The story remains one of a potentially enormous banking system that is held back by the slow pace of structural reform -- and a large number of people who are too poor to require the services that can be offered. In the short-tern, an air of caution prevails. The Reserve Bank of India has moved to tighten policy -- as a pre-emptive strike against inflation -- and the banks have been less-than aggressive in their lending. The loan/deposit and loan/asset ratios have been falling in India.
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