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Reading: SBI report shows Public Sector Unit banks continue to dominate Indian banking sector landscape
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Gulf Press > Business > SBI report shows Public Sector Unit banks continue to dominate Indian banking sector landscape
Business

SBI report shows Public Sector Unit banks continue to dominate Indian banking sector landscape

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Last updated: 2024/06/17 at 11:25 AM
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Public Sector Banks (PSBs) in India hold a significant position in the banking sector, dominating with over 50 per cent of the market share, branches, and ATMs. A report by the State Bank of India showcases that PSBs maintain more than 63 per cent of the total ATMs in the country, while private banks only have 35 per cent. In terms of deposits, public sector banks account for 59 per cent of the total deposits, indicating a higher level of trust from the public compared to private banks with 32 per cent of deposits.

The digital banking sector in India also sees public banks leading the way, with over 54 per cent of all credit cards issued. On the other hand, private banks hold a 37.8 per cent share of the credit card market. Among individual banks, the State Bank of India (SBI) emerges as a leader in all key metrics, with the highest share of deposits, the most extensive ATM network, and the largest number of credit cards issued.

The report highlights the efficiency of Indian banks, showing significant improvements over the years. Public sector banks operate at an 82.76 per cent efficiency rate, outperforming private banks at 79.59 per cent. The sector’s overall productivity has seen a growth of around 6 per cent in Total Factor Productivity (TFP), primarily driven by higher efficiency changes rather than technological advancements.

While public sector banks dominate various aspects of the banking sector, private banks also play a crucial role by offering a diverse range of services and contributing significantly to the competitive landscape. The emergence of payment banks, small finance banks, and Regional Rural Banks (RRBs) has further diversified the banking sector, providing specialized services tailored to underserved areas and populations, and enhancing financial inclusion across the country.

Overall, the report highlights the strong position of Public Sector Banks in India’s banking sector, showcasing their dominance in key areas such as market share, branches, ATMs, and deposits. The efficiency and productivity improvements in public sector banks indicate a positive trend for the sector as a whole, emphasizing the importance of both public and private banks in driving financial inclusion and growth in India.

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News Room June 17, 2024
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