Index
Executive Summary 4
Valuation - PSU banks attractive vs private banks 9
Actionable pair trade ideas 20
Back to basic banking 23
Banking and the macro picture in India 31
Near term drivers in non-banking business fading… focus more on core banking 39
Resilient Indian banking system inherently strong 45
Companies
State Bank of India 48
ICICI Bank 60
HDFC Bank 68
Axis Bank 80
Kotak Mahindra Bank 89
Punjab National Bank 100
Bank of India 110
Union Bank of India 112
Indian Overseas Bank 114