Two Indians -- HDFC's [Get Quote] Renu Sud Karnad and ICICI [Get Quote] Venture's Renuka Ramnath -- have been named in the global list of top 25 Nonbank Women in Finance, compiled by American magazine USBanker.

Further, an Indian-origin woman Ranjana Clark of American bank Wachovia Corp has made it into the list of the 25 Most Powerful Women in Banking for 2008.

Renu Sud Karnad, who is the managing director of Housing Development Finance Corporation [Get Quote] is ranked 10th, while ICICI Venture Funds managing director and chief executive Renuka Ramnath is at the 14th spot.

Ranjana Clark, who is the senior executive vice president and chief marketing officer at Wachovia ranks 22nd.

The league of 25 Nonbank Women in Finance is topped by Nicole Arnaboldi, vice chairman of Alternative Investments at Credit Suisse.

She is followed by London Stock Exchange's chief executive Clara Furse and Goldman Sachs' Stacy Bash-Polley.

Stacy Bash-Polley is the partner and managing director, co-head of fixed income sales in the Americas at Goldman Sachs.

The top 25 Nonbank Women in Finance highlights the top performers in the securities, asset management, insurance, private equity and exchange businesses.

"It would be a cliche 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.

The report also noted, "...Karnad finds herself executive director in charge of HDFC's entire lending business, the first woman on the board of India's largest mortgage company and watching over nationwide operations from the Himalayas to the southern tip of the sub-continent."

Writing about Renuka Ramnath, the magazine noted that Ramnath took over the fund in 2001 and changed its focus from venture funding to mid and late-stage growth deals and buyouts.

"... Ramnath knows that the Indian growth story won't last forever, and has laid out a course to take her funds global, and fully diversify by 2015. Her vision for the next year includes raising three new funds and launching an international practice, an infrastructure practice, and a corporate social responsibility practice," the report said.

The new efforts, when complete, will nearly double assets under management, with Ramnath hoping to hit $5.4 billion by the end of 2009, it added.

Meanwhile, USBanker said that Ranjana Clark has spearheaded campaigns and laid the groundwork for more than $23 billion in Wachovia balances at a time when the overall bank has been hemorrhaging billions.

It also added that Clark's success has been Way2Save, a savings account that allows customers to transfer one dollar from their checking accounts into a special savings account each time they make a check card purchase or an electronic payment.