PUBLISHER: Blueweave Consulting | PRODUCT CODE: 1351294
PUBLISHER: Blueweave Consulting | PRODUCT CODE: 1351294
India Retail Banking Market, By Type (Public Sector Banks, Private Sector Banks, Foreign Banks, Community Development Banks, Non-banking Financial Companies ); By Service ; By Region, Trend Analysis, Competitive Landscape & Forecast, 2019-2029
India Retail Banking Market Size Expanding at Steady CAGR of 5.4% to Touch USD 167 Billion by 2029.
India retail banking market is flourishing because of the rising middle class in India, growing penetration of smartphones and the internet, and increasing demand for digital banking services.
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the India retail banking market size at USD 115.42 billion in 2022. During the forecast period between 2023 and 2029, BlueWeave expects India retail banking market size to grow at a CAGR of 5.4% reaching a value of USD 166.78 billion by 2029. Major growth drivers for the India retail banking market include rapid urbanization, rising disposable incomes, and technological advancements. Increased urban migration prompts evolving banking needs, while rising incomes amplify demand for banking services. Technological advancements, including online banking and digital payments, reshape customer interactions. The government's efforts to merge prominent banks and implement diverse economic stimulus plans are expected to enhance the commercial worth of the predominant public sector banks within the nation. Numerous governmental endeavors, including the expansion of banks' public service outlets in rural regions, the Pradhan Mantri Jan Dhan Yojana initiative, as well as the provision of free credit and debit cards featuring conservative transaction thresholds, are propelling the advancement of the retail banking domain. However, high level of non-performing loans (NPLs) and the increasing competition from non-banking financial institutions (NBFIs) are anticipated to restrain the growth of India retail banking market during the period in analysis.
India Retail Banking Market - Overview:
India retail banking market refers to the sector within India's financial industry that provides a wide range of banking services directly to individual consumers and small businesses. It encompasses various financial products and services tailored to meet the personal and business banking needs of customers. These services include savings accounts, checking accounts, loans, mortgages, credit cards, debit cards, personal financial management, and electronic banking options like online banking and mobile apps. The India retail banking market is influenced by urbanization, rising disposable incomes, technological advancements, and government initiatives aimed at enhancing financial inclusion and accessibility. The growth of the India retail banking market is driven by evolving consumer preferences, economic trends, and regulatory developments that shape the landscape of retail banking services in the country.
Impact of COVID-19 on India Retail Banking Market
COVID-19 pandemic had a positive impact on the India retail banking market. Lockdowns and social distancing measures disrupted traditional banking operations, prompting an accelerated shift toward digital banking. Banks faced increased demand for online services, highlighting the importance of digital readiness. Loan repayment challenges emerged due to economic hardships, leading to asset quality concerns. The pandemic emphasized the need for robust risk management. Government relief measures and RBI interventions mitigated some effects. In sum, COVID-19 expedited digital transformation, altered customer behavior, posed credit risks, and underscored the essentiality of adaptive strategies in the India retail banking market.
India Retail Banking Market - By Service:
Based on service, the India retail banking market is divided into Saving and Checking Account, Transactional Account, Personal Loan, Home Loan, Mortgages, Debit and Credit Cards, ATM Cards, and Certificates of Deposits segments. The saving and checking account segment held a highest market share by service. Banking serves as a secure repository for deposits and oversees the management of funds and essential transactions to fulfill daily objectives. Day-to-day expenses are covered using a checking account, a specific type of bank account. These accounts have no withdrawal limitations and offer easy accessibility. By consistently depositing funds into a savings account, individuals can accumulate savings and bolster their financial well-being. This platform provides a means to store money that isn't immediately required.
