India
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The Singapore lender is looking to India in search of new business and growth opportunities, its chief executive Piyush Gupta tells Euromoney. Long term, it aims to emulate onshore the country’s best private-sector lenders, HDFC and Kotak Mahindra.
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Global money is flooding into India to profit from high-performing stocks, a booming economy, and the ease of investing via Gift City, a growing financial hub in Gujarat. Local wealth is flowing the other way, notably to Dubai. It’s a gold mine for private banks, and the process has only just begun.
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AsiamoneyThe German lender’s decision to put its chips on southeast Asia is paying off handsomely. Under the leadership of Asia CEO Alexander von zur Mühlen, Deutsche Bank has doubled its capital in Vietnam and Indonesia, with more to come, moved a host of global roles to the region, and has seen Asean eclipse its India and China business in terms of growth and absolute numbers.
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AsiamoneyCiti’s head of Asia treasury and trade solutions has retired after 40 years at the US bank. He tells Euromoney what he would do if he were a 20-something graduate today, and why it helps to be both a specialist and a jack-of-all-trades in the industry now.
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The 34th annual Asiamoney Brokers Poll is a Vox Populi poll that identifies the leading brokerages for equities research, sales and trading in Asia. Voters are institutional investors who represent fund management firms, wealth managers, hedge funds, pension funds, and insurance companies that trade in Asia.
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While no charges have been laid against the Adani Group, a new Sebi rulebook addresses a key concern that came from the January stock-market controversy.
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KVS Manian has been overlooked in favour of ex-Barclays man Ashok Vaswani. What does it mean for one of India’s finest banks?
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Two new platforms show how India is building on top of its digital foundations.
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AsiamoneyDespite its roots in the region, HSBC’s Asian woes have sometimes seemed endemic. It has been overly dependent on Hong Kong and too often caught in Sino-US crosshairs. But under regional co-CEOs Surendra Rosha and David Liao, the lender has regained its confidence, is more regionally diverse than ever, and is busy posting record profits.
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A handwritten note brings down the curtain on a 38-year journey for bank founder.
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AsiamoneyOutbound Chinese M&A deal-flow has slowed to a crawl even as inbound activity remains steady. So focus in the region is moving elsewhere: to rising India, steady-and-lucrative Australia and even Japan, where once-bloated conglomerates are streamlining portfolios under intense pressure from activist shareholders.
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The Japanese bank is now well placed to take advantage of growing confidence in the country.
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As relative newcomers to India’s financial markets, small finance banks have made considerable progress in attracting customers with little or no credit history. Ittira Davis, managing director and chief executive of Ujjivan Small Finance Bank, tells Asiamoney about initiatives to reach the country’s vast underbanked population.
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Airtel Payments Bank
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Corporate governance challenges and a lack of domestic demand have constrained ESG issuance in India so far. The blowout dual-tranche domestic rupee sovereign green bond in January could be set to change that.
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A two-week period saw Adani Group attacked by a short seller, abandon a $2.5 billion share offer and lose $100 billion in market value. What next? And what does it mean for Modi’s India?
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The 33rd annual Asiamoney Brokers Poll is a Vox Populi poll that identifies the leading brokerages for equities research, sales and trading in Asia. Voters are institutional investors who represent fund management firms, wealth managers, hedge funds, pension funds, and insurance companies that trade in Asia.
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India had a tough time during the pandemic. A sharp decline in consumer spending hit many businesses, which in turn squeezed the banks and led to a 7.3% contraction in the economy in the financial year from April 2020 to March 2021.
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BNP Paribas’s relationship with India stretches back to 1860: since then, the lender has grown steadily, connecting with Indian businesses both inside and outside the country.
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HDFC Bank is India’s largest private-sector lender by assets. It has the scale, processes, expertise and vision to meet the needs of its 70 million-plus customers. Those strengths came in handy when the pandemic roiled markets.
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During Asiamoney’s awards period, India’s investment banking sector saw the best and the worst of times.
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Digitalization took centre stage during the Covid-19 pandemic as customers turned to virtual banking, exposing technological gaps among some of India’s banks.
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IndusInd Bank, India’s fifth-largest private-sector lender by assets, has consistently embraced environmental, social and governance (ESG) policies, ensuring they are embedded in every aspect of its business.
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HDFC Bank is India’s largest private-sector lender by assets. It has the scale, processes, expertise and vision to meet the needs of its 70 million-plus customers. Those strengths came in handy when the pandemic roiled markets.
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Initiatives related to water, waste management, renewable energy, recycling and disaster relief are among the focus areas of DCB Bank’s corporate social responsibility policy. In the past year, its CSR initiatives went from strength to strength, making it the winner of the India CSR award for 2022.
