|
|
Article: India Needs More Banks; The country offers an expanding middle class and a seriously underbanked population. Western banks should be paying attention.(The Economy)
- Article from:
- US Banker
- Article date:
- November 1, 2009
- Author:
CopyrightCOPYRIGHT 2009 SourceMedia, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
|
Byline: Joseph Rosta
India's macroeconomic potential is staggering.
By some estimates India's growth domestic product stood at $1.25 trillion (at the official exchange rate) in 2008. The CIA ranked the country's purchasing power-parity GDP as fifth-largest in the world last year, and there are estimates that its middle-class population could explode to half a billion in less than two decades.
But where India doesn't seem to impress is in its bank sector. The country is served by only 25 public-sector banks, 21 domestic private-sector banks, and less than 20 Western private institutions. Of the latter, just five banks - HSBC, Citigroup, Standard ...