10 years after it sold its India operations to Standard Chartered Bank, the Australia and New Zealand (ANZ) Banking group is now all set to re-enter India. The group has already received the required approvals.

The fourth-largest lender in Australia, ANZ, expects to start a branch in India's financial capital Mumbai within the next one year. Moreover, it plans to generate a pre-tax net income of A$100 million in just three to four years time.

However, the bank may face a higher competition in India than it saw last time as the Indian banking sector is already crowded and poised to see a number of new banks emerging as the country's finance minister is set to allow non-banking financial corporations (NBFCs) to open their banks too.

ANZ was the second largest among the foreign banks operating in India when it decided to wind up in the country and a few other Asian markets to make itself more focused on the home turf, Australia and New Zealand.

The banking group, which now plans to generate one fifth of it revenue from the Asian markets, managed to get RBI's nod after a long two years wait for the approval.