The Indian banking sector is at the threshold of exponential growth. According to a PricewaterhouseCoopers report, India may well be the third largest banking hub in the world by 2040. Attracted by the idea of servicing a fast growing economy and the promise of a liberalised scenario in 2009, a host of foreign banks — The Royal Bank of Scotland, Royal Bank of Canada, Credit Suisse, and Switzerland’s UBS AG among others – have either applied to or are in talks with India’s banking regulator, the Reserve Bank of India (RBI), for licences.
