India has a rapidly growing Banking and Financial Services sector based on sound fundamentals. Total banking assets of about $450 billion in 2004 with a growth of 15% p.a. since 1991.Liquid and well regulated equity markets – Market cap of over $450 billion. Turnover has grown to $1,170 billion in 2003-04 from $285 billion in 2002-03.Mutual Funds assets of $45 billion with growth of 13% p.a. since 1993 when private mutual funds were launched.40 Venture Capital and Private Equity Funds operate in India.

Reserve Bank of India (RBI), India’s central bank is the regulator for the Banking and Financial Services industry. Foreign banks can do business in India either by setting up branches or through a wholly owned subsidiary, after approval by RBI. Indian private banks can be 74% foreign owned, with a 5% cap on ownership by any one entity.

Total banking assets are expected to double and grow to $915 billion by 2010 - a CAGR of 15%. Mutual Funds: Assets Under Management (AUM) are expected to grow by 15% till 2010. Retail Finance is expected to grow at an annual rate of 18%, from $27.6 billion in 2003-04 to $64.2 billion by 2008-09.

Several factors favor high growth :  

• Demographic profile favors higher retail off take - 54% of the population is in the 15-35 years age group.

• Capital expenditure by the Government and private industry is expected to grow at a high rate.

• Economic growth of about 12% p.a. in nominal terms.

 SME lending, a largely untapped market, presents a significant opportunity - SMEs account for 40% of the industrial output and 35% of direct exports. Investment opportunity across all segments in the Banking and Financial Services sector.

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