Indian banks are gradually expanding their network overseas, it has been reported that two leading banks of the country Axis bank and Union bank are now among the five banks that are authorized to do banking in UK. UK regulators have made amendments to reduce barriers for entry of new financial institutions, among the five banks there are 2 Indian which have got the approval to start up the banking in UK.
Although Canara Bank, State Bank of India, ICICI bank, Syndicate Bank are already banking in UK, soon the 2 more Indian banks will be joining them. Chief Executive of the Prudential Regulation Authority stated that the changes introduced by UK regulatory last year have been positive for new entrants and will make a contribution to increasing competition and thus benefit customers. The changes will offer more enhanced services and products to the customers. The greater competition in banking will benefit the customers.