Women, an important target segment for retail banking

Indian banks need to focus on the large number of working women who constitute an important target segment for retail banking.

Indian banks need to focus on the large number of working women who constitute an important target segment for retail banking, said HSBC India CEO Niall Booker.

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Speaking at a seminar on Tuesday organised jointly by the Indian Merchants' Chamber and the Indian Banks' Association (IBA), Mr Booker said that he was surprised that this segment has not yet received the attention it deserved.

"This segment along with home and retail loans will drive retail banking in the future," Mr Booker said.

The HSBC India Chief also said that Indian banking has matured rapidly in the last few years and today "several foreign countries and institutions are adopting best practices from India."

Foreign banks are very much interested and intrigued by developments in Indian banking," Mr Booker said and added that it was possible for India to produce eight-to-ten world-class banks in the near future.

"However, for this, the concept of amalgamation has to be accepted as it is critical for global competitiveness," he added.