The middle class mantra Indians once shunned debt. But now they have discovered personal loans and are turning to banks in record numbers. Home loans, credit cards and other forms of personal lending are one of the fastest growing areas in the financial services industry and foreign banks are redoubling their efforts to secure a share of the market.
Internet banks offer a variety of features and perks, rushing to lure online customers.
The race is on to increase market share and create customer loyalty with features that make online banking friendlier, more useful, and less expensive. The new generation banks have a tiny share of the market but they are setting the agenda for their larger rivals, The best of India's new private sector banks are small but perfectly formed. Their growth during the past five years has reached a defining moment. Predators set for hostile bids Mergers and acquisitions are reshaping Indian industry. A fourfold rise in takeovers sets the scene for a new round of fee-earning opportunities for bankers.