Total banking assets are expected to cross $ 28.5 Tn in 2025.
Banking for $1.37 bn
Total Banking Assets of $2.16 Tn in FY21 with a CAGR was at 2.25%
Number of offline and online ATMs: ~214,000
Number of bank branches: ~158,400
Total Deposits: ~$ 1.6 Tn
Historically Indian banking has benefited from high savings rates and growth in savings as well as disposable income growth.
The Banking industry in India has historically been one of the most stable systems globally, despite global upheavals. The government has consistently strived to promote financial inclusion through various initiatives targeted to bring the country’sunderbanked population under the banking gamut.
Personal Loan Origination to grow at 27% CAGR (FY21-26); Digital Lending to grow at ~48% CAGR
The Government of India has been supportive of the banking sector in the country especially on the financial inclusion agenda. A flagship program, the Pradhan Mantri Jan Dhan Yojana (PMJDY), was launched in August 2014 which aims to provide universal banking services to the unbanked by setting up bank accounts for them and issuing payment cards to all. Meanwhile, to respond to the impact of COVID-19, the government implemented various policies in order to aid the banking sector.
As a part of the Digital India initiative, the Govt. mandated an open API policy, known as India Stack, giving third-party providers access to the proprietary software for five key programs: Aadhaar (the Government’s biometric identity database), e–KYC, e–signing, privacy-protected data sharing and the UPI
Bank accounts opened under GoI Pradhan Mantri Jan Dhan Yojana are over 450 Mn with deposits of ~$21.5 Bn in beneficiary accounts.
The Top 5 banks in India banking assets are ~$ 1.3 Tn: State Bank of India, ICICI Bank, Punjab National Bank, Bank of Baroda, and Bank of India.
Citibank (US) is the largest foreign-owned lender in India, followed by HSBC (UK), Standard Chartered (UK) and Deutsche Bank (Germany). In recent years, Singapore's DBS has been aggressive in expanding its presence in India.