The investment bank's bullish stance is also mirrored by its outlook on India's economy.
Goldman is forecasting a real GDP growth rate of 6.5% over the next three years, which it expects will organically drive up lending at the major banks. "We also expect loan growth to remain healthy, driven by demand for commercial retail, demand for working cap loans and a gradual pick-up in demand for capex credit, which is more structural in nature, in our view," the Goldman Sachs analysts said.
Bank Price target: 2,051 Indian rupees. Upside: 34% We forecast sector-leading earnings growth of 17% in FY23-26E and superior return ratios with a high degree of earnings visibility. — CNBC's Naman Tandon contributed to this report.
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