Soon India will be among the top three markets in the world for consumer banking ----says Steve Bertamini, group executive director and chief executive officer, global consumer banking at Standard Chartered, India. Is it a barometer of our economic progress? Your views?
2)The economic progress of the past two decades has created a huge middle class of about 500 million which takes pleasure in splurging on consumer goods and services as if there is no tomorrow. It gets its inspiration from the West that you live for today. This is the huge readymade market for the bankers who are willing to lend and lend. No doubt, StanChart Bank makes most of its profit here in India than elsewhere.
3)During the same period, GOI has liberalized the banking sector to both private sectors within the country as well as to foreign banks. You could now see any number of foreign banks as well as private banks in India doing really good business, issuing credit cards so liberally and confiscating the properties in case of default (similar to the subprime crisis in the U.S.), lending personal loans, housing loans, vehicle loans, education loans, marriage loans etc. You just name it, bankers have it. They would package the loan to suit your requ ...more