New private sector banks growing faster than the industry (The Hindu Business Line 26th Dec 2007)The country’s newly licensed private sector banks’ business has, in recent years, grown nearly twice (1.75 times) as fast as that of the banking industry as a whole. This is revealed by an analysis of the data from the RBI publication (Trends and Progress of Banking in India) on deposits and advances mobilised by the industry between 2001-02 and 2006-07. Growth rate The banking industry’s business grew from Rs 18.51 lakh crore as of March 2002 to Rs 46.19 lakh crore by March 2007. The annual growth rate calculated on a compounded basis worked out to roughly 20 per cent.In contrast, the new private sector banks registered a growth of roughly 35 per cent per annum, having grown from Rs 1.64 lakh crore to Rs 7.36 crore during the same period. More PSU banks see need for hiring specialists (The Hindu Business Line 26th Dec 2007) Faced with stiff competition from new generation private sector i...
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