The Indian government's call for new banking licences for the 2010-2011 budget has attracted attention from many foreign players looking to secure a spot in the country's expected strong growth.

Doha Bank, the Qatar-based money lender, is again trying to win a local banking licence after failing to do so in 2005, a report by Financial Express reveals.

"We had tried our hand at applying way back in 2005, but it did not work out because of the policy against more private banks at that time. Now that RBI is willing to grant a license to private banks, we will go for it," said R Seetharaman, the bank's chief executive officer, in an interview with the publication.

So far, no exact timeframe has been revealed on the plan, although the bank's reapplication process is ongoing. Mr Seetharaman reportedly said that the bank is interested in entering the asset financing and insurance markets. Doha Bank already has an existing business in the country via Doha Brokerage and Financial Services, which deals with the likes of mutual funds, depositary services and stocks and derivatives.

The decision to open up the local banking sector to more foreign banks proves India's readiness to compete in a more global playing field. For one, Australia and New Zealand Bank has already commenced preparations for a branch in Mumbai after getting a green light from the RBI, as reported by WealthBriefing Asia. The new office expected to be operational within the year.