The Indian banking sector has been a critical part of Indian economic history, starting from a barter exchange to distributing loans and credits through the current banking system. According to the report of the Indian Brand Equity Foundation (IBEF), the Indian banking industry currently consists of 13 public sector banks, 21 private banking sector, 44 foreign banks, and 12 small finance banks. The micro ATMs in India reached 15,17,580. <\/p>
In 2024, total assets in the public and private banking sectors were US$ 1861.72 billion and US$ 1264.28 billion, respectively. The interest income of public banks stood at a figure of US$128.1 billion in 2024, and that of private banks was US$ 95.7 billion. <\/p>
The above figure implies that Indian banks have experienced extensive development and growth over the years in terms of productivity, target customer base, and regulations. <\/p>