Total amount of deposits, which includes corporate current and fixed deposits, personal deposits and NCDs grew at 11% last year (see chart). However, the market share is still negligible: 4.49% for corporate deposits and 0.49% for personal deposits. Since 2007, when first foreign banks received approval to set up local branches, 42 have done so. However, growth was inhibited by binding regulations and onerous reporting requirements. From the onset, the regulators were determined to let local banks to develop capabilities by slowing down sophisticated foreign competition.