Population
1.4B
Online population
907.4M
Currency
INR
Population - 1.4B
In terms of population size, India takes the second place in the world.
Internet penetration - 48.7%
There will be 907.4M total internet users in 2023.
An EY report puts the adoption rate of FinTech in India at 87%, a whopping 20% above the global average of 64%. The report projects the Indian FinTech market to reach a cumulative value of $200B by 2030.
Meanwhile, estimates in Bain and Co.’s India FinTech Report 2022 state that the boom in smartphone adoption in India could push the net valuation of FinTech services in India by 3.5 times, from $100B to $350B in the next four years. Bain expects India’s financial services market to grow from $1.3T to a whopping $2.3T by FY26.
The banking system of India consists of the central bank (Reserve Bank of India -RBI), commercial banks, cooperative banks and development banks (development finance institutions).
The Indian banking system has 12 public sector banks, 22 private sector banks, 45 foreign banks, 43 regional rural banks, 1.4K urban cooperative banks and 96K rural cooperative banks in addition to cooperative credit institutions.
<aside> 💡 The Top 5 banks in India banking assets are ~$1.3T: State Bank of India, ICICI Bank, Punjab National Bank, Bank of Baroda, and Bank of India
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