Bangalore: Indian banks no longer see a threat in the foreign counterparts, due to the inadequate strategies. "Unless they bring in a lot more money and come up with a completely differently strategy, the foreign banks are no serious competition," said Aditya Puri, HDFC Bank, Managing Director. The competition has now turned between the private sector and public sector banks rather than the foreign and Indian banks. India, by and large, in the financial services sector, is an under penetrated market, reports The Economic Times. The ratio of retail loans to GDP, they are 10-12 percent, may be 14 percent arguably, depending on the estimates There are very few countries that have a ratio of less than 50 percent. Almost 60-70 percent of the people who come to borrow from the banks in India are first time borrowers. So, there's no shortage of demand in this country. GDP is growing at arguably 6 percent or 6.5 percent. That means, overall systemic credit is growing at about 18 percent. "I think, there's enough for everyone and if we handle it properly, we will continue to have a safe and secure banking system," he said.