How Banking is fastest growing sector
Updated: Nov 25, 2019
Banks are considered the backbone of the Economy. It becomes more so when we are talking about a country like India due to the current phase of it’s developing Economy. Banking is one of the fastest growing industries in India’s flourishing economy.
The rapid advancements and growth in the banking sector has paved the way for many career opportunities. And also, with the Indian government aiming for a cashless economy and 100% financial inclusion, the manpower requirements are bound to go up.
Indian banking Sector consists 27 public sector banks, 21 private sector banks, 49 foreign banks, 56 regional rural banks, 1,562 urban cooperative banks and 94,384 rural cooperative banks, in addition to cooperative credit institutions (FY17 data). Between FY07-08 & FY 17-18, total lending has been increased at a CAGR of 10.94 per cent and total deposits increased at a CAGR of 11.66 per cent. India’s retail credit market is the fourth largest among the emerging countries. It has been increased to US$ 281 billion in December 2017 from US$ 181 billion in December 2014.