Growth and Development of Retail Banking in India: Drivers of Retail banking

samiksha ojha

Abstract


Retail banking in India has grown at a rapid pace in recent years as number of consumers continuously relied upon the new banking products offered under the retail banking. Moreover, retail banking has widened the scope of technology and internet by introducing various services related to information technology, telecommunication and electronic data processing.

With a contribution of 14% to the national GDP and employing 7% of the country’s total workforce in banking, the retail banking has emerged as the fastest growing banking service in India. The paper however focuses on examining the growth and development of retail banking in the context to rural and urban areas and how banks are using their existing business strategies to improve their market presence. The core objective of the paper is to identify the growth drivers of consumers towards embracing the retail banking services.

Keywords: Retail, Drivers, growth


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ISSN : 2251-1555