Banking in India- The next phase
The Finance Minister scored a triple century and entered the record books for inaugurating the maximum number of bank branches in a single day. He did it virtually of course. The branches, belonging to 30 banks, are spread over 75 districts of Uttar Pradesh, primarily in rural areas. The target is to open 3000 new branches in UP within a year. By March 2014, 2,700 branches would be opened in the state to improve the ratio of banks to population. The national average is 13,000, that is there is a bank branch for every 13,000 Indians – the average for UP is 16,000. We will look at a few facts and figures, problems and proposals for banking in India.
How many bank branches do we have in India? We just gave you the number – didn’t we? Well, we told you the ratio – 1 branch per 13,000 Indians. You obviously know that the population of India is 1.2 billion (2011 Census). So tell us how many branches of banks?
1.2 x 109/13000 = 92,300 (approximately). Nice and easy.
Continue Reading here for the most clear, creative and comprehensive primer that explains the history and structure of banking in India.
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