Retail Banking Market in India 2021

  • Product Code:
    RP-ID-10352001
  • Published Date:
    12 Nov 2021
  • Region:
    Global
  • Pages:
    85
  • Category:
    Service Industry
  • Publisher:
    Pub-ID-13

Impact Analysis on the Growth of Market

Activating Probable Propositions Amidst COVID-19 Crisis

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The Research Report is Updated with 2020 Base Year, 2021 Estimated year and Forecast till 2030 with Market Insights.


With the dip in global production, the GDP has contracted in 2020 and impacted the market across the world. Upon placing a Sample Request, you will receive an updated report with 2020 as base year, 2021 as estimated year and forecast to 2030. This will have market drivers, recovery rate in the market, insights and competitive analysis.



Market Overview:

In FY 2021 scheduled commercial banks (SCBs) recorded INR 154.44 Trn deposits, expanding at a compound annual growth rate (CAGR) of 9.55% during the FY 2017 – FY 2021 period. Credit off-take of SCBs reached INR 107.94 Trn in FY 2021 from INR 79.13 Trn in FY 2017, expanding at a CAGR of 8.07% during the forecast period.
The COVID-19 pandemic and economic slowdown are affected the credit off-take of SCBs in FY 2021. However, consolidation of the big banks by the government and the introduction of various economic relief packages are likely to improve the business value of the major public sector banks in the country.
Various government initiatives such as increasing the number of banks’ public service units in rural areas, the Pradhan Mantri Jan Dhan Yojana program, fand ree credit and debit cards with low transaction limits, drive the retail banking sector.
Major players operating in the industry include Yes Bank Limited, Axis Bank Limited, Bandhan Bank Limited, State Bank of India Limited, and HDFC Bank Limited.

Market segment insights
In FY 2021, in terms of deposits, public sector banks held the highest market share (~61.26%), followed by private sector banks. The contribution of public sector banks, in terms of deposits, declined by 1.12 percentage points in FY 2021, as compared to FY 2020. Private sector banks registered a rise in the number of ATMs, both off-site and on-site, while public sector banks experienced a decline. There were 57,679 off-site public sector bank ATMs in FY 2019, whereas in FY 2020, the number fell to 56,379. Among these, most ATMs are in semi-urban areas.

Key growth drivers of the market
• To boost India’s economic growth, the Ministry of Finance and the Reserve Bank of India took measures jointly to extend the banking network, especially among the low-income population and in rural areas.
• The use of cloud-based operations has enhanced the agility of banks. The introduction of core banking solutions has led to a rise in transaction volumes since customers can operate their accounts remotely. Almost all public and private sector banks leverage data analytics and automation technology to strengthen their business operations and improve customer satisfaction.

Key deterrents to the growth of the market
With the popularity of internet-based banking, fraudulent activities have surged. Incidents of credit card scams, spamming, spoofing, e-money laundering, ATM fraud, phishing, identity theft, and transactions through unauthorized cheques increased in FY 2019, as compared to FY 2018. This has led to customers’ dissatisfaction and loss of trust on web-based banking.


Geography Analysis:


The report further discusses the market opportunity, compound annual growth rate (CAGR) growth rate, competition, new technology innovations, market players analysis, government guidelines, export and import (EXIM) analysis, historical revenues, future forecasts etc. in the following regions and/or countries:

  • North America (U.S. & Canada) Market Size, Y-O-Y Growth, Market Players Analysis & Opportunity Outlook
  • Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market Size, Y-O-Y Growth & Market Players Analysis & Opportunity Outlook
  • Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC(Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market Size, Y-O-Y Growth Market Players Analys  & Opportunity Outlook
  • Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market Size, Y-O-Y Growth & Market Players Analysis & Opportunity Outlook
  • Middle East and Africa  (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market Size, Y-O-Y Growth Market Players Analysis & Opportunity Outlook

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• Axis Bank
• Bandhan Bank
• Bank of Baroda
• HDFC Bank
• ICICI Bank
• Indian Bank
• Kotak Mahindra Bank Limited
• RBL Bank Limited
• State Bank of India
• Yes Bank

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