Dabhol, Maharashtra.

 

The Royal Bank, another Canadian bank, operated in India between 1986-87 but discontinued its services largely because foreign investment in India was restricted.

But sources said the bank is seriously considering starting operations in India again.