Indian banks increased their overseas presence to 417 in 2022-23, according to a Reserve Bank of India survey. Employee strength also rose by 0.5% and 6.2% for foreign branches and subsidiaries, respectively. However, the number of branches and employees of foreign banks in India contracted to 774. The shift of retail business from a major foreign bank to a domestic private sector bank led to a decline in aggregate deposits and credit, but increased capital and investments.