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India: special focus

Euromoney's latest coverage of macroeconomic, FX, fixed income and equity market trends in the Asian powerhouse.

Visit our India channel for the most recent coverage

Bric: special focus

Emerging markets: special focus

Grameen Capital to be part of conscience-capitalism ecosystem

January 2018

CEO has broader ambitions as firm turns 10; impact investing still modest in Asia but growing.


Trade finance survey 2018

January 2018

Domestic best service: India

Domestic best trade finance providers: India

Alternative awards of the year 2017

December 2017


The 'thinking outside of the sandbox while boiling the ocean' award for corporate speak: State Bank of India.

New SBI chairman wants financial strength above all else

December 2017


Arundhati Bhattacharya left big shoes to fill as chair of State Bank of India, but Rajnish Kumar’s arrival has coincided with a handy recapitalization of public sector banks that will help him achieve his main aim.

Asiamoney cash management survey 2017: By country

December 2017


NPCI: The backbone to India’s payments revolution 

December 2017

India receives global attention for its digital innovation as a tool of financial inclusion, but it couldn’t get off the ground without a unique non-profit institution charged with creating the infrastructure.


Asiamoney brokers poll 2017

December 2017

Asiamoney brokers poll 2017: India

Best local brokerages: India

China v India in Reliance Communications spat

December 2017


News broke last week of an intriguing insolvency petition in India: under the new Insolvency and Bankruptcy Code, high-profile disputes are now commonplace, but what’s interesting here is it pits a Chinese policy bank against an Indian private-sector corporation.

India recaps public sector banks

November 2017

Recapitalization bonds will repair balance sheets; next step will be writing off bad loans.

How Paytm went big on Indian demonetization

November 2017


India’s biggest fintech has doubled its user base in a year and is on track to have 500 million customers by 2020. It is backed by Ant Financial and Softbank and spurred by state policy on financial inclusion. How far can Paytm go?

Cash management: Asia sets the gold standard in digital

October 2017


Asia’s disparate markets and economies have found common ground in the widespread adoption of digital technology. Starting with consumer clients, expectations are rising up the banking chain and banks need to keep pace.

DBS goes digital in Indonesia

October 2017


Singaporean bank adds to Indian franchise, but profitability of new ventures remains some way off.

Asia's best bank for CSR 2017: State Bank of India

July 2017

Awards for Excellence 2017.

Country Risk Survey Q2 2017: Russia, India, rest of Asia back on radar; Portugal most improved

July 2017 


Euromoney’s latest Country Risk Survey shows a gradual rebalancing of risk scores this year, as the aftershocks of the global banking and sovereign debt crises wear off, political risks tied to the European electoral cycle fade, and capital access improves for EMs.

India’s risk spike is a temporary pause

July 2017


The country’s longer-term credentials are unchanged.

Asia: State Bank of India sets global strategy

June 2017


Bedding down a six-sided merger domestically; international activity to be 20% of total book in three years.

Asia: The rise and rise of India’s challenger firms

May 2017


Whip-smart M&A boutiques and upstart full-service investment banks are making waves in India, profiting from the retreat of global investment banks. But how much further can they go? 

India’s banks dial in on demonetization

April 2017 Senior bankers hail acceleration of digitization; impact felt across financial services industry.

Indian banks respond to Modi's demonetization shock therapy

April 2017


November 8, 2016, will go down in history as the day Donald Trump, a real estate mogul and reality TV host, was elected the 45th president of the United States and leader of the free world – but, in India, it marks a perhaps equally surreal event: demonetization. Can the scrapping of bank notes used in the bulk of the nation’s cash transactions finally catapult this long-time financial laggard into the 21st century?

India: It’s a woman’s world

April 2017

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If this was supposed to be the century of the woman, no one thought to tell the international banking community. One country alone has closed the gender gap, and it happens to be Asia’s fastest-growing large economy. Step forward India, where the top ranks of finance are filled with high-flying women.

Ashish Kumar Chauhan: India’s stockbroking supremo

April 2017

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Ashish Kumar Chauhan transformed Indian broking not once but twice, co-founding the National Stock Exchange before jumping ship and joining its rival, the Bombay Stock Exchange, which has just completed its IPO. What lies ahead as competition between the two exchanges intensifies?

Country risk: India upgrade is long overdue

March 2017

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The OECD’s arguments in favour of a higher credit rating are endorsed by experts taking part in Euromoney’s country risk survey.

