The Reserve Bank says BOI New Zealand - a fully owned subsidiary of Bank of India - has been registered as a bank in New Zealand.
The bank, which has been assigned a triple B minus rating from Standard & Poor's, will change its name to Bank of India New Zealand before beginning operation.
There are now 20 registered banks in New Zealand.
Another Indian bank, the Bank of Baroda, was the 19th bank to be registered in New Zealand last year.
