INDIAN BANKING INDUSTRY AT A GLANCE IN 2021 - 2022 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 in addition to cooperative credit institutions.
In FY18-FY21, bank assets across sectors increased. Total assets across the banking sector increased to US$ 2.48 trillion in FY21. In FY21, total assets in the public and private banking sectors were US$ 1,602.65 billion and US$ 878.56 billion, respectively.
During FY16-FY21, bank credit increased at a CAGR of 0.29%. As of FY21, total credit extended surged to US$ 1,487.60 billion. During FY16-FY21, deposits grew at a CAGR of 12.38% and reached US$ 2.06 trillion by FY21. Bank deposits stood at Rs. 162.41 trillion (US$ 2.17 trillion) as of December 31, 2021. According to the RBI, bank credit stood at Rs. 116.8 lakh crore (US$ 1.56 trillion) on 31st December 2021.
Industry ForecastAccording to India Ratings & Research, credit growth is expected to hit 10% in 2022-23 which will be a double-digit growth in eight years.