In 2011, Deutsche Bank sold its credit card business to IndusInd Bank. In 2013, UBS exited India operations while Morgan Stanley surrendered its banking license while continuing its investment banking business. Likewise, Merril Lynch, Barclays and Standard Chartered scaled down their operations in 2015.
Among others, HSBC halved its branches to just over two dozen on technological shifts, and reduced its presence in 14 cities in 2016, while BNP Paribas shut down its wealth management business in India in 2020.