The Mumbai Representative Office of The Bank of New York Mellon serves as The Bank of New York Mellon’s liaison in connection with the Bank’s India-based relationships. These include relationships with both Indian state banks and private sector banks. The Mumbai Representative Office also serves as the Bank’s liaison with the overseas branches of several Indian banks.
Through its wide network of correspondent relationships, The Bank of New York Mellon has contributed to the expansion of Indian trade with the United States as well as with other countries. It provides its Indian correspondents with efficient support services for payments, transfers, letters of credit, technology-based trade products, collections and reimbursements. In addition to traditional short term trade financing for banks, The Bank of New York Mellon has been supporting India’s industrial development by participation in term loan syndications.
The Bank of New York Mellon has arranged substantial fund and non-fund based facilities for several foreign branches of Indian banks and assisted them in being competitive in their local markets by offering efficient and cost-effective clearing and trade services.
The Bank of New York Mellon also facilitates issuances of Depositary Receipts to enable investors worldwide to invest in dollar-denominated securities of Indian companies and provide Indian issuers of securities access to U.S. and European capital markets. The Bank of New York Mellon’s overseas branches have also acted as trustee to many foreign currency convertible bonds (FCCB) issuances by Indian corporates.