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Introduction
Indian banking industry has recently witnessed the roll out of innovative banking models like payments and small finance banks. RBI’s new measures may go a long way in helping the restructuring of the domestic banking industry.The digital payments system in India has evolved the most among 25 countries with India’s Immediate Payment Service (IMPS) being the only system at level 5 in the Faster Payments Innovation Index (FPII).
The Indian banking system consists of 12 public sector banks, 22 private sector banks, 46 foreign banks, 53 regional rural banks, 1,544 urban cooperative banks and 96,248 rural cooperative banks provide financial services to regular public such as loans, wealth management, investment services, currency exchange, safe deposit boxes and more.
- Total transaction value in the Digital Payments segment amounts to US$81,197million in 2020.
- Total transaction value is expected to show an annual growth rate (CAGR 2020-2023) of 3% resulting in the total amount of US$134,588million by 2023.
- The market’s largest segment is Digital Commerce with a total transaction value of US$71,544million in 2020.
- From a global…
