South African lender First Rand is aiming to set foot into Indian banking industry by initiating its retail banking business in the country.

The lender has already received a commercial banking license in India.

"India's gross domestic product grew 7.5% in the second quarter of this year and is expected to maintain growth at similar levels for decades to come. Compared with South Africa's long-run economic growth rate of about 3.5%, it is apparent why India is a really attractive market for us," Michael Jordaan, chief executive of FirstRand's retail arm said.