Another name is soon to be added to the list of Swiss banks operating in India. Swiss bank Credit Suisse has receive approval from RBI to start operations in the country. Credit Suisse comes second in number amongst Swiss banks after UBS to start operations in India.

Speaking on the authenticity of the news, Mihir Doshi, CEO Credit Suisse said, "We have received in-principal approval, and now we are working to put in place the necessary requirements so that the branch can become operational. Establishing the bank branch will allow us to offer a much wider range of products to our clients in India."

"The advent of new foreign banks in India with a focus on corporate and investment banking will, in the medium term, help increase the breadth of products and services available for businesses in India. The new banks, in addition to the existing players, should be able to assist in deepening the Indian corporate bond market," Viren H Mehta, Director of Ernst & Young said.

The Indian system has opened up for foreign banking operations as can be seen from the number of foreign banks that have received approval in the past few years from the RBI to start operations in India. UBS, First Rand Bank, Commonwealth Bank of Australia and ANZ are all names suggesting the move by RBI. Singapore's UOB also received a bank license along with DBS getting license to open eight new branches in India from RBI.

Credit Suisse is likely to bank on corporate banking lines in India. It would mainly concentrate on wealth management rather than the entire kitty of treasury products. It has a finance company named Credit Suisse Finance (India) in which it has invested around $ 203 million.

It already has a securities and investment banking unit in India from 2007. The Mumbai office of this unit holds 170 employees. It also has outsourcing operations in Pune, Hyderabad and Mumbai wherein it has 3, 500 employees under the roof.