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HDFC Bank is India’s largest private-sector lender by assets. It has the scale, processes, expertise and vision to meet the needs of its 70 million-plus customers. Those strengths came in handy when the pandemic roiled markets.
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Citi, led by India chief executive Ashu Khullar, is one of the biggest foreign banks in India in terms of its balance sheet, deposits and profits. These are important measures, but the US bank also boasts a high-quality book and client portfolio, which proved a great advantage during the pandemic.
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The firm’s wealth management arm positioned itself early for a possible spurt in unicorns in India and the opportunities that may bring. It is now reaping the rewards.
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India is chipping away at the many obstacles on its way to achieving carbon neutrality by 2070. The path is uphill, but will its efforts pay off?
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India is embracing crypto-currencies and has even floated the idea of a digital rupee. These are natural steps for a country whose digital infrastructure is rapidly evolving, but with the future of the policy environment still unclear, details matter.
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The 32nd annual Asiamoney Brokers Poll is a Vox Populi poll that identifies the leading brokerages for equities research, sales and trading in Asia. Voters are institutional investors who represent fund management firms, wealth managers, hedge funds, pension funds, and insurance companies that trade in Asia.
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The new entrants are slowly gaining ground and finding ways to bring change to the financial industry. But their path to growth is handicapped by regulatory roadblocks.
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India’s plan to set up a bad bank is set to be a game-changer for state lenders pressured by rising non-performing loans. But can the country’s authorities pull it off?
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Corporate social responsibility got a big lift in India after the government made it mandatory in 2014 for large firms to spend at least 2% of their profits on such projects every year.
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HDFC Bank’s transformation of its micro, small and medium-sized enterprise (MSME) business over the past few years makes it a worthy winner of this award.
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Axis Bank’s big investment in its digital platform, and the way that has paid off, makes it Asiamoney’s best digital bank in India for the second year in a row.
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DBS Bank’s long-term commitment to India – one of its six core markets, including its home base in Singapore – has not wavered since it first set up shop in the country in 1994. On the contrary, it has only strengthened in recent years, with the firm converting its India operations into a wholly owned subsidiary in March 2019.
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India’s biggest banks all deserve plaudits for steering their firms in the right direction in 2020, despite facing an unprecedented global health crisis.
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India’s biggest banks all deserve plaudits for steering their firms in the right direction in 2020, despite facing an unprecedented global health crisis.
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The 31st annual Asiamoney Brokers Poll invited chief investment officers, fund managers and investment analysts to take part. Voters represented fund management houses, hedge fund & private equity firms, insurance companies and wealth management houses in Asia, Europe and North America.
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When Soumya Rajan left Standard Chartered to form Waterfield Advisors in 2011, her aim was to create India’s best elite-level wealth management firm. Nearly ten years and $4 billion in AUM later, she may well have done just that.
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Edelweiss Private Wealth Management
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Standard Chartered Bank
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The spectacular collapse of a fast-growing private lender in early March has dealt yet another blow to India’s already shaky finance industry, led to the arrest of its founder and thrown a spotlight on the bank’s aggressive lending practices.
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The financial industry has been a mess, hit by defaults, rising bad loans, corporate governance scandals, frauds and, most recently, the government rescue of Yes Bank - the worst may be over, but things aren’t tidy yet.
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Ujjivan Small Finance Bank, winner of Asiamoney’s award for the best firm for microfinance in India, was set up in 2005 as a micro-lending institution, so its credentials in the microfinance segment are unrivalled.
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As a state-owned bank, Punjab National Bank has a big mandate concerning corporate social responsibility. But it is a mission it has embraced wholeheartedly, making it Asiamoney’s choice for best bank for CSR for the second year in a row.
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Nearly every bank in India flags its credentials in two important areas: the digital franchise and small and medium-sized enterprise (SME) clients. Under chief executive Sandeep Bakhshi, ICICI Bank has done a stellar job at bringing those together, tailoring its numerous digital offerings to its vast SME client base – making it Asiamoney’s best bank for SMEs.
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Axis Bank has made digital banking an integral part of its operations for some time now, but last year, its leadership and strength really stood out.
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Winning corporate and investment banking mandates in India is no easy feat: the privately owned banks are not only competing against each other, but also against the state-owned banks and a slew of international banks that have long-standing relationships with clients.
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Citi has beaten other foreign banks in the Indian market for years now, and this year was no exception.
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Privately owned HDFC Bank – Asiamoney’s best domestic bank in India this year – is on the cusp of a leadership change. Long-serving managing director Aditya Puri is due to step down in October, and the hunt for his successor is on. Puri leaves behind a bank with impeccable credentials, strong financials and corporate governance standards that are the envy of the street.