Modi’s demonetization catches India on the hop

December 2016

Scrapping large-tender notes sparks panic; ‘black economy’ crackdown prompts cash squeeze.

China and India: A tale of two New York IPOs

November 2016

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ZTO Express underlines US affection for ambitious Chinese firms; Azure Power shows how much farther India’s have to go.

Subramanian’s brief moment of online passion

November 2016

Pity Arvind Subramanian – he has a tough enough job as it is as chief economic adviser to the government of India without further distraction.

India’s resurgent IPO market banks on insurance

October 2016

ICICI Prudential Life reinvigorates IPOs; slew of smaller listings ready to follow.


Financial inclusion: Biometric banking and the $600 billion opportunity

September 2016

An extraordinary revolution is taking place in digital banking in India. Driven by the state, it is anchored on a billion-strong biometric database to finally bring financial inclusion to a country that needs it more than any other. Banks may face a binary outcome: be quick or be dead. Understanding India’s push into biometrics

September 2016

From Aadhaar to iSPIRT – your guide to Indian biometrics.

How financial inclusion will change the face of banking

September 2016


Technology is finally bringing banking services to the unbanked in both developing and developed markets. While technology companies are driving this transformational shift, it looks increasingly likely that traditional banks will ultimately be service providers. They have everything to gain if they can form partnerships and create a long-term strategy.


Asia: Bhattacharya stakes her reputation on transforming State Bank of India

September 2016

Arundhati Bhattacharya already had one of the toughest jobs in India as chairman of State Bank of India. Not only is it the country’s largest financial institution, but it is also woven inextricably into India’s social fabric. She has made her job harder still by proposing a seven-sided bank merger. But as technological innovation increases and as asset quality plunges across public banks, bigger may not necessarily be better.

Asia: State Bank of India – communicating to the masses and turning to tech

September 2016

Arundhati Bhattacharya is an SBI veteran: she joined in 1977.

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Asia: Driven Kapoor breaks the mould

August 2016

Yes Bank, started just 12 years ago, is one of India’s fastest growing lenders – and the most interesting by far. Its founder and CEO sits down with Euromoney to discuss risk management, cost cutting, divine intervention and why he doesn’t do the ‘wow’ factor.

Reserve Bank of India: Why did Rajan go?

August 2016

All eyes are on the expected appointment of a new Reserve Bank of India governor, but nobody is quite clear why there needs to be a new one.

Masala debut at last

August 2016

HDFC launches first corporate masala bond; others may be slow to follow.

Country risk: India takes a rain check, but it’s no monsoon  May 2016 

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Its sovereign risk score has eased back this year as doubts begin to creep in, but India remains worthy of investment grade.

India: DBS's digibank launch brings in biometric banking April 2016 

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DBS’s launch of a new digital bank in India provides a test case for a branchless model of banking in Asia that will influence a dozen other markets in the years ahead.

India: Globalizing the rupee

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March 2016 

China is well on the way to creating a global currency, with a little help from the IMF. But what of India, the other economy set to dominate the 21st century? Will the rupee come to rival the renminbi and the dollar, or will poor planning and weak infrastructure undermine its ambitions?

Private banking: Ways to win with India’s wealthy February 2016

India has been a tough market for global wealth managers, ground down by rising costs and regulation. But private wealth is growing fast, offering long-term profit for those with patience and persistence.

Indian IPOs: back in vogue, for now

December 2015

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ECM re-emerges from lengthy slump; foreign investors jump on slew of mid-sized IPOs.

Country risk: Hungary, India and Thailand among EMs resilient to shocks

November 2015

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"Income shocks have been the name of the game for emerging Asia in 2016. Not everybody has suffered. India is the big winner."

India: Rajan reveals Masala bond rules November 2015

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Annual cap of $750 million, five-year maturity; corporates, real estate and investment trusts can issue.

Country risk survey results Q3 2015 dominated by China’s jitters, Brazilian crisis and EM capital shock

October 2015

India’s prospects stand out among the larger EMs as one of the fastest-growing economies worldwide.

Euromoney Country Risk survey results H1 2015: In search of safe havens with Greece on the brink July 2015

Although India lags China in terms of its economic development, and is vulnerable to shifting market sentiment, its growth is expected to be stronger than China’s, and its external risks have eased.

