On Thursday, the Australia & New Zealand Banking Group Ltd. got a major boost as far as its regional ambitions went, after the group announced that it has been awarded in-principle approval for a foreign banking license in India.

With the license, ANZ will now be allowed to offer a wide range of retail and wholesale banking services across the sub-continent and also, subject to regulatory approval, the bank said that it plans to establish its first branch in Mumbai within the coming year.

ANZ Bank, based in Melbourne, is presently the third-largest bank in Australia in terms of market capitalization, and now it wants to differentiate itself from its Australia-focused counterparts, and thereby transform in a "super-regional" institution.

Already, ANZ has managed to mark its presence in countries like China, Taiwan, Indonesia and Malaysia, ad with an Indian license; the bank will now be able to fill in a huge void in its regional footprint.

"This is an important step for ANZ as part of a long-term commitment to progressively rebuild our presence in India", said ANZ Chief Executive for Asia Pacific, Europe and America Alex Thursby.