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Big Winners From India's Cash Clampdown Are Private Bankers | Tony Seruga
May
03

Big Winners From India’s Cash Clampdown Are Private Bankers

By
  • HDFC Bank to add up to 150 private bankers to 250-strong team
  •  Advises clients to steer clear of India’s stressed assets

India’s clampdown on unaccounted cash has sent a flood of money into the private banking industry, prompting a major lender to embark on a hiring binge for wealth managers.

HDFC Bank Ltd. — the most preferred wealth manager in India among high net worth clients surveyed by Euromoney — plans to add as many as 150 relationship managers by the end of 2020 to the current 250, said Rakesh Singh, group head of private banking. He started hiring at a faster pace last year, when he added about 50…
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