GE Money wants to enter the Indian banking market

GE Money wants to enter the Indian banking market

US financial major GE Money has shown interest in establishing a presence here in the Indian market. The company is currently carrying out a feasibility study on “routes” to be adopted before approaching Reserve Bank for approval.

GE Money CEO and President (India) Vishal Pandit said in a statement about their plans: “We are carrying out a feasibility study on routes to be adopted to start banking operations in India. Once the report is submitted, we will work it out with regulator RBI.”

However, the company has declined to reveal a timeframe for their scheduled entry into the Indian market. As per rules laid down by the Reserve Bank of India, a foreign company can acquire a stressed private bank in India, but there are no clear-cut definitions of stressed bank.

Pandit added about their plans: “Our total retail lending in India was Rs 5,000 crore in 2005 and we expect it to grow by 40 per cent in 2006.”