"India is where China was ten years back," says Mr Kamath, chairman of icici. That is certainly true by size. India's gdp amounts to about a quarter of China's today and its banking industry just a tenth. But in at least one respect India is well ahead: it has several dynamic privately owned banks that over the past decade have taken a fifth or so of the market from the state-controlled banks. Until the financial crisis in the West the private banks seemed to offer a template for the entire industry: within a decade or two, it seemed, the state would retreat significantly. Now India's mixed model of banking is likely to persist for longer.
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