Only continued success will show that Indian finance has truly changed
Yet Indian banks’ recent annual earnings have been spectacular. State lenders have led the way: Canara Bank’s net earnings jumped 87% against last year, Union Bank of India’s 61% and’s earnings rose by 37%, Kotak Mahindra’s 28% and’s 19%. JPMorgan Chase, global banking’s benchmark for excellence, offers a return on equity of 14%. India’s state-owned banks generate, on average, over 11% and private banks almost 15%.
Outside expertise helped the process along. In 2015 Raghuram Rajan, a professor at the University of Chicago who was then the head of India’s central bank, initiated an “asset-quality review”. Write-downs and failures followed, notably in energy, steel and telecoms. Political and business leaders faulted Mr Rajan for pushing reforms, which they saw as throwing a wrench into the economy. His tenure did not extend to a second term.
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