Published March 01, 2013
India opens door for privately-owned Indian banks after 10-year hiatus
Will new entrants in India’s banking sector reduce the number of unbanked in the country and improve competitiveness in the industry?
Date: Mar 01, 2013
Author: Lalitha Sivanesan
Categories: India, Regulation, Risk and Regulation
Keywords: Reserve Bank of India, KR Kamath, Deepak Parekh, Punjab National Bank, HDFC Bank, Yes Bank, ICICI Bank, Axis Bank, NPLs
India’s banking industry comprises 27 public sector banks and 20 private sector banks. Despite the relatively large number of banks, only 35% of the country’s adult population currently hold bank accounts as compared to a global average of 50%. India’s public sector banks, flag bearers for the country’s banking industry, have experienced an increase in NPLs due to the economic slowdown. In an attempt…