Banking in India remains a service in acute short supply both in terms of the people it reaches and the amount of credit that passes through the system. Close to half the country’s population have no access to a bank. Indian households park less than half their savings in the financial system. And banks lend just over a half of the national income. India is thus doing a lot of its business without banks. This reflects in the stature of our banks on the world stage: not one, including the state-owned behemoth State Bank of India, figures in international banking’s top league........
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