Misplaced Pages

Standard Chartered India

Standard Chartered Bank Building in Mumbai.
Company type	Branch
Industry	Bank, Financial services
Predecessor	Chartered Bank of India, Australia and China
Founded	1853; 171 years ago (1853), incorporated in London
Headquarters	Bandra Kurla Complex, Bandra East, Mumbai, 400051, India
Key people	Zarin Daruwala (CEO)
Products	Credit cards Retail banking Corporate banking Mortgage loans Wealth management
Net income	₹21,648 crore (US$2.6 billion) (2023)
Total assets	₹237,130 crore (US$28 billion) (2023)
Parent	Standard Chartered
Website	sc.com/in

Standard Chartered India (officially Standard Chartered Bank India Branches) is a foreign branch of Standard Chartered, incorporated in the United Kingdom with limited liability. It is considered as a foreign bank under the Banking Regulation Act, 1949 and thus is regulated by the Reserve Bank of India (RBI). The bank has been operating in India for over 160 years, first as the Chartered Bank of India, Australia and China which set up its first branches in Kolkata and Mumbai in 1858. It is also the largest foreign bank in India, with 100 branches across 42 cities.

History

The predecessor of Standard Chartered India is The Chartered Bank of India, Australia and China which is a bank incorporated in London in 1853 by James Wilson following the grant of a Royal charter from Queen Victoria.

The bank expanded rapidly by capitalising the lucrative trade between Europe and Far East. It also financed regional projects such as the Indo-European telegraph line from London to Calcutta. In the early 20th century, the bank continued to tap on Asian business such as cotton from Bombay, indigo and tea from Calcutta and rice from Burma.

In 1969, Chartered Bank merged with the South African bank Standard Bank, forming Standard Chartered Bank. After the merger, the Indian branch of the bank continued to handle the local business.

In 2015, the bank announced its intention to be incorporated locally and become a wholly owned subsidiary (WOS). However, this plan has never been materialised and Standard Chartered India remained its status as a branch of foreign bank.

In 2024, the bank sold its 41 billion rupees personal loan portfolio to Kotak Mahindra Bank, as part of its plan to refresh strategy to target at higher end business. It is also announced that Zarin Daruwala, the bank's long-serving CEO since 2016, would retire in March 2025.

References

1. ^ "2023/2024 INDEPENDENT AUDITOR'S REPORT To The Country Management Team Standard Chartered Bank–India Branches" (PDF). Standard Chartered India. Retrieved 3 November 2024.
2. Simhan, T. E. Raja (22 November 2023). "StanChart GBS to move all of its 16,000 employees in Chennai to a new integrated campus by 2025". BusinessLine. Retrieved 3 November 2024.
3. "Standard Chartered appoints Aditya Mandloi as Head of Wealth and Retail Banking for India and South Asia". The Economic Times. 14 August 2024. Retrieved 5 November 2024.
4. Campbell-Smith, Duncan (2021). Crossing continents: a history of Standard Chartered Bank. London: Allen Lane. ISBN 0241458730. Retrieved 3 November 2024.
5. Indo-European Telegraph line and impact of rapid industrialisation Archived 16 March 2013 at the Wayback Machine. Siemens.com. Retrieved on 26 December 2018.
6. Misra, A.-M. (2000). "'Business Culture' and Entrepreneurship in British India, 1860-1950". Modern Asian Studies. 34 (2): 333–348. ISSN 0026-749X. Retrieved 3 November 2024.
7. "Standard Chartered: a short history". The Guardian. Press Association. 7 August 2012. Retrieved 3 November 2024.
8. "StanC to set up subsidiary in India". The Times of India. 6 October 2015. Retrieved 3 November 2024.
9. "StanChart Refreshes India Strategy to Target Wealthy". Bloomberg.com. 22 October 2024. Retrieved 3 November 2024.
10. Rebello, Joel (9 October 2024). "Zarin Daruwala to retire from Standard Chartered India". The Economic Times. Retrieved 3 November 2024.

