State Bank of India (SBI), which recently received the Singapore monetary authority's approval to set up 25 branches, is on the final stages of setting up offices.

SBI is planning to set up three branches in the initial phase and would focus more on NRI remittance and corporate lending business among other services, SBI's Chief General Manager TCA Ranganathan said.

Leading private-sector lender, HDFC Bank, also plans to ramp up its overseas operations. The bank has received all necessary regulatory approvals to set up a branch in Bahrain.

"The Bahrain branch is ready to function and we expect it to be operational by August," an HDFC official said.

Country's largest private sector lender, ICICI Bank plans to open four new offices in US, which would come up in California, New Jersey, Texas and Illinos.

Many Indian banks, both in the private and public sectors, are now increasingly expanding their operations to overseas locations to garner more revenues. Similarly, banks are see high business potential in overseas markets.