While Chinese banks have garnered big headlines with mega-IPOs and strategic stake sales, Indian banks have quietly mounted a capital-raising campaign every bit as impressive. Buoyed by strong share prices, Indian banks have tapped local and offshore stock markets in unprecedented amounts over the past year. The remarkable wave of equity increases is strengthening balance sheets, supporting rapid growth in assets and reshaping industry structure. By some measures, Indian equity-raising exceeds Chinese levels, and India’s market-friendly approach is allocating capital more efficiently and building a network of large, financially sound private banks. This Asia Focus report reviews the risks and rewards of Indian equity raises.