It is not prohibited for an individual to maintain a foreign bank account in India but capital controls (FEMA) applies and banks providing services to Indian re

It is not prohibited for an individual to maintain a foreign bank account in India but capital controls (FEMA) applies and banks providing services to Indian residents might need to comply with regulatory framework. It's the same in most countries. The regulatory burden may be different but banking presence is required in the country if you are serving domestic market at scale. Indian residents can open HSBC expat account domiciled on the jersey island as an example.