Leading Australian bank, ANZ has received approval from Reserve Bank of India to start operations in India. The first branch of the bank would be set up in Mumbai in the first half of the next fiscal.

The bank received final approval from RBI after it gave confirmation of its branch location at Worli-Prabhadevi.

In its initial phase of operation, the bank will focus mostly on trade finance, debt capital markets, cash and payments and funding and hedging
solutions.

ANZ was earlier operating in India but after its alleged involvement in the Harshad Mehta scam, it had to leave the country.

ANZ chief executive for the Asia Pacific, Europe and Americas regions, Alex Thursby said that "India is Australia's fourth-largest export market, driven by demand for natural resources, with exports totalling more than $11.7 billion in 2009, while trade between India and other parts of Asia represents $139.6 billion in flows annually."

He added, "To support these growing business and economic ties, our business in India will provide corporate and institutional banking services, connecting customers through ANZ's regional network across the Asia Pacific region, including Australia and New Zealand as well as the Middle East, Europe and America."