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Banking & Finance

Mumbai is the principal financial services centre of the country. The apex financial institution, the Reserve Bank of India (RBI), is located at Mumbai. The city houses the two largest stock exchanges, the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE), controlling over 95 per cent of the volume in the Indian equities market. Mumbai also has a major presence of domestic and foreign banks operating in the country. Mumbai's status as the principal financial centre has enabled Maharashtra to attract a large number of foreign banks and other financial institutions.

A recent spin-off from the strong presence of global financial services firms in Mumbai is the establishment of their global research and back office base in and around Mumbai. Morgan Stanley, HSBC and JP Morgan have set up such operations in Mumbai.