Competitive Landscape:
Major players operating in the India retail banking market include: State Bank of India, HDFC Bank, ICICI Bank, Axis Bank, Kotak Mahindra Bank, Punjab National Bank, Bank of Baroda, IndusInd Bank, and IDFC FIRST Bank. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of India Retail Banking Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in India Retail Banking Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
Table of Contents
1. Research Framework
- 1.1. Research Objective
- 1.2. Product Overview
- 1.3. Market Segmentation
2. Executive Summary
3. India Retail Banking Market Insights
- 3.1. Industry Value Chain Analysis
- 3.2. DROC Analysis
- 3.2.1. Growth Drivers
- 3.2.1.1. The growing middle class in India
- 3.2.1.2. The increasing penetration of smartphones and the internet
- 3.2.1.3. The growing demand for digital banking services
- 3.2.2. Restraints
- 3.2.2.1. The high level of non-performing loans (NPLs)
- 3.2.2.2. The increasing competition from non-banking financial institutions (NBFIs)
- 3.2.3. Opportunities
- 3.2.3.1. The growth of the rural banking sector
- 3.2.3.2. The increasing demand for wealth management services
- 3.2.4. Challenges
- 3.2.4.1. The need to comply with government regulations
- 3.2.4.2. The need to manage risks associated with digital banking
- 3.2.1. Growth Drivers
- 3.3. Technological Advancements/Recent Developments
- 3.4. Regulatory Framework
- 3.5. Porter's Five Forces Analysis
- 3.5.1. Bargaining Power of Suppliers
- 3.5.2. Bargaining Power of Buyers
- 3.5.3. Threat of New Entrants
- 3.5.4. Threat of Substitutes
- 3.5.5. Intensity of Rivalry
4. India Retail Banking Market Overview
- 4.1. Market Size & Forecast, 2019-2029
- 4.1.1. By Value (USD Billion)
- 4.2. Market Share & Forecast
- 4.2.1. By Type
- 4.2.1.1. Public Sector Banks
- 4.2.1.2. Private Sector Banks
- 4.2.1.3. Foreign Banks
- 4.2.1.4. Community Development Banks
- 4.2.1.5. Non-banking Financial Companies (NBFC)
- 4.2.2. By Service
- 4.2.2.1. Saving & Checking Accounts
- 4.2.2.2. Transactional Accounts
- 4.2.2.3. Personal Loans
- 4.2.2.4. Home Loans
- 4.2.2.5. Mortgages
- 4.2.2.6. Debit & Credit Cards
- 4.2.2.7. ATM Cards
- 4.2.2.8. Certificates of Deposits
- 4.2.3. By Region
- 4.2.3.1. North India
- 4.2.3.2. South India
- 4.2.3.3. East India
- 4.2.3.4. West India
- 4.2.1. By Type
5. North India Retail Banking Market
- 5.1. Market Size & Forecast, 2019-2029
- 5.1.1. By Value (USD Billion)
- 5.2. Market Share & Forecast
- 5.2.1. By Type
- 5.2.2. By Service
6. South India Retail Banking Market
- 6.1. Market Size & Forecast, 2019-2029
- 6.1.1. By Value (USD Billion)
- 6.2. Market Share & Forecast
- 6.2.1. By Type
- 6.2.2. By Service
7. East India Retail Banking Market
- 7.1. Market Size & Forecast, 2019-2029
- 7.1.1. By Value (USD Billion)
- 7.2. Market Share & Forecast
- 7.2.1. By Type
- 7.2.2. By Service
8. West India Retail Banking Market
- 8.1. Market Size & Forecast, 2019-2029
- 8.1.1. By Value (USD Billion)
- 8.2. Market Share & Forecast
- 8.2.1. By Type
- 8.2.2. By Service
9. Competitive Landscape
- 9.1. List of Key Players and Their Offerings
- 9.2. India Retail Banking Company Market Share Analysis, 2022
- 9.3. Competitive Benchmarking, By Operating Parameters
- 9.4. Key Strategic Developments (Mergers, Acquisitions, Partnerships, etc.)
10. Impact of Covid-19 on India Retail Banking Market
11. Company Profile (Company Overview, Financial Matrix, Competitive Landscape, Key Personnel, Key Competitors, Contact Address, Strategic Outlook, SWOT Analysis)
- 11.1. State Bank of India
- 11.2. HDFC Bank
- 11.3. ICICI Bank
- 11.4. Axis Bank
- 11.5. Kotak Mahindra Bank
- 11.6. Punjab National Bank
- 11.7. Bank of Baroda
- 11.8. IndusInd Bank
- 11.9. IDFC FIRST Bank
- 11.10. Federal Bank
- 11.11. Other Prominent Players
12. Key Strategic Recommendations
13. Research Methodology
- 13.1. Qualitative Research
- 13.1.1. Primary & Secondary Research
- 13.2. Quantitative Research
- 13.3. Market Breakdown & Data Triangulation
- 13.3.1. Secondary Research
- 13.3.2. Primary Research
- 13.4. Breakdown of Primary Research Respondents, By Region
- 13.5. Assumptions & Limitations
*Financial information of non-listed companies can be provided as per availability.
