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Financial Services Report India 4th Quarter

Rapid growth in demand for financial services in recent years in India has reflected rising incomes and increasing urbanisation of the population. Increasing financial inclusion has been a key policy priority, and efforts by successive administrations appear to be paying off. According to the World Bank's database on financial inclusion, 53% of adults over the age of 15 in India held accounts at formal financial institutions in 2014, up from 35% in 2011. This proportion will increase further in the forecast period.

As incomes continue to rise, lending levels should grow further in the long term, along with demand for insurance and asset-management services. Demand will also be boosted by a government scheme to increase access to banking services for the country's unbanked-about two-fifths of households. India's programme to create a unique identity for every Indian in a biometric database will allow many to gain access to formal banking.

The Economist Intelligence Unit forecasts that bank lending (in local-currency terms) will increase by an average of 17% a year in 2015-19, similar to the average annual growth of 16.9% over the previous five years. Bank deposits will rise by an average of 17.9% a year in the forecast period, slightly above the annual estimated rate of 15.7% on average in 2010-14. These figures are not adjusted for annual inflation, which averaged 9.4% in 2010-14 and is forecast to average 5.7% in 2015-19.

Industry List: Asset management, Financial Services, Banking, Financial Services, Financial markets and instruments, Financial Services, Financial regulation, Financial Services, Financial Services, Financial Services, Insurance
Industry Codes (NAIC): 52
Industry Codes (SIC): 60
Financial Services Report India 4th Quarter

Financial services report



Asset managers

Financial markets and instruments

Financial regulation
Regulatory watchlist

Monetary and currency policy: Monetary policy

Monetary and currency policy: Exchange rates

India at a glance

Fundamental indicators

Key contacts
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