The Indian banking industry is very robust and continues to grow by leaps and bounds with is own share of reforms. 11 payment banks are expected to be launched in 2016 and 2017. The Indian banking industry consists of nearly 26 public sector banks, 25 private sector banks, 43 foreign banks, 56 regional rural banks, 1,589 urban cooperative banks and 93,550 rural cooperative banks.
Standard & Poor’s estimates inform that credit growth in India’s banking sector would improve to 12-13 per cent in FY16 from less than 10 per cent in the second half of CY14.
Positive business sentiments, improved consumer confidence and more controlled inflation are likely to prop-up the country’s banking industry growth. Also, the advancements in technology have brought the mobile and internet banking services to the fore. The banking sector is laying greater emphasis on providing improved services to their clients and also upgrading their technology infrastructure, in order to enhance the customer’s overall experience as well as give banks a competitive edge.
Time deposits with banks have shown highest average growth of 12.9 per cent during FY06–16, and stood at US$ 1.44 trillion by the end of October’15
INDIAN BANKING INDUSTRY AT A GLANCE IN 2015 - 2016 