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. These banks created branches that were a breath of fresh air when compared to the dingy and often cramped branches of the PSU banks. The power to withdraw money at any time from the new age Automatic Teller Machines (ATMs) revolutionized the whole banking experience.

      One of the most important step these banks took was make credit cards and auto loans a must have with an average middle class Indian. The cars which seemed out of bounds became just a loan away and that desire to wear expensive brands was just a card swipe away. The traditional Indian mindset of saving money was slowly giving way to an enterprising Indian who was not afraid to live a king-size life, on credit. And to fulfill his desires, the consumer companies came with a plethora of marketing activities and some gimmicks. The consumer market had to be captured at all costs.

      What helped these companies was the coming of satellite television. These satellite televisions offered the advertisers multiple ways to invade the homes of the consumer. The entertainment starved Indian consumer was lapping up everything that was being served. It was a party, for the banks, for the media for the companies and of course for the end consumer.

      As the influx in the cities increased dramatically, the cities had to expand leading to creation of suburbs like Gurgaon, Noida, New Mumbai , Thane etc, Expansion meant more housing units being created, more infrastructure being developed, hence leading to a boom in mortgage lending.