How Amazon, Flipkart and Mukesh Ambani can help save India's banks

Amazon Flipkart claimed record sales during the recently concluded six-day online shopping bonanza

A common refrain you hear in India is, “There’s no credit in the market.” 

The despondence cuts across industries as diverse as real estate, autos and road construction. An 88 per cent slump in the flow of funds to the commercial sector between April and September shows that the producers’ unease is justified.  

However, one credit tap is starting to gurgle, giving some cause for optimism. Pocket-sized loans are feeding online consumption, with demand coming from smaller cities and towns. The amounts are still tiny, but as digital spending grows, financing it has the power to turn the page on