**The segmentation and the companies are subject to modifications based on in-depth secondary research for the final deliverable.
List of Figures
- Figure 1: India Retail Banking Market Segmentation
- Figure 2: India Retail Banking Market Value Chain Analysis
- Figure 3: Company Market Share Analysis, 2022
- Figure 4: India Retail Banking Market Size, By Value (USD Billion), 2019-2029
- Figure 5: India Retail Banking Market Share, By Type, By Value, 2019-2029
- Figure 7: India Retail Banking Market Share, By Service, By Value, 2019-2029
- Figure 8: India Retail Banking Market Share, By Region, By Value, 2019-2029
- Figure 10: North India Retail Banking Market Size, By Value (USD Billion), 2019-2029
- Figure 11: North India Retail Banking Market Share, By Type, By Value, 2019-2029
- Figure 12: North India Retail Banking Market Share, By Service, By Value, 2019-2029
- Figure 13: South India Retail Banking Market Size, By Value (USD Billion), 2019-2029
- Figure 14: South India Retail Banking Market Share, By Type, By Value, 2019-2029
- Figure 15: South India Retail Banking Market Share, By Service, By Value, 2019-2029
- Figure 16: East India Retail Banking Market Size, By Value (USD Billion), 2019-2029
- Figure 17: East India Retail Banking Market Share, By Type, By Value, 2019-2029
- Figure 18: East India Retail Banking Market Share, By Service, By Value, 2019-2029
- Figure 19: West India Retail Banking Market Size, By Value (USD Billion), 2019-2029
- Figure 20: West India Retail Banking Market Share, By Type, By Value, 2019-2029
- Figure 21: West India Retail Banking Market Share, By Service, By Value, 2019-2029
List of Tables
- Table 1: India Retail Banking Market Size, By Type, By Value, 2019-2029
- Table 2: India Retail Banking Market Size, By Service, By Value, 2019-2029
- Table 3: India Retail Banking Market Size, By Region, By Value, 2019-2029
- Table 4: North India Retail Banking Market Size, By Type, By Value, 2019-2029
- Table 5: North India Retail Banking Market Size, By Service, By Value, 2019-2029
- Table 6: South India Retail Banking Market Size, By Type, By Value, 2019-2029
- Table 7: South India Retail Banking Market Size, By Service, By Value, 2019-2029
- Table 8: East India Retail Banking Market Size, By Type, By Value, 2019-2029
- Table 9: East India Retail Banking Market Size, By Service, By Value, 2019-2029
- Table 10: West India Retail Banking Market Size, By Type, By Value, 2019-2029
- Table 11: West India Retail Banking Market Size, By Service, By Value, 2019-2029
- Table 12: State Bank of India Company Overview
- Table 13: State Bank of India Financial Overview
- Table 14: HDFC Bank Company Overview
- Table 15: HDFC Bank Financial Overview
- Table 16: ICICI Bank Company Overview
- Table 17: ICICI Bank Financial Overview
- Table 18: Axis Bank Company Overview
- Table 19: Axis Bank Financial Overview
- Table 20: Kotak Mahindra Bank Company Overview
- Table 21: Kotak Mahindra Bank Financial Overview
- Table 22: Punjab National Bank Company Overview
- Table 23: Punjab National Bank Financial Overview
- Table 24: Bank of Baroda Company Overview
- Table 25: Bank of Baroda Financial Overview
- Table 26: IndusInd Bank Company Overview
- Table 27: IndusInd Bank Financial Overview
- Table 28: IDFC FIRST Bank Company Overview
- Table 29: IDFC FIRST Bank Financial Overview
- Table 30: Federal Bank Company Overview
- Table 31: Federal Bank Financial Overview
- Table 32: Other Prominent Players Company Overview
- Table 33: Other Prominent Players Financial Overview
