Major lender in the Middle East, Doha Bank wants entry into the Indian banking domain too. It had earlier applied for a license back in 2005 which was refused by regulator, Reserve Bank of India.

"This is the second time that we have applied for a banking license and we are hopeful, especially as several Indian banks are operating in the Gulf region and this supports the reciprocity model which the Reserve Bank of India may keep in mind while granting licenses," R Seetharaman, CEO, Doha Bank said.

RBI is expected to issue guidelines regarding new licenses in the recent future. Doha Bank has been offering services to a large chunk of Indian population in the Gulf countries. "Despite the financial crisis in a few middle east markets including Dubai, remittances have continued to grow and the Middle-East continues to be the largest contributor," Seetharaman said.

Amongst others seeking license from RBI include Goldman Sachs, Morgan Stanley, JP Morgan and Rabo- all Wall Street majors.

"The banks that finally are granted the licenses to operate in India would be treated on par with the Indian banks," an RBI official said.