Barclays to pump in another $100mn

Global financial services major Barclays Bank today said it will launch its commercial and retail banking services in India soon and will further invest $100 million this year for the operations.

"We will be launching commercial and retail banking operations shortly," Samir Bhatia, managing director for global retail and commercial banking (India) of Barclays, said.

For its retail initiative, Barclays has already received licences from the Reserve Bank for opening three branches, one in Mumbai and two outside of Bangalore and Chennai.

Bhatia said the bank had applied for more branch licences for the current year and was awaiting approval from the central bank. He said the retail banking offerings would include all products and services like no-frill accounts and rural banking facilities.

In March last year, the bank had doubled its commitment for India operations to $300 million in order to support the growth of investment banking business in the country and for developing commercial & corporate banking services. Bhatia said the money that had been brought in last year had already been invested.