Country risk expert insight – Q1 results: India

July 2015

The results of the latest Euromoney Country Risk quarterly survey saw India’s risk score rise 0.61 points. Year-on-year, the score is up by an impressive 2.72 points. With a score of 52.74, the country sits at 56 in the global ECR rankings. ECR asked two experts for their opinions on the reasons behind the improvement.

Indian ECM volumes set to rise, while fees stay low

March 2015

A number of eye-catching deals in the Indian market in 2015 are creating excitement for bankers about the potential pipeline of deals this year.

Dark clouds still loom over India IPOs

November 2014

The feelgood factor from the election of Narendra Modi as prime minister does not seem to be translating into better fees for IPO bankers – yet.

Rajan’s surgical strikes

October 2014

Reserve Bank of India governor Raghuram Rajan is battling inflation and crony capitalists to open a new chapter in the Asian superpower’s growth story. Rajan – Euromoney’s central bank governor of the year 2014 – reveals his blueprint for reforms and issues a stark warning about the cracks in the global economy.

Central bank governor of the year 2014: Rajan emerges unscathed from Indian baptism of fire

October 2014

Reserve Bank of India governor Raghuram Rajan’s tough monetary medicine combatted the storm ravaging the deficit-ridden economy in the recent emerging market crisis. Now, he is battling vested interests to arouse a sleepy financial system for over one billion people.

RBI’s Rajan sounds alarm over breakdown in global coordination

October 2014

A lack of international monetary policy coordination and efforts to beef up the IMF to reflect the newfound clout of emerging markets (EMs) raises the risks of trade protectionism and market volatility, Reserve Bank of India (RBI) governor Raghuram Rajan tells Euromoney.

Modi makeover ignites India’s banking leaders

September 2014

In exclusive interviews, leaders of Indian finance reveal how banks, nursing wounds from the recent credit boom, should be set free from the shackles of state control, as reformists raise hopes of a new dawn for Indian capitalism. A jolt, not a tweak, to the financial system is desperately needed.

India: Waiting game continues for foreign investment banks

September 2014

Even in a bullish scenario where a Rajan-Modi dream team unleashes reforms – from PSL to the bond market – in an economic super-cycle that sees public lenders recapitalized, foreign investment banks could still be chasing rainbows in India. It is an over-banked market, with dozens of fee-hungry institutions jockeying for business.

Unchain Indian finance

September 2014

India needs a litany of reforms to unshackle its stalled capitalist project. Modi’s government should take inspiration from the paradox of Singapore’s activist state and strong private sector.

Brics bank: requiem for a dream September 2014 Incensed by their failure to reform, Brics policymakers have established a flawed rival to the World Bank and IMF. Rhetoric aside, the west dismisses emerging-market dissent over the broken financial architecture at its peril.

UAE/India debate: Trade and investment corridor booms September 2014 The economic ties between the UAE and India have gone from strength to strength in recent years and are set to deepen further. The UAE not only offers India the promise of investment in its creaking infrastructure, but a compelling investment environment for Indian companies and a staging post for expansion. Conversely, Asia’s third largest economy offers Arab companies growth opportunities.

Risk experts remain cautiously optimistic about India’s prospects

September 2014

The sovereign’s fortunes are still improving since the sell-off last year sent the rupee spiralling downwards. With India now back on investors’ radar, Euromoney’s Country Risk Survey contributors offer their thoughts on what lies ahead.

Is India bouncing back?

June 2014

The world’s biggest democracy saw its risk score improve in the lead up to the elections, which might be the start of an upward trend.

India's investment bankers: A la Modi

June 2014

A new government could herald a more lucrative time for investment bankers in India.

Fed effect vs Modi effect: the rupee-appreciation story

May 2014

After the rupee’s spirited rally in line with the ascent of newly installed Indian prime minister Narendra Modi, analysts say rising US yields could undercut the currency, while others claim strong equity inflows and an improvement in the current account suggest appreciation for the rest of the year.

India worse than Iran for repelling foreign company investment: Trapped cash pulse survey

March 2014

International companies are less likely to invest in India than Iran due to the seemingly more onerous regulatory and tax regime of the world’s largest democracy, according to a pulse survey conducted by Euromoney.

China, India and Russia worst offenders in trapping company cash: Trapped cash pulse survey

March 2014

Treasury professionals of companies with combined annual sales of more than $250 billion have voted China, India and Russia as the worst countries to repatriate company funds from, according to Euromoney’s ‘trapped cash’ pulse survey.

