Banking Industry
The Indian banking system consists of broadly scheduled and non-scheduled banks which can be further commonly categorised into public sector banks, private sector banks, foreign banks, regional rural banks, urban cooperative banks and rural cooperative banks, in addition to cooperative credit institutions. Public-sector banks control nearly 80 percent of the market, thereby leaving comparatively much smaller shares for its private peers. Indian banking industry has recently witnessed tremendous innovation in its operational activities thereby making the entire system more customer friendly. These innovations encourage new banking models like card less transactions, small finance banks, mobile banking, etc. RBI’s new measures may go a long way in helping the restructuring of the domestic banking industry. The latest government schemes and policies are encouraging greater deposits so as to ensure improvised liquidity and lending operations.