US Banker magazine has enlisted HDFC's Joint Managing Director, Renu Sud Karnad and ICICI Venture Funds Managing Director and Chief Executive Renuka Ramnath in the list of top 25 non-bank women in finance.

Ms Karnad, the first woman joint managing director of HDFC has been ranked 10th while ICICI Ventures' CEO is at 14th spot.

Karnad is on the board of several Indian and multi-national companies. She is also the chairperson of HDFC Venture Capital and HDFC Property apart from being on the board of HDFC Bank and other HDFC group companies. "It would be a cliché to say her philosophy springs from the east, but Renu Sud Karnad does offer a piece of advice to those coping with the current American mortgage crisis: accept the chaos. It is, after all, what she's done from the start," the magazine said.

Calling Renuka Ramnath the mother of private equity in India ,US Banker said "Some of the ICICI Venture's recent noteworthy returns came as a result of Ramnath's "conscious decision to exit from a few very large investments before the current market situation presented itself, thus making supernormal profits for all investors."

U.S. Banker ranked the top 25 Non-bank Women in Finance, recognizing the top performers in the securities, asset management, insurance, private equity and exchange businesses. Topping this year's ranking is Nicole S. Arnaboldi, Vice Chairman of Alternative Investments at Credit Suisse.

Clara Furse, CEO, London Stock Exchange and Stacy Bash-Polley, Partner and Mananging Director of Goldman Sachs have followed Nicole in the league.

US banker also ranked another Indian origin woman, Ranjana Clark of American bank Wachovia Corp in the list of the 25 Most Powerful Women in Banking for 2008. Clark who is the Senior Executive Vice President and Chief Marketing Officer at Wachovia has been ranked 22nd in the list.