Banking Sector in India | An introduction and detailed analysis
Very recently, banking in India has seen quite a good roll-out of different innovative banking models. These were innovations in payment structures and small financing options. It is always amazing to know that the digital payment system with the name of Immediate Payment Service (IMPS), is playing a major role in banking in India and is at level 5 amongst Faster Payments Innovation Index (FPII).
Banking in India comprises a full network of 27 public banks, 21 private banks, 49 foreign banks, 56 regional banks with more than 1500 urban cooperative banks and more than 94000 rural cooperative banks and many cooperative credit institutions.
The government’s initiative in the form of Pradhan Mantri Jan Dhan Yojana (PMJDY) has pushed further the banking backbone to be stronger in India. Further Government of India has also big plans to inject billions of rupees in the public sector banks so as to make whole banking infrastructure stronger in India.
To improve banking in India’s villages, more than 2 lakh PoS terminals are planned to be infused through National Bank for Agriculture & Rural Development (NABARD). The whole process of banking in recent years has given much boost to the use of debit cards.
There has been extensive spending on banking infrastructures through different banking institutions in the recent past in India. While there is the speedy implementation of projects and continuous reforms that are coming from the government’s end to provide a trigger to the growth of the banking sector in India.
It is easy to estimate from here, that these factors may definitely lead banking in India to an unparalleled growth that will in return help the businesses in the market for their credit needs.
While it is also believed that the advancements in the technology have also bought the banking services in India to the easy reach of their fingers. While the whole banking sector is definitely working to provide the clients with the best of services and experiences through upgrading their technological infrastructures.
Read more: What is banking?