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The 30th annual Asiamoney Brokers Poll invited chief investment officers, fund managers and investment analysts to take part. Voters represented fund management houses, insurance companies, pension funds, sovereign wealth funds, hedge funds and wealth managers from around the world.
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Seizing opportunities and doing the tough things well has made Kotak Mahindra Bank a leading actor in shaping Asia's financial institutions.
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SBI is reshaping India's financial system, continuing to act as the bedrock of local banking life while delivering a profit to shareholders.
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The past decade has not been a happy time for a financial institution once instinctively viewed by many as India’s best-managed private bank; and as for the future… those involved have to keep their nerve.
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The government has done an about-turn on its plans to introduce higher taxes on foreign portfolio investors as it finds ways to boost the equities market. Experts reckon the finance ministry misjudged the state of things.
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When Vishwavir Ahuja took over as managing director and chief executive of Ratnaker Bank in 2010, the lender was a small operator based in the Maharashtrian city of Kolhapur. Along with a group of veteran dealmakers and operators who cut their teeth at Citi or alongside him at BAML, Ahuja transformed RBL (as the lender was re-branded) into a national operator, investing heavily in its public image and in digital banking.
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It hasn’t been the best of times for Punjab National Bank. A colossal fraud spotted in February 2018 came at a bad time for both the bank and for a government keen to sort out its troubled state banks.
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Founded in 2004, Yes Bank embraced new thinking from the outset. It saw early on that it would benefit by honing its marketing message and making its brand and branches look consistent and attractive. But it is in serving the country’s army of small and medium-sized enterprises that it really stands out.
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A good way to identify the best digital provider in any market is to ask the market. When Asiamoney sat down in early 2019 with the chief executives of India’s banks and asked them to identify the best provider of digital banking services, the answer came back crisp and clear: HDFC.
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Wealth management in India is intensely competitive – and for good reason. The number of high net-worth families is set to double by 2025, to 500,000, with a total cumulative net worth of $5 trillion. At least half of that additional wealth will be created by first-generation entrepreneurs, led by the country’s digital barons. Meanwhile, India is reckoned to have between 40 and 45 family offices, with average assets under management of $318 million. All those facts and figures are provided directly by Edelweiss Financial Services, the winner of this year’s award for India’s best provider of private wealth management.
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India has been a tricky market for international banks to gauge in the years since the global financial crisis. Some have quit the market entirely while others have drastically streamlined their product range.
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What makes Kotak Mahindra Bank so good? Is it that it never seems to have a bad year? That its long-term strategic decisions tend to be good ones – in stark contrast to some of its peers?
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This is always a tough award to judge, in large part because being a dab hand in the capital markets does not automatically make a bank a great corporate lender.
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RBL Bank has been transformed over the last decade, from parochial local lender to a second-tier bank with genuine national scale. Its investment in digital and data analytics, and its focus on financial inclusion, suggests it isn’t finished yet.
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Private equity was once a peripheral pursuit in the country – no longer. With many of India’s big companies deep in debt, immersed in bankruptcy proceedings or cut off from bank funding – or all of the above – buyout firms are rushing to fill the void.
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The country’s fintech sector has enormous potential, but it is being hobbled by a host of factors, from inconsistent regulations to a damaging credit crunch affecting local non-bank finance companies.
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Expanded rankings and additional categories, including other comparative and bespoke data, are available for purchase. Please contact Mee Ling Lee at meeling.lee@euromoneyasia.com for our data packages.
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The 29th annual Asiamoney Brokers Poll invited chief investment officers, fund managers and investment analysts to take part. Voters represented fund management houses, insurance companies, pension funds, sovereign wealth funds, hedge funds and wealth managers from around the world. A total of 6,540 valid individual responses from 3,100 different institutions, including 411 hedge funds, were received.
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In both China and India, winning approval to sell offshore bonds can be a torment. One regulator applies the rules punctiliously, the other seemingly without rhyme or reason. It’s a wonder issuers can sell so much.
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Just when everyone thought India’s state-owned banks were on the path to recovery, a $2 billion fraud at Punjab National Bank has knocked confidence in the whole sector and cast doubts on the government’s ambitious efforts to sort out these ailing lenders once and for all.
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Bankers at Edelweiss Private Wealth Management have plenty of tricks up their sleeves to expand their business and win over clients – tricks that are working well.
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When Asiamoney asked a handful of senior bankers at domestic firms in India to suggest the best international bank in the country, their response was almost unanimous. When Asiamoney posed the same question to international banks in India, they didn’t mince their words either. Citi dominates the Indian market among international banks.
