Mumbai: The Royal Bank of Scotland (RBS) has hired Madan Menon, former co-CEO of Barclays Capital, to head its India operations.

RBS is said to be planning s to set up a corporate and retail banking businesse in India but due to its ongoing takeover bid for ABN Amro bank, the ramp-up of Indian banking operations may take some time.

At present, RBS does not have any presence in India as a bank but runs a 1,000-employee software development centre.

Menon has been with Barclays for the last seven years and before that was employed with American Express Bank. Sources said Menon left Barclays after its parent firm restructured its Indian operations into three different profit centres and asked the new heads to report directly to its Hong Kong office.