Citi sees 20% growth in India for next 2 years

Citigroup was expected to boost its loans and deposits growth in India by about a fifth in each of the next two years, its India head said, as the US bank enhances its focus on emerging markets.

The bank was "comfortable" with its asset quality in India and had not slowed down lending activity, Pramit Jhaveri said, amid concerns that a series of recent interest rate increases would result in corporate and consumer loan defaults.

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Citigroup global CEO Vikram Pandit is trying to turn the bank around after the global financial crisis, by focusing on emerging markets, where economies are still growing relatively quickly.

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"India is among the top five or six emerging markets expected to contribute to this growth," said Jhaveri, a 24-year Citi veteran who became the head of its India operations last year. The bank, one of the top three foreign commercial banks in India, along with Standard Chartered and HSBC, operates across businesses, including corporate and investment banking, and wealth management in the country.