Commonwealth Bank of Australia (CBA) has launched its operations in India by opening its first branch in Mumbai.

The Mumbai branch will offer trade finance, remittance and foreign exchange services to organisations trading between Australia and India and to individuals making remittances and investments.

CBA aims to target commercial banking business in India and cater to the needs of small and mid-market enterprises and corporates.

Australia and New Zealand Banking Group (ANZ), rival of CBA, is also expected to launch its India operations early next-year.