Indian banks, hoping to offset a slow recovery in corporate lending, are pushing into credit cards and personal loans, using blanket advertising, cold call campaigns and even sending employees to malls to lure customers.
Lending to companies has traditionally been the mainstay for banks in Asia’s third-largest economy. But as India emerges from two years of slower economic growth, those loans are sour, large investment projects are stalled and company profits lacklustre.
Meanwhile, retail borrowers have escaped largely unscathed, with income levels still growing, albeit at a slower pace, and no large-scale job losses.
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