ANZ is poised to set up its first Indian branch after receiving approval from the Reserve Bank of India.

The Australian bank hasn't been operating in the South Asian country since the early 1990s when it got into a conflict with the RBI and its ANZ Grindlays unit was sold to Standard Chartered in 2000.

"Re-establishing a branch presence in India is a strategic priority for ANZ as part of its objective to become a super-regional bank focused on Australia, New Zealand and Asia-Pacific," the bank said in a statement.

The super-regional strategy includes its 2009 purchase of Royal Bank of Scotland's Asian assets in Indonesia, Hong Kong, Singapore, Taiwan and Vietnam. ANZ had the option to buy RBS' China and India units, but chose not to do so given its history with the RBI.

The bank said it intends to build a full franchise of services in the country, tapping retail, institutional, commercial and wealth segments, in the hopes of eventually getting into the top four. ANZ will initially offer its products to institutional clients.