India's INR 77 trillion (US$ 1.25 trillion)-banking industry is the backbone to the economy. The banking sector is on a high-growth path with around 3.5 ATMs and less than seven bank branches per 100,000 people, according to a World Bank report.
Now , online banking has gained more popularity with high speed internet and user friendly smart phone applications making it more convenient for the people. This helps banks to save costs as online transactions are real time and do not involve paper- based transactions. The cost of doing a transaction at a teller counter ranges from Rs 40 to Rs 50 (US$ 0.65- 0.81) per transaction while in the case of net banking this lowers significantly to INR 2 to INR 3 (US$ 0.032-0.048) per transaction.
In order to enhance banking services in India , government has relaxed norms for banks borrowing through foreign currency and has also allowed banks to open branches in tier-I cities without seeking the Central Bank's approval in each case ,subject to conditions.
Indian banking sector is expected to become fifth largest in the world by 2020. The Report highlights that India is one of the top 10 economies of the world and with relatively lower domestic credit to gross domestic product (GDP) percentage, their lies a huge scope of growth for the banking sector.
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