In 1994, two of India’s largest private sector banks came into existence, the ICICI Bank and the HDFC Bank. The Indian banking customer, who was so used to the counter number banking of the public sector banks, was pleasantly surprised by the attention he was being given.
India has the second largest population in the world and as per the current trends; it is set to overtake China by 2030. Having a large population can be both a boon and a bane. Till 1991, Indian economy was a mostly driven by domestic players and with burgeoning population numbers, the stress on financial resources was immense.