The government has permitted foreign banks to open a maximum of 18 branches in the country, which are situated mostly in urban and metropolitan centres, the Lok Sabha was informed on Friday.
At present, Indian banks were operating 93 branches in 24 countries, Finance Minister Jaswant Singh said during Question Hour, adding member countries of the World Trade Organisation who permit foreign banks to operate in their countries do not discriminate against Indian banks.
He said India was committed to issue at least 12 branch licenses every year to foreign banks under the WTO.
In the last three years, the government has permitted foreign banks to open 12, 15 and 18 branches, respectively, in the country, Singh added.