Last Updated: September 18, 2018
Last Updated: August, 2018
The Indian banking system consists of 27 public sector banks, 21 private sector banks, 49 foreign banks, 56 regional rural banks, 1,562urban cooperative banks and 94,384rural cooperative banks, in addition to cooperative credit institutions.
As of Q4FY17-18, total credit extended by commercial banks surged to Rs 86,825,727 million (US$ 1,347 billion) and deposits grew to Rs 114,792,883 million (US$ 1,781 billion). Assets of public sector banks stood at US$ 1,557.04 billion in FY18.
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.
Reserve Bank of India (RBI) has decided to set up Public Credit Registry (PCR) an extensive database of credit information which is accessible to all stakeholders.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 growingRs 80,674.82 crore (US$ 12.03 billion) were deposited and 32.25million accounts were opened in India^.In May 2018, the Government of India provided Rs 6 trillion (US$ 93.1 billion) loans to 120 million beneficiaries under Mudra scheme. In May 2018, the total number of subscribers was11 million, under Atal Pension Yojna.
Rising incomes are expected to enhance the need for banking services in rural areas and therefore drive the growth of the sector.
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 86.79 per cent of the total card spending.*
Notes: ^ - as of August 1, 2018, * - as of May 2018
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Last Updated: September 18, 2018
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