Indian banks among world's top ten within 15 years: Report

Mumbai Nov 26 (UNI) Stating that the Indian banks are well in course to be the best in the world, leading management consultancy firm Mckinsey&Co Chairman and Director Dominic Barton said within next 15 years three Indian banks will be among the top ten global banks.

The Mckinsey report on Indian banks was presented at Indian Bankers Conference today in Mumbai which was based on a survey of 14 Indian banks. The report pointed out that IT efficiency of the Indian banks are best in the world and organizational capabilities are comparable to the global standards.

Pointing out that Indian banks have provided maximum returns to their investors compared to the global banks, the report stated that Indian banks profile are stronger than average multinational banks.

However, the survey pointed out some grey areas in the India banking system, one of which was the credit management policy where it said ''the incumbent banks should strictly monitor the credit management system''.

Currently, 47 per cent of total Indian savings are accessed by the financial services, the report said.

The report added that 58 per cent of Indian bank customers are ready to pay for the financial advice.

The report also said that the total market capitalization of top 30 global banks which is at USD 2.5 trillion, will a touch a figure of USD 8.5 trillion by year 2020.

UNI