Credit Suisse is paving the way for Swiss banks to finally make peace with Indian authorities by seeking to open a branch in the country, the Economic Times (of India) reports.

Sources cited by the publication reveal that the Indian Reserve Bank has already written to the finance ministry to obtain formal clearance for Credit Suisse to set up in Mumbai. The ministry holds the final decision in the matter, especially after the country's Securities and Exchange Board has also reportedly expressed no objection to having a Swiss bank onshore.

Controversy surrounding the presence of Swiss banks in India follows the issue over illegitimate Indian money allegedly stashed in offshore institutions. Swiss authorities had recently told India that it cannot just access client files without concrete evidence of a legal breach. This comes after the US successfully negotiated access to 4,000 questionable US-client accounts.

A spokesperson for Credit Suisse has declined to comment on the matter.