MUMBAI: Even as the US economy has been reeling under the impact of the subprime crisis, foreign banks are still showing a willingness to set up shop in India. One such example is the Royal Bank of Canada (RBC), which on Friday opened its representative office in Mumbai. RBC, which is Canada’s largest bank in assets and marketcap, has recently doubled its country limit for India and plans to ‘aggressively’ review this limit. The main trigger could come in the form of external rating agencies upgrading India’s rating over and above the investment grade. The bank plans to upgrade its presence...
photo: WN/Theresa Poongan
