Standard Chartered on Tuesday begins the process of becoming the first foreign company to list its shares in India. It could raise as much as $590m (€476.1m).

This isn't about the money though. Instead, it's part of an effort by Standard Chartered, as it's known in Mumbai, to weave itself into the fabric of India's banking community. An "Indianisation" of the bank could yield dividends, putting the bank in regulators' good books. Good relations with the central bank, for example, are important when the bank wants to open new branches, and the potential to win public sector business is no doubt alluring.