Further reading

• Duncan Campbell-Smith (2021). Crossing Continents: A History of Standard Chartered Bank.

v t e Standard Chartered
Divisions and subsidiaries	Current International Bank of Qatar Standard Chartered Bangladesh Standard Chartered Ghana Standard Chartered Hong Kong (Mox Bank) Standard Chartered India Standard Chartered Kenya Standard Chartered Korea Standard Chartered Nepal Standard Chartered Pakistan Standard Chartered Singapore Standard Chartered Sri Lanka Standard Chartered Tanzania Standard Chartered Thailand Standard Chartered Uganda Standard Chartered Zambia Standard Chartered Zimbabwe Former Allahabad Bank Standard Bank Standard Chartered Bank of Canada Chartered Trust 20Twenty
Predecessors	American Express Bank Bank of British West Africa Chartered Bank of India, Australia and China Colesberg Bank Grindlays Bank Hsinchu International Bank P&O Bank Eastern Bank Standard Bank Union Bank
Places	Six Battery Road Standard Chartered Bank Building
Management	José Viñals (Group Chairman) Bill Winters (Group Chief Executive)
Sponsorships	Greatest Race on Earth Hong Kong Marathon Jersey Marathon Kuala Lumpur Marathon Liverpool Football Club Mumbai Marathon Nairobi Marathon Singapore Marathon Singapore Sevens
Other	Seeing is Believing
Nationalized  Spun off  Sold Category Commons

