One consequence of India’s 7 per cent-plus annual growth rate is more frequent salutations to Lakshmi, the Hindu goddess of wealth. Another is a sudden mushrooming of wealth managers in India.

Wealth management has never been a key activity of banks in India. Rich Indians have traditionally squirrelled their money offshore to Swiss banks, taking capital out of family-owned companies and fleeing punishing domestic taxation. Wealth management was an offshore pursuit, adding to the mystique.