Summary:

According to a BCG report with FICCI and the Indian Banks' Association, India aims to reach a $30 trillion GDP by 2047, which will require a 20-fold increase in financial services, with banks playing a critical role. The "Banking for a Viksit Bharat" report emphasizes the need for a $4 trillion capital base, with one-third requiring new funding. Despite this, India’s banking industry is profitable and has minimal non-performing assets (NPAs).

The report highlights that modernizing India’s financial sector over the next two decades will involve fundamental changes such as increasing deposits, improving asset quality, and advancing digital capabilities. Mr. MV Rao of the Indian Banks' Association emphasized the importance of innovative deposit strategies to boost inclusion and credit growth. Ms. Jyoti Vij of FICCI stressed the need to enhance climate and cybersecurity resilience and to invest in real-time networks and specialized skills to support India’s development.

Source: IBEF 

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