Riding the retail wave

With India's burgeoning middle-class, and a relatively young population - about 500 million Indians are below the age of 24 - there is growing hunger for credit cards, auto and consumer loans, and a host of other products.

And banks, especially the new crop of private sector institutions, have been feeding this monstrous demand for credit with a slew of innovative products. India's retail banking industry grew by a whopping 120 per cent in 2005, and total asset size has topped US$ 65 billion.

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