How is the Indian consumer banking market different from that across the world?
The Indian consumer banking market has been growing at 30 per cent year-on-year. Despite this, the credit to gross domestic product (GDP) is relatively lower compared with other geographies, where it is as high as 70 per cent. India can still grow 10 times. The consumer finance market in India is at a jump-off point. The Indian market is very competitive because you have existing foreign banks, private banks, new foreign banks and public sector banks. Everybody wants a share of this market. We have been in India for over 150 years. China is a significant market for us, but India is a critical market. India is the second most profitable market in the world. It contributes around 16 per cent to the bank’s revenues. Is your consumer banking business in India being restructured? We are moving to a customer-led focus, where products are being designed keeping various customer segments in mind. From being a broad-based credit card provider, we have now become selective and are focusing on th
