India has large market for financial services
By siliconindia   |   Wednesday, 04 August 2010, 22:31 IST
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India has large market for financial services
Bangalore: In the last few years, India has emerged as one of the most rapidly growing economies in the world. India has managed to perform far better than other nations. Right from banking system to financial regularities, the country has thrived on discipline and out-performance. The booming Indian economy resulted in widespread growth and arrival of new industries. The most sparkling phenomenon is in form of financial market of India, opined Aditya Puri, CEO and Managing Director of HDFC Bank in an interview to India Knowledge@Wharton. Financial services in the country has taken a giant leap from the days of standing in banks queue for several hours for opening a saving account or trying to get some fixed deposits done. During the recession, for a temporary period, the spreads had widened a lot for Indian corporations and for Indian banks. But they have come back to normal and are now very competitive. Increasing penetration in rural India is easier said than done. Rural indebtedness continues to be a serious problem, and the government's loan forgiveness programs have covered only organized sector bank loans, and not those made by moneylenders. Puri said that HDFC Bank is looking to make 10 million families financially viable at the bottom of the pyramid in the next five years. The budget has taken some good steps, so there will be reasonable chance for the finance sector to have double-digit growth within two years. Technology is playing a key role in the fast growing financial market. Mobile banking facility is making growth of financial sector much faster.

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