Private banking in India has long been a bit of a hokey-cokey business. Global wealth managers were either all in or all out; rarely was there much in between.
In the 2000s, US and European lenders, attracted by a series of financially liberal governments and the rapid creation of new wealth, rushed to get licences to offer services to a growing army of privately wealthy clients.
Then, in the 2010s, many reversed course.
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