Two Indian banks – Axis Bank and Union Bank of India – have been authorized by the UK regulatory authorities to carry out banking business in the country. Following changes introduced by the regulators to reduce barriers for entry of new financial institutions, five new banks have been given sanction to operate in the country. The other banks are FCMB (UK), UBA Capital (Europe) and Paragon Bank. Other Indian banks present in the UK are ICICI Bank, SBI, Bank of Baroda, Canara Bank, Syndicate Bank and Bank of India. As many as 30 new banks could open in the the country following changes introduced by the UK regulators to reduce barriers for entry of new financial institutions. There has been a substantial increase in the number of firms discussing the possibility of becoming a bank with the regulators.
