The Indian Banking Industry has recently grown by leaps and bounds thanks to introduction of digital payments, innovative banking ideas and multiple small financial banks. And Non- Banking Financial companies have sprung up across the country further fuelling the growth of the Indian Banking scenario. This has helped the credit cycle of the Indian sub continent to be strong and trust worthy across the globe. In the Union budget of 2022-23, the Indian Government has announced plans for a central bank digital currency (CBDC) which will be known as Digital Rupee.Financial industry in India
India is one of the fastest-growing Fintech markets in the world. The Indian Fintech industry is estimated to be at US$ 150 billion by 2025. India has the 3rd largest FinTech ecosystem globally. There are currently more than 2,000 DPIIT-recognized Financial Technology (FinTech) businesses in India, and this number is rapidly increasing by the day thanks to introduction of new technology in the banking arena. India’s digital lending stood at US$ 75 billion in FY18 and is estimated to reach US$ 1 trillion in the current financial year driven by the five-fold increase in digital disbursements.Banks of India
The Indian banking system 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 and a lot of credit institutions spread across the length and breadth of the country. As of 2023, the total number of ATMs in India reached 14,74,548.Banking Assets
Bank assets across sectors increased significantly since the covid outbreak. In 2022-23, the total assets in the public and private banking sectors were US$ 1,553.57 billion and US$ 901.3 billion, respectively. In 2022-23, assets of public sector banks accounted for 59.24% of the total banking assets. According to RBI’s Statement, deposits of all scheduled banks collectively surged by a whopping Rs.1.98 lakh crore (US$ 24.32 billion) as in May 2023, at a growth rate of 10.2%.Industry Funding
The Indian fintech market has attracted US$ 29 billion in funding over 2,084 deals so far, accounting for 14% of global funding and ranking second in terms of deal volume.