Foreign banks focus on strengths to level up India play

India heads see new opportunities as Indian economy gains ground

- ABHISHEK KUMAR & AJINKYA KAWALE

For foreign banks, India remains a strategically important country even as the retail banking segment is out of consideration for most of them. Speaking at the Business Standard BFSI Insight Summit, heads of the largest foreign banks operating in India said they want to focus on their strengths to continue to expand their presence in the fast-growing economy.

"You have to play in a space in which you are dominant globally. If any of your key global products can be adopted in India, you definitely have an edge. As India is getting ready to become the third-largest economy in the world, the capital requirement and finance needs are only set to go up," said Kaku Nakhate, president & country head India, Bank of America.

"Every business corporation has to prioritize as the management bandwidth and resources are limited. You have to play to your strengths. Unlike institutional banking or wholesale banking, where you have an edge being a global institution, retail is a local proposition. There is nothing really global that you are bringing, by and large. There is little differentiation to compete with large private banks that are now capable of offering best technology solutions," said Pramod Kumar, CEO & head of Investment Banking India, Barclays Bank.