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Bank Trends 2023 India
Explore the latest insights on the growth, emerging trends, and fascinating facts about Indian banks in 2023
Read the full article arrow_right_altThe BIG Numbers
The BIG numbers of India's Banking Industry: It's Bigger Than You Think
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The total assets of the banking sector in India have increased from ₹100 trillion in 2010 to ₹250 trillion in 2020, a growth of 150%
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The State Bank of India (SBI) is the largest bank in India, with assets of ₹35 trillion, which is about 14% The total assets of the banking sector in India
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The banking sector in India employs over 10 million people.
200 +
There are a total of 213 scheduled commercial banks in India, including 27 public sector banks, 23 private sector banks, 49 foreign banks, and 15 regional rural banks
The Birth of Banking in India
The First Milestones of Banking sector in India, which changed everything
Bank of Hindustan, The First Bank of India
The first bank in India was the Bank of Hindustan, which was founded in 1770
Bank of Bengal, The First Joint-Stock Bank of India
The first joint-stock bank in India was the Bank of Bengal, which was founded in 1806
Imperial Bank of India, The First Central Bank of India
The first central bank in India was the Imperial Bank of India, which was founded in 1921
The Evolution of Banking in India
The Next Generation of Banking
Electronic Payments in India
Electronic payments in India have grown significantly in recent years. In 2013, the value of electronic payments was ₹1.5 trillion. By 2023, the value of electronic payments is expected to reach ₹50 trillion. This represents a growth of over 3000% in just 10 years
The UPI Revelution and Takeover
The total cash flow in India per day is ₹10 trillion. Of this, ₹2 trillion is done with UPI and electronic mode. This means that 20% of all cash flow in India is now done using digital methods
Modern India is Cashless
The next generation of banking in India involves UPI and electronic payments. UPI is a real-time payment system that allows users to send and receive money instantly, without the need for a bank account or credit card. Electronic payments are made using a variety of methods, such as debit cards, credit cards, and net banking.
The Evolution of Indian Banking and Finance
This timeline traces the evolution of Indian banking and finance from its early beginnings to the present day. It highlights the key events, decisions, and milestones that have shaped this important sector of the Indian economy.
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The First Bank of India Incorporated
The First Bank of India was incorporated in Calcutta, Bengal Presidency. It was the first bank in India to be incorporated under a royal charter.
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The Bank of Bengal Incorporated
In January 1840, the Bank of Bengal was incorporated, becoming one of the three presidency banks that would later merge to form the Imperial Bank of India.
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The Bank of Bombay Incorporated
In July 1842, the Bank of Bombay was incorporated as one of the presidency banks in British India.
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The Bank of Madras Incorporated
The Bank of Madras was incorporated in July 1843, completing the trio of presidency banks that would eventually merge into the Imperial Bank of India.
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The Imperial Bank of India Established
In January 1921, the Imperial Bank of India was established, combining the three presidency banks and becoming the premier banking institution in British India.
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The Reserve Bank of India Established
The Reserve Bank of India (RBI) was established in April 1935 as the central banking institution, responsible for regulating and controlling the Indian banking system.
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The First Commercial Bank Nationalization
In July 1949, the Government of India nationalized the first set of commercial banks, aiming to promote public welfare and strengthen the banking sector.
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The Second Commercial Bank Nationalization
In July 1969, the Government of India nationalized an additional set of commercial banks, further expanding public ownership and control in the banking industry.
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The Financial Sector Reforms
In July 1991, India implemented significant financial sector reforms, liberalizing the economy, allowing private and foreign banks, and encouraging competition and growth.
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The Introduction of the Real Time Gross Settlement (RTGS)
In March 2000, the Real Time Gross Settlement (RTGS) system was introduced, enabling real-time and efficient fund transfers between banks.
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The Introduction of the National Electronic Funds Transfer (NEFT)
The National Electronic Funds Transfer (NEFT) system was introduced in November 2004, facilitating electronic funds transfers across banks in India.
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The Demonetization of High-Value Currency Notes
In November 2016, the Indian government implemented demonetization, invalidating high-value currency notes to curb black money and promote digital transactions.
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The Introduction of the Pradhan Mantri Jan Dhan Yojana (PMJDY)
The Pradhan Mantri Jan Dhan Yojana (PMJDY) was launched in August 2017, aiming to provide universal access to banking services and financial inclusion for all.
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Launch of BharatQR
In February 2017, BharatQR, a quick response (QR) code-based payment system, was launched, simplifying digital transactions and enhancing interoperability.
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Launch of RuPay
The indigenous card payment network, RuPay, was launched in March 2018, promoting domestic electronic payments and reducing dependence on international payment systems.
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Launch of Aadhaar-Enabled Payment
Aadhaar-enabled payments is a system that allows users to make payments using their Aadhaar number. It has made it easier for users to make contactless payments, especially those who do not have a bank account.
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Introduction of Account Aggregator Framework
In September 2021, the Account Aggregator Framework was introduced, allowing individuals to securely consolidate and access their financial data from multiple accounts and institutions.
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Withdrawal of ₹2,000 notes
On September 30 2023, The Reserve Bank of India (RBI) withdraws ₹2,000 notes from circulation to improve the quality of currency in circulation.
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