Contains data from the World Bank's data portal. There is also a consolidated country dataset on HDX.

An economy's financial markets are critical to its overall development. Banking systems and stock markets enhance growth, the main factor in poverty reduction. Strong financial systems provide reliable and accessible information that lowers transaction costs, which in turn bolsters resource allocation and economic growth. Indicators here include the size and liquidity of stock markets; the accessibility, stability, and efficiency of financial systems; and international migration and workers\ remittances, which affect growth and social welfare in both sending and receiving countries.

The online banking penetration rate in India was forecast to continuously increase between 2024 and 2029 by in total 19.3 percentage points. After the fifteenth consecutive increasing year, the online banking penetration is estimated to reach 64.34 percent and therefore a new peak in 2029. Notably, the online banking penetration rate of was continuously increasing over the past years.Shown is the estimated percentage of the total population in a given region or country, which makes use of online banking.The shown data are an excerpt of Statista's Key Market Indicators (KMI). The KMI are a collection of primary and secondary indicators on the macro-economic, demographic and technological environment in up to 150 countries and regions worldwide. All indicators are sourced from international and national statistical offices, trade associations and the trade press and they are processed to generate comparable data sets (see supplementary notes under details for more information).Find more key insights for the online banking penetration rate in countries like Pakistan and Bangladesh.

The India Private Banking Market is segmented based on the banking sector (Retail Banking, Commercial Banking, Investment Banking, and others). The report offers market size and forecasts for the India Private Banking Market in value (USD Million) for all the above segments.

In financial year 2023, public sector banks in India reported net profits of around 1,046 billion Indian rupees. In financial year 2019, these banks had lost 666 billion Indian rupees. The highest net profits were reported by private sector banks with 1,241 billion Indian rupees in total in fiscal year 2023. Foreign banks were able to increase their net profits during the examined period.

During the financial year 2023, the year-on-year growth rate of both banks and non-banking financial companies (NBFCs) in India increased to 18 percent and 17 percent, respectively. In the last three financial years, loan advances by NBFCs remained less than those by banks.

Credit market in India The organized loan market in India has many players that can be categorized into banks or NBFCs. Traditionally, banks have been the main source of credit for various industries and sectors within the Indian economy. However, in recent years, NBFCs have emerged as a viable alternative to traditional banks, offering services such as loans, savings and investment plans, credit facilities, and insurance among others. While NBFCs are making significant strides, banks are also expanding their presence in the credit market. For example, to compete with NBFCs, banks have been increasing their disbursement of gold loans in recent years.

NBFCs: driving financial inclusion NBFCs have emerged as a significant force in promoting financial inclusion in India by successfully catering to the underserved segments of society. As of September 2023, NBFCs in the country have disbursed loans and advances amounting to over 450 billion U.S. dollars. The growing market share of NBFCs can be attributed to the lighter and more flexible regulations imposed by the Reserve Bank of India, as well as their focus on specific sectors and niche markets. The NBFC sector has been experiencing double-digit growth recently, and this trend is expected to continue in the near future.

India Development Credit Bank: Interest Paid: RBI or Interbank Borrowing data was reported at 417.253 INR mn in 2018. This records an increase from the previous number of 278.037 INR mn for 2017. India Development Credit Bank: Interest Paid: RBI or Interbank Borrowing data is updated yearly, averaging 192.400 INR mn from Mar 1996 (Median) to 2018, with 23 observations. The data reached an all-time high of 798.134 INR mn in 2013 and a record low of 0.600 INR mn in 1996. India Development Credit Bank: Interest Paid: RBI or Interbank Borrowing data remains active status in CEIC and is reported by Reserve Bank of India. The data is categorized under Global Database’s India – Table IN.KBM005:Table IN.KBM005: Private Sector Banks: Income Statement: Development Credit Bank.

Graph and download economic data for Bank's Return on Assets for India (DDEI05INA156NWDB) from 2000 to 2021 about ROA, India, banks, and depository institutions.

The dataset contains All India Yearly Banking Assets and Liabilities Growth Rates for Scheduled Commercial Banks in Financial Sector.

