Is there any Canadian bank in India? Where are they located and are these branches open?
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- Updated On:02-Apr-2024
- Replies:1
Short Answer
Yes, three Canadian banks have their presence in India. Bank of Nova Scotia has its branch in India, whereas, BMO and TD have their representative office in India.
Detailed Answer
Canada and India Relations
Canada and India are both a part of Commonwealth nations and were once a part of the British empire. They have a strong and a time-honoured bilateral association. It is noteworthy that Canada is the second home of approximately 1.4 million Indians. At a commercial level State bank of India, ICICI bank, Jet airways have their offices in Canada.
Indian companies such as Tata, Wipro, Infosys, TCS, Essar etc. have their presence in Canada. Similarly, Canadian companies such as Bombardier, SNC Lavalin, CAE has spread its wings to India. On this line, let us fins out if there are any Canadian banks in India.
Both Indian and Canadian banks have a lot of shared banks. The only Indian bank that first opened its branch in Canada was the Bank of India. But now many private and public banks like SBI, HDFC, ICICI etc have opened in Canada. Whereas Scotiabank is the only one which has its business in India. Yes, there are others, but this one is the only one with a proper Canadian origin which has a branch in Mumbai.
But the rising tension between the countries since 2023 ending has led people to believe that some kind of tension might happen in the banking system as well. But the reports suggest the contrary. Despite this, if the tension increases then there can be some repercussions.
Is there any Canadian bank in India?
Three of the five big banks of Canada have their offices in India. We have illustrated in detail below:
Bank Branch Form
1. Bank of Nova Scotia
This bank is also called as Scotia bank and was established in 1832. It serves 25 million clients across the globe including in India. Its reported assets at the time of writing are $1.18 trillion CAD and has an employee count of 89,488.
The bank branch is located in Mumbai, its address being Ground Floor, Mittal Tower, B Wing, Nariman Point, Mumbai 400 021. In India, it offers services such as business banking, global transactional banking, and corporate and institutional services.
Representative Office Form
2. Bank of Montreal (BMO)
BMO is not only among the big five banks of Canda, but is also one of the top banks of North America. The bank is the oldest is Canada and was established in 1817 and is headquartered at Montreal, Quebec. Its reported assets at the time of writing are $1.4 trillion CAD.
BMO has its representative office in Mumbai, its address being 917 Regus Business Centre, 9th floor, Platina, G block, Plot C 59, Bandra Kurla Complex, Mumbai – 400 051.
**3. Toronto Dominion Bank (TD) **
TD is a Canadian based multinational bank that was established in 1955. It has its headquarter in Toronto of the Ontario province. Its reported assets at the time of writing are $1.73 trillion CAD.
TD also has its office in Mumbai - 12 Floor, Express Towers, Nariman Road, Nariman Point, Mumbai – 400021. Its operation hours are reported as 9.30 am to 4.30 pm Indian standard time, from Monday to Saturday.
Canadian banks in India
Thus, the Canadian banks are in the sprouting stage of having their branches and offices in India. India is the second most populous country in the world, after China and the Canadian banks have a great scope in India for widening their horizon.
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