Country Overview
Banking System
The Reserve Bank of India (RBI) is the supreme monetary authority responsible for controlling the banking system in the country. According to the Reserve Bank of India Act, 1934, banks in India are classified into scheduled and non-scheduled banks. At present, there are 170 scheduled commercial banks in the country, which includes 91 regional rural banks, 19 nationalized banks, 8 banks in State Bank of India group and the Industrial Development Bank of India Limited. Besides, there are only four non-scheduled commercial banks in the country. The Indian banking sector is divided into four categories, with the largest market share held by banks in the public sector. Citi operates 42 full-service Citibank branches in 30 cities and over 700 ATMs across the country.

The Reserve Bank of India (RBI) is the central bank of India whose primary function is to manage and govern the financial system of the country. It is a statutory body established in the year 1935 under the Reserve Bank of India Act, 1934. The central bank regulates the issue and supply of the Indian rupee. It also looks after the central government’s money. The central bank plays the role of the bankers’ bank and regulates the banking sector. It also plays an important role in India’s development story by supporting the government in its developmental projects and policies.

The head office of the RBI, in Kolkata when the bank was established, was shifted to Mumbai in 1937. Originally, the bank was privately owned. However, after Independence, it was nationalised in 1949 and is now fully owned by the Government of India.

Citi in India
*Citi began operations in India over a century ago in 1902 in Kolkata
* Citi is the largest foreign direct investor in financial services in India with a total capital commitment of approximately US$4 billion in its onshore banking and financial services business and its principal and alternate investment programs
* As promoter-shareholder, Citi has played a leading role in establishing important market intermediaries such as depositories, credit bureau, clearing and payment institutions
* Citi operates 42 full-service Citibank branches in 30 cities and over 700 ATMs across the country
* Citi is an employer of choice to about 7000 people
* Citi is the preferred banker to more than 40,000 small and mid-sized companies across India
* Citi helped lay the foundation of the Indian software industry by establishing Citicorp Overseas Software Limited and Iflex Solutions Limited. Citi pioneered the ITES industry in financial services through Citigroup Global Services Limited (CGSL).
Head Office Address
Citibank, N.A. Citigroup Centre 6th Floor Bandra Kurla Complex Mumbai 400051 India

Key People Citi India
Pramit Jhaveri – Citi Country Officer
Anand Selvakesari – Country Business Manager, Global Consumer Group
Ravi Kapoor – Head Global Banking
Abhijit Sen – Country Finance Officer
Sudeep Yadav – Head Citi Transaction Services
Piyush Agrawal – Chief Risk Officer
Pankaj Baishya – Country Treasurer
Link to access Bios of Citi India Seniors:


Citigroup to Expand Credit-Card Business in India
By Nupur Acharya
May 25, 2012 9:22 am ET

MUMBAI— Citigroup Inc. C -1.73% is planning to expand its Indian consumer-banking operations by ramping up its credit-card business and adding one million new customers from the urban middle class over the next two to three years.

The plans are a sharp change for New York-based Citigroup, which along with several other foreign lenders was burned by bad debt not too long ago as the global economic crisis led many customers to default on credit-card and personal loan payments.

But the environment has become better, with new credit bureaus providing detailed information about borrowers—which is critical for assessing risk profiles of customers.

"Though there are uncertainties, the trends are pointing toward potential opportunities, and we are focused on the right target segments," Anand Selvakesari, who heads Citibank's India consumer banking business, told Dow Jones Newswires in a recent interview.

He added that Citi India expects the unsecured credit-card and personal loan segment to swell by 25% to 30% in this financial year through March 2013, and the mortgage lending business to grow 15% to 16%.

The consumer business contributed 41% to Citi India's total revenue of 82.16 billion rupees ($1.48 billion) in the year ended March 31, 2011.

"We are now clear about the opportunity and the trends in the market and we want to be ahead of the curve on these trends," Mr. Selvakesari.

Citi's bullishness runs contrary to complaints from other foreign companies, which say that India's slowing economic growth, a lack of new government initiatives and recent regulations have tarnished the country's appeal as an investment destination.

But the size of the market is difficult to ignore.

Spending through credit, debit and pre-paid cards in India grew at 28% between 2009 and 2011 to 1.5 trillion rupees.

About 60% of the total spending was through 17 million credit cards while 33% came from 280 million debit cards, Mr. Selvakesari said.

Citi was among the most aggressive in the credit cards business in India before the global slowdown struck in late 2008.

It was forced to shrink its business to 2.2 million cards by February 2012 from 3.2 million in January 2008. It also mothballed Citifinancial—its nonbank finance arm—which was once the face of consumer finance for the U.S. banking company's India operations.

Citifinancial, which had a portfolio of 26 billion rupees at the end of March, is only servicing existing customers. The bank has been looking to sell the business, but it hasn't found any buyers yet.

Local private-sector lenders such as ICICI Bank Ltd. and HDFC Bank Ltd. have been shying away from unsecured loans in the aftermath of the 2008 crisis.

But a recent Mckinsey report estimates that India's personal consumption, an indicator of consumer spending, is poised to nearly double to 85 trillion rupees by 2015. The consulting company expects the emerging affluent segment, with annual incomes of 300,000 rupees to 1.5 million rupees, at about 20 million individuals.

It is from this segment that Citi plans to draw its one million new customers from, making up a 5% to 6% market share.

Write to Nupur Acharya at


Dead India bankers:

2008: Sushad Kumar Patnaik