India has allowed the European Union (EU) banks to open up to 15 branches over four years in the country once the trade pact takes effect, while Indian banks will face no cap on branch openings in the EU, a commerce ministry official said.

India made a similar offer in its trade agreement with New Zealand, permitting up to 15 branches for New Zealand banks over a four-year period.

However, India has not opened up its legal services to the EU, the official said.