Birla Sun Life Banking and Financial Services Fund NFO Closes on 9th December 2013 There are four reasons why banking as an industry has potential in India. Robust Demand We offten see an increase in demand for banking and related services with an increase in working population and growing disposable incomes. The rising middle class usually implies higher purchasing power and also the ability to take an extra debt to meet their aspiring lifestyle. Emergence of Rural India Rural banking is expected to witness growth in the future. Only 1 in 6 villages in India have access to banking services. This is a strong representation of the unbanked opportunity in rural INdia Technology and low cost innovation from banks could play a key role in reaching out to the growing rural economy. Innovation in Services The fast growing mobile and internet banking services and extensions of facilities at ATM stations are expected to play an important role in reaching out to a much larger set of people. The number of mobile banking transactions have increased to over 7.1 million in September 2013 from about 3.8 million in September 2012. Strong Business Fundamentals Leading banks in India are known to have strong governance and management practices. Indian Banking ranks amongst the top 10 countries in the world in providing a positive customer experience with over 75% of people having a positive experience.
Posted on: Mon, 02 Dec 2013 09:24:22 +0000
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