National Australia Bank Ltd. has forayed in to the country. The first branch of the bank has been opened at Mumbai. The bank intends to tap the vast growth opportunities available in the banking space in India.

The Chief Executive of bank's Asian unit, Mr. Rob Wright said, "We have had demand from our clients to do more in India."

He also said, "We are attracting some very good people who are looking for more stability for securing their future."

The presence of National Australia Bank will heat up the competition among the foreign sector lenders operating in India. In June, according to a list issued by the apex bank, 37 foreign banks were already operating in India.