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The Asiamoney award for the best digital bank in India was a hotly contested one. Since prime minister Narendra Modi’s unexpected demonetization announcement in November 2016, banks have been pushing out their digital agendas opportunistically, as a large part of the population, along with thousands of businesses, was forced to go cashless.
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In a country like India that boasts millions of micro, small and medium-sized enterprises (MSMEs), catering to their financial needs is critical, especially as SMEs contribute about 45% of India’s industrial output and employ as many as 42 million people.
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Corporate social responsibility has always been ingrained in State Bank of India’s ethos. It goes as far back as 1973 when the idea of CSR was introduced by the firm as ‘innovative banking’, a way to focus on the economic development of the underprivileged in society through non-banking activities.
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Kotak Mahindra Bank has a reputation in India for being almost infallible. Rival bankers hold the bank in high regard, especially for its business acumen, leadership, governance and deal-making ability.
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Kotak Mahindra Bank has a reputation in India for being almost infallible. Rival bankers hold the bank in high regard, especially for its business acumen, leadership, governance and deal-making ability.
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Domestic banks say that even if foreign rivals haven’t given up the ghost already, they face a tough future in India. International banks see a brighter future beyond meagre fees as Indian markets mature. They can’t both be right.
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In an exclusive interview, Baroda chief executive PS Jayakumar admits failings in the bank’s South African operations, but denies institutional wrongdoing.
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The expanded rankings and additional categories, including other comparative and bespoke data, are available for purchase.
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The 28th annual Asiamoney Brokers Poll invited chief investment officers, fund managers and investment analysts to take part. Nearly 6,700 valid responses were received from voters representing fund management houses, insurance companies, pension funds, sovereign wealth funds, hedge funds and wealth managers from around the world.
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Singaporean bank adds to Indian franchise, but profitability of new ventures remains some way off.
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India’s fifth-largest private-sector bank, Yes Bank, has been a clarion voice in India’s long drive to increase onshore financial inclusion since its formation in 2004. Later this year, its in-house business accelerator, aimed at boosting digital banking participation and unearthing the country’s next generation of great technology entrepreneurs, will open its doors in Mumbai.
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Over the next few decades, this will be one of the most highly coveted awards in India – and perhaps the world. The number of high and ultra-high net-worth individuals is rising fast: India is now home to the fourth-highest number of HNWs in Asia, according to a 2016 Capgemini report.
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Few lenders of global scale can claim to dominate their foreign peers in a big market quite like Citi does in India. HSBC and Standard Chartered are embedded veterans of Asia’s third-largest economy, with operations spanning most of the big urban centres, but none can touch Citi. The US lender is by far the largest foreign distributor of credit cards – 1.8 million and counting – and the leading overseas player in onshore wealth management, with assets under management of $4.6 billion. Citibank India posted pre-tax profits of $872 million in the financial year to the end of March 2016.
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Kotak Mahindra Bank is an elite financial institution, but what often surprises people is the speed with which is has become such a mainstay across corporate and investment banking. Kotak is virtually ever-present in the corporate finance sector, banking India’s leading industrial groups, but also focusing heavily on the country’s army of future corporate stars.
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No other private-sector bank in India lends more to micro or small and medium-sized enterprises. ICICI Bank has been a champion of SME lending since its formation in 1994, and it remains a consistent financial supporter of thriving young firms, which manufacture 40% of India’ exports and provide employment to 80 million people in south Asia’s largest economy.
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Every lender in India now takes its digital banking services seriously. Prime minister Narendra Modi’s decision to effectively de-cash the economy in November 2016, which led to millions of unbanked citizens opening digital wallets and downloading mobile banking apps, made sure of that.
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India has bigger banks than HDFC Bank, particularly in the state sector. It also has some extremely successful and powerful private banks that were strong candidates for this award. But no bank in India is better run than HDFC.
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Ashish Kumar Chauhan transformed Indian broking not once but twice, co-founding the National Stock Exchange before jumping ship and joining its rival, the Bombay Stock Exchange, which has just completed its IPO. What lies ahead as competition between the two exchanges intensifies?
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If this was supposed to be the century of the woman, no one thought to tell the international banking community. One country alone has closed the gender gap, and it happens to be Asia’s fastest-growing large economy. Step forward India, where the top ranks of finance are filled with high-flying women.
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November 8, 2016, will go down in history as the day Donald Trump, a real estate mogul and reality TV host, was elected the 45th president of the United States and leader of the free world – but, in India, it marks a perhaps equally surreal event: demonetization. Can the scrapping of bank notes used in the bulk of the nation’s cash transactions finally catapult this long-time financial laggard into the 21st century?
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The OECD’s arguments in favour of a higher credit rating are endorsed by experts taking part in Euromoney’s country risk survey.