The Indian banking industry consists of 12 public sector banks, 22 private sector banks, 46 foreign banks, 56 regional rural banks, 1485 urban cooperative banks and 96,000 rural cooperative banks. Add to this private financial institutions as well. As of November 2020, the total number of ATMs in India increased to 209,282.
Asset of public sector banks stood at Rs. 107.83 lakh crore (US$ 1.52 trillion) in FY20.
During FY16-FY20, bank credit grew at a CAGR of 3.57%. As of FY20, total credit extended surged to US$ 1,698.97 billion. During FY16-FY20, deposits grew at a CAGR of 13.93% and reached US$ 1.93 trillion by FY20.
According to the Reserve Bank of India, bank credit and deposits stood at Rs. 108 trillion (US$ 1.5 trillion) and Rs. 149.6 trillion (US$ 2.1 trillion), respectively, as of March, 2021.
Total assets across the banking sector increased to US$ 2.52 trillion in FY20.
As of February, 2021, the number of bank accounts opened under the government’s flagship financial inclusion drive ‘Pradhan Mantri Jan Dhan Yojana (PMJDY)’ reached 41.93 crore and deposits in Jan Dhan bank accounts stood at more than Rs. 1.70 lakh crore (US$ 23.07 billion).