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India’s US$ 1.7 trillion banking sector is in a state of flux – if not witnessing disruptive changes - today. This in turn implies tremendous scope for growth in the near future on account of multiple factors. Among the more traditional factors is the expected cyclical upturn. After seeing sub-10% growth during the financial year so far, there is expected pickup in bank loans off take. Analysis by CRISIL ratings puts bank credit growth at 13% for FY-15 and an even higher 15% in FY-16. Timely easing of policy interest rates to 6.75% - the lowest level in 4 years – which, will allow for cuts in loan rates by banks further, as well as a pickup in growth rate of the Indian economy from 7.3% in 2015 to 7.5% in 2016 as per the IMF, will both contribute to this pickup.
Further, new and differentiated banks are on the horizon. Bandhan Bank and IDFC Bank are the newest full service banks to have started operations in the past months, licenses for 11 payment banks and 10 small banks have also been doled out. Not only is this expected to create greater competition in India’s banking sector, possibly resulting in better outcomes for customers and a wider array of products and services to choose from, it also creates new dynamics for the sector as such, with payment banks tying up with full service banks to enable provision of services.
Rapid advancements in technology have also allowed financial services to reach out to customers in increasingly innovative ways, resulting in a whole new sub-category: FinTech has the potential to completely alter the banking sector and make it increasingly cashless through the provision of services like mobile wallets and payment gateways for online transactions, in which existing banks are also actively participating.
However, there are also one major red flag on the horizon. For one, Non-Performing Assets of public sector banks are higher than those of the entire system, some major infrastructure investment projects are stalled on account of these bad loans. The return on assets for these banks is limited and is expected to remain so in the coming months as well, leaving the leadership of the banking sector in the hands of sound private sector banks.
The ET conference ‘Changing Tides: Making the most of disruptive changes in Banking’ will seek to provide a deeper understanding of the emerging opportunities and challenges for India’s banking sector, given that a number of these are still at a relatively nascent stage. The Economic Times, with decades behind it capturing the pulse of India’s economy and business as the leading financial daily, now brings you this conference backed as it is by its knowledge on the field and its cutting edge analysis.
For further details, contact: +918055445405 or email: firstname.lastname@example.org. Learn more about the summit and to register, visit: http://www.et-banking.com