India Development Credit Bank: Financial Ratio: Burden-Total Aseets data was reported at 1.730 % in 2018. This records a decrease from the previous number of 1.760 % for 2017. India Development Credit Bank: Financial Ratio: Burden-Total Aseets data is updated yearly, averaging 1.525 % from Mar 1999 (Median) to 2018, with 20 observations. The data reached an all-time high of 2.260 % in 2006 and a record low of -0.300 % in 2002. India Development Credit Bank: Financial Ratio: Burden-Total Aseets data remains active status in CEIC and is reported by Reserve Bank of India. The data is categorized under India Premium Database’s Banking Sector – Table IN.KBN006: Private Sector Banks: Selected Financial Ratios: Development Credit Bank.

Graph and download economic data for Bank's Return on Equity for India (DDEI06INA156NWDB) from 2000 to 2021 about ROE, India, banks, and depository institutions.

Bank deposits to GDP (%) in India was reported at 72.09 % in 2021, according to the World Bank collection of development indicators, compiled from officially recognized sources. India - Bank deposits to GDP - actual values, historical data, forecasts and projections were sourced from the World Bank on March of 2025.

The Pradhan Mantri Jan-Dhan Yojana distributed over 58 billion Indian rupees in deposits to beneficiaries through major private sector banks as of August 2023 in India. HDFC Bank Ltd had the highest deposits of over 20 billion Indian rupees, even though ICICI Bank Ltd had the highest number of beneficiaries during the measured time period.

The Pradhan Mantri Jan-Dhan Yojana was a financial inclusion program which was applicable citizens between 18 and 65 years old. It aimed to expand and make affordable access to financial services such as bank accounts, remittances, credit, insurance and pensions. Launched in August 2014, the scheme was criticized by the opposition as an effort to please voters that has created unnecessary work-burden on public-sector banks. It claimed that the poor deserved food more than bank accounts and financial security.

India Development Credit Bank: Cost of Funds data was reported at 6.100 % in 2018. This records a decrease from the previous number of 6.980 % for 2017. India Development Credit Bank: Cost of Funds data is updated yearly, averaging 7.115 % from Mar 1999 (Median) to 2018, with 20 observations. The data reached an all-time high of 9.170 % in 1999 and a record low of 5.330 % in 2005. India Development Credit Bank: Cost of Funds data remains active status in CEIC and is reported by Reserve Bank of India. The data is categorized under India Premium Database’s Banking Sector – Table IN.KBN006: Private Sector Banks: Selected Financial Ratios: Development Credit Bank.

Financial system deposits to GDP (%) in India was reported at 72.09 % in 2021, according to the World Bank collection of development indicators, compiled from officially recognized sources. India - Financial system deposits to GDP - actual values, historical data, forecasts and projections were sourced from the World Bank on March of 2025.

Graph and download economic data for Bank Deposits to GDP for India (DDOI02INA156NWDB) from 1960 to 2021 about India, deposits, banks, depository institutions, and GDP.

The assets of banks in India amounted to about three trillion U.S. dollars in financial year 2024. During this period, public sector banks accounted for the highest share of assets compared to private and foreign sector banks.

India Development Credit Bank: Net Interest Income data was reported at 9,954.267 INR mn in 2018. This records an increase from the previous number of 7,970.867 INR mn for 2017. India Development Credit Bank: Net Interest Income data is updated yearly, averaging 1,195.522 INR mn from Mar 1996 (Median) to 2018, with 23 observations. The data reached an all-time high of 9,954.267 INR mn in 2018 and a record low of 359.000 INR mn in 1998. India Development Credit Bank: Net Interest Income data remains active status in CEIC and is reported by Reserve Bank of India. The data is categorized under India Premium Database’s Banking Sector – Table IN.KBM005:Table IN.KBM005: Private Sector Banks: Income Statement: Development Credit Bank.

