Tushar Vikram, chief government officer and nation head India of Dubai-based Mashreq, mentioned in an interview that the financial institution has about $300 million of capital within the nation, $250 million of which the dad or mum infused over the previous three years.
“We now have approval to carry one other $150 million and topic to all of the documentation, it might occur earlier than the top of the monetary 12 months on this quarter (This fall of FY26),” mentioned Vikram.
Vikram joined Mashreq, the fifth-largest financial institution within the UAE by belongings, as head of the India enterprise in 2024 after spending virtually three many years at Citibank. Previous to becoming a member of Mashreq, Vikram had a quick stint at personal sector lender HDFC Financial institution, the place he led venture finance, fairness, debt capital markets and M&A.
Mashreq’s capital infusion comes at a vital time for overseas banks in India. After years of both going sluggish or taking a backseat whereas native gamers dominated, overseas lenders are attempting to get a second shot at India. Whereas retail banking-led progress on the earth’s fourth-largest economic system continues to be exhausting, overseas banks are upbeat in regards to the company lending market.
Deutsche Financial institution mentioned in November 2024 that it infused capital of ₹5,113 crore in its India department operations. Normal Chartered Financial institution infused ₹496 crore into the native department over FY24 and FY25, in keeping with knowledge from ranking firm Icra.
Consultants mentioned overseas banks wish to faucet India’s strategic geopolitical positioning because it more and more emerges as a structural enabler of long-term financial progress.
Strategic facilitator
“For banks similar to Mashreq, India holds strategic significance in facilitating regional commerce and cross-border finance, notably throughout the India-GCC (Gulf Cooperation Council) hall,” mentioned Prakash Agarwal, a companion at debt market advisory agency Gefion Capital Advisors. “A stronger on-ground presence permits them to ship built-in hall banking options, assist multinational purchasers extra successfully and take part meaningfully in international capital flows.”
International banks accounted for 3.3% of complete financial institution credit score in FY25, with personal banks cornering 40% and public sector banks topping the record at 52.3%. The remaining was divided between small finance banks and regional rural banks.
“It has been two consecutive years of serious progress. Globally, we’re rising at 20% and in India we’re rising a lot quicker,” mentioned Vikram.
The financial institution had a mortgage ebook of ₹3,365.64 crore as of 30 September, up from ₹1,216.08 crore in the identical interval final 12 months, as per regulatory disclosures.
Vikram mentioned the financial institution desires to double its income, belongings and different monetary metrics within the subsequent 5 years.
The plan to double revenue and income comes from a comparatively smaller base. Mashreq’s India department reported a internet revenue of ₹41.7 crore on the again of ₹182 crore in complete revenue in FY25. This compares with a revenue of ₹44.9 crore and complete revenue of ₹129.8 crore in FY24.
Mashreq presently operates in segments together with debt capital market, structured loans, commerce finance, treasury, and options. In October, the financial institution arrange store in GIFT Metropolis and began providing loans and commerce finance from there.
Vikram mentioned the financial institution will add services in phases and needs to ultimately make it into a world hub for offshore enterprise. This may enable not simply native firms to lift overseas forex loans and commerce finance and bonds; the thought can be to make use of GIFT Metropolis to get overseas firms to lift funds via the route.
Whereas smaller in operations than a few of its international friends in India, the financial institution is counting on its potential for faster turnarounds. He mentioned executives from the financial institution’s headquarters can fly down to fulfill clients and assist construction transactions.
As an example, when the financial institution assisted a big acquisition, executives from Dubai flew down two days after the native management group met. 4 days after that assembly, the transaction was cleared by the financial institution’s international management.
Indian banks have additionally acquired wholesome quantities of capital from overseas entities. In 2025 alone, about $15 billion was dedicated to or invested in personal monetary entities, in keeping with the Reserve Financial institution of India.
Requested if Mashreq is taking a look at investing in an area financial institution, Vikram mentioned that globally, Mashreq is open to that.
“We have a look at transactions and it relies on whether or not it suits into our general progress aims. We now have an workplace who appears at this beneath our international chief monetary officer,” mentioned Vikram.