The Australia and New Zealand Banking Group (ANZB) plans to enter Indian market for conducting banking business.

The bank has sought permission from the regulatory authority, Reserve Bank of India to conduct retail-banking business in the country.

"I think, India is quite a large and complex business proposition, and we do not have people on the ground to cope with the management challenge of integrating it (RBS and ANZ) and (dealing with) regulatory aspects," said, Mike Smith, CEO, ANZ Group.

"We would love to become bigger in India. We are waiting for a banking licence... It is just that we have to be realistic; we have to be able to walk before we run. Something may happen that will allow us to acquire a bank in India," he added.

The group already has presence in India as ANZ Capital, a non-banking finance company. It is a wholly owned subsidiary of Australia and New Zealand Banking Group Limited. The operational arm of the company is located in Bangalore. The main business of the company, ANZ Capital Private Limited is based in Mumbai. The company provides advisory services in areas relating to trade finance, project finance, corporate and structured finance.

The firm also provides assistance and advisory services to students aspiring for relocating to Australia.

Many foreign banks have been planning to set up their business in India. Some of the names include, Switzerland's UBS, which is the world's best private bank by EuroMoney magazine, Credit Suisse Group and Industrial and Commercial Bank of China.