v t e Banking in India
Institutes	Central bank v t e Reserve Bank of India Regulation Reserve Bank of India Act, 1934 Monetary Policy Committee People Governor of the Reserve Bank of India Deputy governor of the Reserve Bank of India Buildings Reserve Bank of India Staff College RBI Monetary Museum Subsidiaries Bharatiya Reserve Bank Note Mudran Security Printing and Minting Corporation of India Think tanks BBB BCSBI NPCI IBA IDRBT Speciality banks IFCI All India Financial Institutions : Exim Bank of India NABARD NaBFID NHB SIDBI Other BIFR IBBI IBPS Deposit Insurance (DICGC)
Public-sector banks	Bank of Baroda Bank of India Bank of Maharashtra Canara Bank Central Bank of India Indian Bank Indian Overseas Bank Jammu & Kashmir Bank Punjab & Sind Bank Punjab National Bank State Bank of India UCO Bank Union Bank of India
Private-sector banks	Axis Bank Bandhan Bank CSB Bank City Union Bank DCB Bank Dhanlaxmi Bank Federal Bank HDFC Bank ICICI Bank IDBI Bank IDFC First Bank IndusInd Bank Karnataka Bank Karur Vysya Bank Kotak Mahindra Bank Nainital Bank RBL Bank South Indian Bank Tamilnad Mercantile Bank Yes Bank
Foreign banks	Abu Dhabi Commercial Bank ANZ Bank Maybank Indonesia Bank of America Bank of Bahrain and Kuwait Bank of Ceylon Barclays Credit Suisse CTBC Bank Deutsche Bank HSBC Maybank MUFJ Rabobank Scotiabank Standard Chartered India Wholly owned subsidiary (WOS) DBS Bank State Bank of Mauritius Wound up/closed (or in process) Antwerp Diamond Bank Citibank
Small finance banks	AU Fincare Capital ESAF Equitas Jana North East Suryoday Ujjivan Unity
Payments banks	Airtel Fino National Securities Depository India Post Jio Paytm Surrendered licencees or wound up Aditya Birla Vodafone M-Pesa Tech Mahindra
Cooperative banks	Abhyudaya Co-operative Bank. Buldana Urban Cooperative Credit Society Cosmos Bank Dombivli Nagari Sahakari Bank Kerala Bank Mizoram Co-operative Apex Bank Punjab and Maharashtra Co-operative Bank Repco Bank Saraswat Bank Shamrao Vithal Co-operative Bank TNSC Bank Thane Janata Sahakari Bank
Regional rural banks	Assam Gramin Vikash Bank Bangiya Gramin Vikash Bank Karnataka Gramin Bank Mizoram Rural Bank Paschim Banga Gramin Bank Puduvai Bharathiar Grama Bank Tamil Nadu Grama Bank Uttar Bihar Gramin Bank Uttarakhand Gramin Bank Vananchal Gramin Bank Andhra Andhra Pradesh Grameena Vikas Bank Andhra Pragathi Grameena Bank Kerala Kerala Gramin Bank North Malabar Gramin Bank South Malabar Gramin Bank Uttar Pradesh Allahabad UP Gramin Bank Gramin Bank of Aryavart Sarva UP Gramin Bank
Defunct banks	Merged PSB New Bank of India Dena Bank Vijaya Bank Allahabad Bank Andhra Bank Corporation Bank Oriental Bank of Commerce United Bank of India Syndicate Bank SBI Bank of Bombay Bank of Calcutta Bank of Madras Imperial Bank of India State Bank of Bikaner & Jaipur State Bank of Hyderabad State Bank of Indore State Bank of Mysore State Bank of Patiala State Bank of Saurashtra State Bank of Travancore Bharatiya Mahila Bank Krishnaram Baldeo Bank Kashinath Seth Bank Rescued Global Trust Bank (OBC) Lakshmi Vilas Bank (DBS) Nedungadi Bank (PNB) United Western Bank (IDBI) United Industrial Bank (Allahabad Bank) Punjab and Maharashtra Co-operative Bank (Unity SFB) Acquired Bank of Madura Bank of Rajasthan Bengal Central Bank Centurion Bank of Punjab Chartered Bank of India, Australia and China Grindlays Bank National Bank of India ING Vysya Bank Mercantile Bank of India, London and China Lord Krishna Bank Times Bank Vysya Bank PSB Bharat Overseas Bank Pandyan Bank Wound up Bank of Chettinad Dass Bank Failed Alliance Bank of Simla Arbuthnot & Co Commercial Bank of India Exchange Bank of India & Africa (New) Oriental Bank Corporation Oudh Commercial Bank Madhavpura Mercantile Cooperative Bank Liquidated Bengal Bank (1784) Bank of Bombay (1720) Bank of Hindostan General Bank of India General Bank of Bengal and Bihar Nath Bank Palai Central Bank The Commercial Bank (1819) The Calcutta Bank (1824) The Union Bank (1828) The Government Savings Bank (1833) The Bank of Mirzapore (1835) Travancore National and Quilon Bank
Networks	Interbank networks Cirrus NFS PLUS ATM networks BANCS Cashnet CashTree MITR
Cards	Mastercard Debit Mastercard Maestro RuPay Visa Visa Debit Visa Electron
Online transfers	AEPS BBPS BHIM IMPS NEFT RTGS UPI
Payment service providers	Atom BHIM BillDesk CCAvenue Juspay Paytm Wibmo Zeta India Digital wallets Amazon Pay BharatPe Freecharge Google Pay Mobikwik Oxigen Services Payoneer PayU Payworld PhonePe
Related topics	ATM usage fees Bank run Black money Counterfeit money De-materialisation (de-mat) Demonetisation 2016 Low denomination coins Foreign exchange (ForEx) Lists: List of banks List of oldest banks in India Protocol and codes Bharat Bill Payment System (BBPS) Indian Financial System Code (IFSC) National Unified USSD Platform (NUUP) Structured Financial Messaging System (SFMS) Rates & ratios Rates Bank rate Mumbai Inter-Bank Bid Rate - MIBID/Mumbai Inter-Bank Offer Rate - MIBOR Mumbai Interbank Forward Offer Rate - MIFOR Ratios Capital Adequacy Ratio - CAR Statutory Liquidity Ratio - SLR Cash Reserve Ratio - CRR Regulators Insurance - IRDAI Banking - RBI Securities - SEBI Bankruptcy - IBBI Insolvency, bankruptcy and reconstruction Boards BIFR IBBI CERSAI Legislation IBC SARFESI Act Companies ARCIL Edelweiss ARC IAMCL Legislation Banking Regulation Act, 1949 Government Securities Act, 2006 IBC, 2016 NaBFID, 2021 RBI Act, 1934 SARFESI Act, 2002 Income-tax Act, 1961 Companies Act, 2013 Insurance Act, 1938 FEMA, 1999 Tribunals Company Law - NCLT Appellate - NCLAT Measures Prompt Corrective Action Other Institute of Banking Personnel Selection Mumbai Consensus

• Banks of India
• Banking in India
• Standard Chartered
• Indian subsidiaries of foreign companies