Westpac Banking Corporation
(ASX:WBC) has been granted a banking licence by the Reserve Bank of India.
The bank plans to open its maiden branch in Mumbai.
Westpac says extending its presence in India will further position it to support Australian customers with its trade and investment activities in India.
Westpac has operated in India since 2007 through its representative office.
Westpac reported a net profit of $7.1 billion for the 2011 financial year
