2024年印度银行业报告（英）-印度品牌价值基金会（IBEF）

For updated information, please visit www.ibef.orgNovember 2024BANKING2Table of ContentsExecutive Summary3Advantage India 4Market Overview 6Recent Trends and Strategies13Growth Drivers and Opportunities 21Key Industry Contacts31Appendix333Executive summarySource: India Banking Association, Reserve Bank of India, Boston Consulting Group, Notes: ATM - Automated Teller Machine, FIP - Financial Inclusion Plan, RBI - Reserve Bank of IndiaGrowing digital transaction•In October 2024, India’s Unified Payments Interface (UPI) reached a record high with 16.58 billion transactions worth approximately Rs. 23.5 trillion (US$ 279.4 billion), marking the highest monthly figures since its launch in 2016.•Immediate Payment Services (IMPS) transactions rose by 9% to 467 million, with a value increase of 11% to approximately Rs. 6.29 trillion (US$ 74.7 billion), and FASTag transactions grew by 8% in both volume (345 million) and value, reaching around Rs. 6,115 crore (US$ 733 million). The Aadhaar Enabled Payment System (AePS) recorded 126 million transactions, up 26% in volume and 35% in value, totaling approximately Rs. 32,493 crore (US$ 3.88 billion), reflecting strong growth across various digital payment methods.•According to the Boston Consulting Group, PhonePe has 47% of UPI market share followed by Google Pay (at 34%) in FY23 (April-December). Financial transactions via digital channels accounted for 92% of the overall transactions. Out of which, the total share of UPI transactions was 42% in 9M FY23.•In November 2022, RBI launched a pilot project on central bank digital currency (CBDC). The platform is called NDS-OM CBDC. The Central Bank stated that the use case for the wholesale digital rupee is for the "settlement of secondary market transactions in government securities“ as it would reduce transaction costs.Rising rural penetration•In Union budget 2024-25, announcement made to open 100 branches of India Post Payment Bank are set to be established in the Northeast region to enhance banking services.•The RBI has launched a pilot to digitalize KCC lending in a bid for efficiency, higher cost savings, and reduction of TAT. This is expected to transform the flow of credit in the rural economy.•100% of new bank account openings in rural India are being done digitally.Higher ATM penetration •The Indian Managed Services and Outsourcing industry has been playing a key role in faster expansion of ATM network to achieve the last mile financial inclusion.•As of June 2024, the total number of micro-ATMs in India reached 15,17,580. Moreover, there are 1,26,772 on-site ATMs and Cash Recycling Machines (CRMs) and 90,142 off-site ATMs and CRMs. •With the increased penetration of ATMs through outsourcing model, customers also find it more convenient to transact at ATMs deployed closer to their work or residential areas rather than going to distantly located bank branches.4Advantage India5Advantage IndiaSource: IBA report titled “Being five-star in productivity - Roadmap