Despite the economic crunch worldwide that saw pulverization of two of the largest banking and finance giants of USA, Indian banking houses have managed to show positive growth this quarter. India's leading national bank the State Bank of India posted a net profit rise of 40% over the last quarter amid global turmoil. This would come as a big shot in the arms for the investors and consumers of the SBI group even though apprehension is mounting on other banking and broking firms worldwide. One of the main reasons behind the success of State Banks this quarter, in my opinion, would be their direct backing by the Government of India. People take solace in their investments in public sector watching the bail out packages being cashed out by governments all over the world to save big business houses.

The other nationalized bank in India to declare its net profit was ICICI bank at 1% growth over last quarter. Given the international and domestic scenario one cannot put down this as a mundane achievement. While others are on a cost cutting spree and firing employees Indian Cos are actually working on boosting staffing in banking and broking sectors. This can be seen as a big boon in the days to come when the current recession eases and economy comes back on fast track. The finance minister Mr Chidambaram has assured Indian public about the sound health of all Indian banks. This could also be evident form the fact that there have been no mergers and takeovers in Indian Banking sector in a contrast to world scenario where finance houses are looking for mergers to cut costs on operations. We definitely are not looking to thrive, rather we are looking for growth. Its just that the pace of growth is a little slow now as compared to a year or two before. These are hard times to test the hard. The weak in business and career will be weeded out and its some times very beneficial for business on the long run.