Last Updated: March 16, 2018
Last Updated: February, 2018
The Indian banking system consists of 27 public sector banks, 21 private sector banks, 45 foreign banks, 56 regional rural banks, 1,589 urban cooperative banks and 93,550 rural cooperative banks, in addition to cooperative credit institutions.
As of Q2 FY18, total credit extended by commercial banks surged to US$ 1,694.55 billion and deposits grew to US$ 1,695 billion. Assets of public sector banks stood at US$ 1,518 billion in FY17.
Indian banks are increasingly focusing on adopting integrated approach to risk management. Banks have already embraced the international banking supervision accord of Basel II, and majority of the banks already meet capital requirements of Basel III, which has a deadline of March 31, 2019.
A new portal named 'Udyami Mitra' has been launched by the Small Industries Development Bank of India (SIDBI) with the aim of improving credit availability to Micro, Small and Medium Enterprises' (MSMEs).The Insolvency and Bankruptcy Code (Amendment) Ordinance, 2017 Bill has been passed and is expected to strengthen the banking sector.
Deposits under Pradhan Mantri Jan Dhan Yojana (PMJDY) are growing. Rs 74,534.79 crore (US$ 11.51 billion) were deposited and 310.7 million accounts were opened in India. ^
Rising incomes are expected to enhance the need for banking services in rural areas and therefore drive the growth of the sector. The RBI has relaxed its branch licensing policy, thereby allowing banks (which meet certain financial parameters) to set-up new branches in tier-2 to tier-6 centers, without prior approval from RBI.
The digital payments revolution will trigger massive changes in the way credit is disbursed in India. Debit cards have radically replaced credit cards as the preferred payment mode in India, after demonetisation. Debit cards garnered a share of 87.81 per cent of the total card spending.*
Notes: ^ - as of February 7, 2018, * - as of December 2017.
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Last Updated: March 16, 2018
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