Swiss bank, Credit Suisse has received license to open branches in India. The first branch of the bank would be set up in Mumbai.
With the license, Credit Suisse can now offer a wide range of its available products to the Indian banking domain.
The bank had earlier received RBI's nod regarding setting up banking operations in the country. It was waiting for the license.
The branch in Mumbai would be accepting deposits and also finance customers for their needs thereby complementing the task of its NBFC arm Credit Suisses Non-Bank Financial Company in India.
"We are delighted to have received this license from the RBI and look forward to being a constructive participant in the Indian banking industry," Credit Suisse Asia-Pacific's CEO, Kai Nargolwala, said.
"This final approval is a landmark in Credit Suisse's expansion in India, which is a key growth market for the bank. Credit Suisse is investing in the businesses made possible by securing this license and we look forward to delivering our enhanced product offering to clients soon," the bank's Chief Executive Officer, Mihir Doshi, said.
Credit Suisse's line of operations would mainly include wealth management, investment banking and asset management in India, serving high net worth, corporate and institutional clients.