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Digital Banking Platforms Market Size 2024-2028

The digital banking platforms market size is forecast to increase by USD 25.58 billion at a CAGR of 16.9% between 2023 and 2028. The market is experiencing significant growth due to the increasing use of smartphones, computers, and IoT devices for banking transactions. The convenience and accessibility offered by platforms have led to a rise in their adoption, particularly among younger generations. Additionally, the rise of artificial intelligence (AI) and machine learning technologies is enabling banks to offer more personalized services and improve customer experience. However, the market also faces challenges related to data privacy and security concerns, as well as the need for banks to adapt to evolving regulatory requirements. The implementation of blockchain as a service in banking, financial services, and insurance (BSFI) is another trend that is gaining traction, offering benefits such as increased security, transparency, and efficiency. Overall, the market is poised for continued growth as technology continues to transform the banking industry.

What will be the Size of the Market During the Forecast Period?

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Digital banking platforms have revolutionized the financial industry, offering unprecedented convenience and accessibility to customers. These platforms enable banking services to be accessed via smartphones, computers, and IoT devices, making transactions faster and more efficient. The advent of these platforms has led to a significant shift from traditional banking methods. Banks are increasingly deploying automated platforms to enhance productivity and reduce costs, providing income prospects for the financial sector. Internet connectivity plays a pivotal role in the functioning. With the widespread availability of high-speed internet, banks can offer online banking services, mobile apps, and digital wallets, enabling customers to manage their finances from anywhere, at any time. Cloud computing and cloud storage have further boosted the adoption. Banks can store customer data securely in the cloud, ensuring easy accessibility and reducing the need for on-premise infrastructure. This not only reduces costs but also enhances the user experience. Artificial intelligence (AI) is another key technology driving the growth.

Moreover, AI-powered chatbots and virtual assistants offer personalized services to customers, providing quick responses to queries and facilitating seamless transactions. Digital services offered include retail banking, inclusive banking, inter-account transfers, and telecommunication network bill payments. Fintech firms are also leveraging these platforms to offer innovative digital financial solutions. The deployment of platforms can be done through Software as a Service (SaaS) or on-premise models. SaaS offers the advantage of easy deployment and scalability, while on-premise models provide greater control and security. The use of digital banking platforms offers numerous benefits, including increased client loyalty, improved user experience, and cost savings. Banks can leverage these platforms to offer personalized services, streamline operations, and stay competitive in the digital age. In conclusion, digital banking platforms are transforming the financial industry by offering convenient, accessible, and efficient banking services. With the integration of IoT devices, AI, cloud computing, and other technologies, digital banking platforms are set to redefine the way we manage our finances.

Market Segmentation

The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD billion' for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.

Type

  Retail banking
  Corporate banking


Geography

  North America

    US


  Europe

    Germany
    UK


  APAC

    China
    India


  South America



  Middle East and Africa

By Type Insights

The retail banking segment is estimated to witness significant growth during the forecast period. In the retail banking sector, digital banking platforms have revolutionized the way consumers manage their finances. These automated systems enable productivity gains and cost reductions for both banks and their customers. With the shift to cloud computing and cloud storage, online banking has become a preferred choice for time-strapped individuals. According to research, an increasing number of customers prefer to conduct financial transactions online due to the convenience and time savings. Security, user-friendly login processes, site availability, seamless integration of various services, clear layout, and comprehensive information are essential features that retail users look for in digital banking platforms. The investment in application development and maintenance, system

At the end of fiscal year 2022, the total value of deposits at public sector banks across India amounted to approximately 10.7 trillion Indian rupees. This marked a steady growth of deposits each fiscal year. In fact, in 2021, the aggregate deposit growth for public sector banks in the country was up by approximately 8.5 percent compared to the previous year.

Public sector banks in India consist of 19 nationalized banks, the State Bank of India and other associate banks of the State Bank of India. At the same time, the government of India was the major stakeholder in all these banks.

Contains data from the World Bank's data portal. There is also a consolidated country dataset on HDX.

Economic growth is central to economic development. When national income grows, real people benefit. While there is no known formula for stimulating economic growth, data can help policy-makers better understand their countries' economic situations and guide any work toward improvement. Data here covers measures of economic growth, such as gross domestic product (GDP) and gross national income (GNI). It also includes indicators representing factors known to be relevant to economic growth, such as capital stock, employment, investment, savings, consumption, government spending, imports, and exports.