The Indian banking industry is expected grow as much as 20% a year and also improve its profitability with return on equity over 18%, according to a survey by consulting firm, McKinsey, done for the Indian Banks’ Association.
Favourable demographics, rising aspirations of corporate India , strong regulatory push, technological innovations, rising productivities and economies of scale are driving the growth, it said.
Ranjit Tinaikar, partner at McKinsey, said that there is a value creation opportunity of almost Rs 2.5 lakh crore in incremental revenue by 2015. However, banks will have to focus on the needs of new generation customers, infrastructure opportunity, new operating models to scale growth, talent and leadership.
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