Investment risk: What the fragile five also share

March 2014

Brazil, India, Indonesia, South Africa and Turkey have more in common than macroeconomic numbers.

Making sense of the fragile-five category of emerging-market laggards

February 2014

Although market players discern substantial differences between the fragile-five economies – notably in their current-account profiles – they remain, as a group, especially vulnerable to domestic and international market shocks, says bearish analysts.

Emerging-market rout: this time it’s personal

January 2014

Emerging-market assets have fallen thanks to domestic policy risks, rather than Fed-tapering fears, triggering market contagion, as Turkey and Argentina lurched into crisis mode. However, India’s economic rebalancing shows the way forward for EMs out-of-market favour.

India still a crumbling Bric as China strengthens: ECR Q3 2013

October 2013

India is waning due to its political uncertainties, lagging reforms, slow growth and currency weakness boosting debt.

India continues battle on rupee volatility

September 2013

Raghuram Rajan, the new head of the Reserve Bank of India (RBI), has his work cut out to turn around the fortunes of India’s economy, with the rupee coming under renewed pressure, having staged a brief recovery immediately following his appointment. 

India slowdown sparks debate over threat from shadow financing

September 2013

Concerns are mounting about the risks to India’s financial health posed by a growing shadow banking sector that has helped fund a decade-long investment-fuelled consumption and investment boom. 

Devil is in the detail in EM currencies

September 2013

Among EM currencies, Morgan Stanley’s strategists named India’s rupee, South Africa’s rand, the real, rupiah and lira the “fragile five”. Still, investors should beware tarring all five with the same brush, some analysts say.

India battles to control rupee volatility as Fed tapering nears

August 2013

The Indian rupee is likely to remain under pressure despite central bank efforts to slash spot dollar demand, including lending dollars from its reserves to state-run oil companies, but analysts are split over its prospects for the rest of the year. 

Can RBI governor-designate Raghuram Rajan save India?

August 2013

With India’s faltering economy lurching from bad to worse the country’s central bank governor-designate has his work cut out to tackle problems ranging from a falling currency and high inflation to urgently needed structural reforms. 

Rupee depreciation exerts costly toll on India's risk profile

August 2013

India’s ECR score hits a three-year low as spiking inflation and a plunging rupee exact a heavy economic toll at a time of fragile growth. 

India at a watershed as it confronts the spectre of stagflation

July 2013

The Brics economies are all experiencing difficult growing pains, but India is probably most at risk of being left behind, afflicted by slowing growth and a raft of legacy structural problems it failed to tackle in the good times.

Asian Awards for Excellence 2013: India

July 2013

Competition in India remains fierce.

Indian budget injects life into economy

April 2013

India’s budget offers real scope for narrowing the budget deficit and is credit positive for the sovereign, according to analysts.

Sovereign risk: India faces up to debt challenge

March 2013

India’s growing stature on the global stage was underlined recently as French president François Hollande, hotly pursued by UK prime minister David Cameron, invaded the subcontinent with armies of businessmen and assorted senior officials.

India re-discovers its economic mojo

February 2013

Finance minister Palaniappan Chidambaram has battled valiantly to feed the nimble elephant that is the Indian economy at its best, restarting its stalled fiscal and liberalization agenda. But market expectations are sky-high ahead of the election year and recent evidence that the economy has run out of steam. 

India’s high debt burden prevents score improvement

February 2013

As the country enters a crucial election cycle, fears arise about the government's ability to stay on course with its all-important fiscal consolidation. 

Investors fall back in love with emerging market equities

February 2013

India offers hope for jaded western investors.

India's identity crisis

October 2012

India’s business leaders are increasingly concerned about the will of its political elite to drive economic growth. They see a country trapped between its past and its present, and a financial system that is quickly losing its reputed potential to be a leading global market. What can stop the rot? 

Inside investment: Indian takeaways

October 2012

Rising levels of obesity have produced an epidemic of diabetes in India. But there is no part of the country more bloated than its bureaucracy and less healthy than its legal system. 

India: Coalition prevaricates at green light for reform

October 2012

Cutting deficit seen as urgent; more FDI for retail, aviation, power exchanges and broadcasting.

India re-opens for business after unravelling a new set of market reforms

October 2012

India’s new market reforms and privatization drive have started a debate about whether Asia’s third-largest economy is poised for a rebound.