“Neutral on the private banking space, expecting structural pressures like slower deposit growth and compression in risk spreads to persist. A sustained re-rating depends on loan growth reviving to 1.5-2 times nominal GDP growth and improved profitability. ICICI Bank is favored as a top pick due to its customer-centric approach, while Kotak Mahindra Bank offers the highest turnaround potential.”

Goldman Sachs Analysis’s track record: 3 graded calls · 95% CI 21–94%