India Banking Market is projected to grow at a double-digit CAGR during 2019-2024 owing to rising disposable income, a growing digital payment system in the country, growing bank branch networks, and the entrance of foreign banks into the Indian market.
Based on bank type, the market has been segmented into the Public and Private Sectors. The Public sector dominated the banking market in 2018 and is expected to maintain its dominance over the next five years as well.
Moreover, in 2019, Lok Sabha approved recapitalization bonds worth US$ 12.62 billion for public sector banks which will further boost the demand for the public sector market during the forecast period. Furthermore, increasing income in rural areas is anticipated to drive the need for banking services and programs like MNREGA have aided in growing rural income, which was further supported by the recent Jan Dhan Yojana and strong GDP growth of over 7% facilitated the banking sector expansion in the country.
Moreover, simplification of KYC norms, easy availability of loans, rapid urbanization, growing demand for retail & corporate loans, and government initiatives like Pradhan Mantri Suraksha Bima Yojana, Atal Pension Yojana, etc., will further boost the banking market in India. The key players in the Banking market are SBI, Punjab National Bank, and Bank of India, among others.
Years considered for this report:
Historical Years: 2014-2017
Base Year: 2018
Estimated Year: 2019
Forecast Period: 2020-2024
The objective of the Study:
- To analyze and forecast the market size of the Banking Market, in terms of value.
- To classify and forecast India Banking Market based on type, banking sector, company, and regional distribution.
- To identify drivers and challenges for India Banking Market.
- To examine competitive developments such as expansions, new product launches, mergers & acquisitions, etc., in India Banking Market.
- To identify and analyze the profile of leading players involved in the India Banking Market.
Some of the leading players in the India Banking Market are IndusInd Bank, HDFC Bank, ICICI Bank, Punjab National Bank, Bank of India, AXIS Bank, Union Bank of India, State Bank of India, Federal Bank, Karur Vysya Bank, etc.
To perform the study, TechSci Research conducted primary as well as Exhaustive secondary research. Initially, TechSci Research prepared an exhaustive list of Banking companies and service providers operating in India. Subsequently, TechSci Research conducted primary research surveys, which include primary calls, email responses, etc., with the identified companies. While interviewing, the respondents were also asked about their major competitors. TechSci Research analyzed product offerings, services, and regional presence of all major Banking companies in India.
TechSci Research calculated the market size for India Banking market using a bottom-up technique, wherein sales value data of different finance companies was recorded as well as a forecast for the future years. TechSci Research sourced these values from industry experts and company representatives and externally validated them by analyzing historical sales data of Banking companies to arrive at the overall market size.
Key Target Audience:
- Banking Sectors
- Insurance Sectors
- Financial Service Sectors
- Industry associations and experts
- Research organizations and consulting companies.
The study is useful in providing answers to several critical questions that are important for the industry stakeholders, end users, etc., besides allowing them in strategizing investments and capitalizing on market opportunities.