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Daily Dispatches: Retail banking and hedge funds drive Indian financial services

India feeling the pain

India feeling the pain

Jobs growth in Indian financial services looks set to be fuelled by retail banking as corporate and investment banking face headwinds.

Banks in India are focusing on retail credit. The Reserve Bank of India said retail loans rose by 13.5% this February compared with an increase of 12.2% in February 2012.

Meanwhile, corporate credit demand has slowed amid an economy growing at its slowest pace in a decade. And investment bankers in India face weak share-sale activity and a new regulatory requirement to sign an integrity pact.

Pramit Jhaveri, Citigroup’s India CEO, told Finance Asia recently that India was a difficult place to make money for institutions that are “one-dimensional”.

However, there is some good news for Indian hedge funds, reports the Economic Times. Local funds are eager to show off double-digit returns in the hope of drawing wealthy Indians and succeeding where overseas players have failed.

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