Its growth and profits put it in an elite global club
have a poor reputation—and for good reason. The state-controlled ones offer cheap credit to the well-connected, have piles of bad loans and are barely accountable. Nor are the private ones flawless. In the past year the bosses of two of the biggest left after concerns were expressed by the Reserve Bank of India: at Axis Bank because of credit problems and at Yes Bank because of governance worries.
The global banks were not wrong about the size of the opportunity. In the Indian market, says Mr Puri, “demand is not an issue”. A vast segment of the population was unbanked or underbanked—not just individuals, but also small businesses.Bank focused on large corporate customers, where its newly hired staff’s contacts were useful. The recruits from global banks brought valuable know-how with them. Notably, it did well in niches where Citi was strong, such as credit cards.
It also sought to serve small companies previously excluded from the financial system. In February it opened its 5,000th branch, giving it by far India’s largest private-bank network. Equally important are the 30,000 employees who promote phone-based banking to shops and individuals in smaller cities and villages. Among the most prominent of these marketers is Mr Puri.
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