The largest lender of the country, State Bank of India is planning to set up its subsidiary in Australia as soon as possible, seeing the large amount of Indian nationals migrating there. The idea was shared by the chairman of the bank, Mr Pratip Chaudhuri.

"The cost of setting up a subsidiary there is around $75 million, which we think is affordable," Mr Chaudhuri said.

The bank already has two subsidiaries each in London and Singapore and "We are actively exploring the option of a subsidiary in Australia," Mr Chaudhuri said.

Along with Africa, Australia is also seen as a major destination for expansion by the bank.