Indian Banking Industry

How has the Indian banking Sector evolved during the last decade?

India’s banking sector has gone through a paradigm shift in the last few years. The ever-changing and evolving banking industry has played an essential role in the growth and development of the Indian economy. The changes and the shifts in this industry are asset quality, technology, and regulations. 

From physical banking services, including customer walk-ins and face-to-face interactions, to digital anchors (including new age contactless technologies), the Indian banking sector has seen a lot.The Indian banking system has commercial banks consisting of public, scheduled, non-scheduled, regional, private, rural, and cooperative banks. 

There are 27 public sector banks, 49 foreign banks, 21 private sector banks, 56 regional rural banks, 1526 urban cooperative banks, and 94,384 rural cooperative banks with cooperative credit institutions. The Banking Companies Act of 1949 defines the entire banking system in India.

To make our readers well-informed about the changes taking place in the banking sector, we are here with a clearer picture of how the Indian banking sector has evolved over the last few years.

The Changing Scenario

According to the Reserve Bank of India (RBI), India’s banking sector is sufficiently capitalized and well regulated. Moreover, the Indian banks have also survived the global recession. Further, the digital revolution has played a crucial role in building and shaping India’s banking sector. It has helped to promise unparalleled customer experiences and ensure extraordinary gains in productivity. 

The digital payment systems in India have also evolved with Immediate Payment Service (IMPS), which helps in faster payment methods. Especially if we study the post-demonetization period, the finance industry has witnessed a significant shift towards digitization, and now the stakeholders are fully equipped in using the technology diligently. The undergoing changes are leading to the revolution of this industry in the last few years and have been witnessing determined growth and an array of benefits.

With every phase, the Indian banking sector has adapted and diversified itself to make its customer’s financial needs easier and smoother to grow the global financial economy.

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The Driving Economy 

Over the years, banks in India have transformed the financial landscape and growth. The Indian banking system keeps the country’s economy afloat in the present scenarios. The Demonetization of the currency notes in 2016 is one of the prime examples. The existing currency notes were wiped out overnight, throwing the entire nation into chaos. The banks helped the economy regain and recover from the shock by allowing people across the nation to exchange invalid banknotes.

With India’s continuously evolving banking industry, the ability to provide robust support to the nation’s financial development also increases.

The Recent Development – Financial Inclusion 

Financial Inclusion is the availability and equality of opportunities for accessing financial services like banking. It is the primary key to driving any country’s economic growth and development. 

In pursuance of the RBI, the Indian Government is actively trying to propagate financial inclusions through various schemes. These government-run schemes are formed to enhance the outreach of financial services in India. Some of the schemes include –

  1. Pradhan Mantri Jan Dhan Yojana (PMJDY)
  2. Atal Pension Yojana (APY)
  3. Pradhan Mantri Vaya Vandana Yojana (PMVVY)
  4. Stand Up India Scheme
  5. Pradhan Mantri Mudra Yojana (PMMY)
  6. Pradhan Mantri Suraksha Bima Yojana (PMSBY)
  7. Sukanya Samriddhi Yojana
  8. Jeevan Suraksha Bandhan Yojana

The Emergence in the Use of Technology Based Services

Technological advancement is another important element leveraging the enhancement and productivity in the Indian Banking Sector. In 2002, Core Banking Solutions (CBS) was adopted for incorporating sophisticated technological solutions. It was an important step taken for the technological advancement of the Indian banking sector. 

This solution has contributed to the bank-to-client interactions and has also helped calculate penalties, interests, maturity, etc. After 2011, technological integration has raised the customer experience with the digital age. Here are a few current digitally-enabled and government-approved banking platforms, such as –

  1. Unified Payment Interface (UPI)
  2. National Unified USSD Platform
  3. Bharat Interface For Money (BHIM)
  4. Aadhar Enabled Payment System

The Merging of the Banks 

One other change in the banking sector in India is its structural change. The Indian Government is more focused on reducing the number of publicly owned banks by announcing mega-mergers. Thus, the number of public sector banks has been reduced from 27 to 12. We are here mentioning a list of public sector bank mergers until April 2020 –

  1. In April 2019, Vijaya Bank and Dena bank merged with Bank of Baroda.
  2. The 6 SBI associates and Bhartiya Mahila Bank merged with the State Bank of India.
  3. From April 1st 2020, the United Bank of India and Oriental Bank of Commerce were merged with Punjab National Bank. (It made them the second largest public sector bank in India)
  4. With effect from April 1st 2020, the Syndicate Bank got together with the Canara Bank.
  5. Allahabad Bank merged with the Indian Bank on April 1st, 2020.
  6. With effect from April 1st 2020, Andhra Bank and Corporation Bank of India merged with the Union Bank of India.


Technology has not only been the only transforming factor in the Indian banking sector. It has also changed the customers’ perception and has worked on their better experience in this industry. The entire Indian banking system is undergoing rapid growth and transformation with emerging digital technologies. 

There are also many scopes for more digitization and improvement to gain the overall profitability and efficiency in the services in this sector. The pace at which the entire industry is changing with the technological advancements is making it possible, which was not feasible to achieve in the earlier times.


Online Banking Courses

Online Banking Courses and Placement Training – FAQs

There is always a turning point during the early 20s life of individuals in which finding a correct path in terms of career choice plays a crucial role in visualizing a bright future. Everyone needs to be very careful while deciding the career they propose to pursue. Once you are clear about what you want to opt for as your career, you can start working towards it.

If you are looking to make your career in the banking sector specifically, this blog is for you. But, as we know, the banking sector is evolving very fast. Technology has played a very important role in its transformation. As a candidate, you have to learn how to upgrade your knowledge regularly. Therefore, you need to gain those skills that a banker needs to possess.

Top Must-have Banking Skills in 2022

One of the essential options that one can choose in fast-changing times is to keep updated with new developments in the banking industry and learn new skills. To achieve this, a fresher or working professional must enrol themself in a banking certificate course. Here are the skills that a banker must Learn to have a bright career-


  • Relationship Managing:
    The skill focuses on preparing aspirants to deal with customers and helping them make correct decisions about their accounts..
  • Consumer Lending:
    The skill focuses on financing domestic and individual clients. The categories which most fall under these types of loans include home loans, personal loans, and car loans.
  • RM & Credit Analysis:
    The skill aims to prepare individuals to provide analytical support to senior banking employees and inform them of market decisions.
  • Risk Management:
    This is an essential skill in which students understand the absolute risks in the banking industry, including credit risk, market risk, operational risk, liquidity risk, and a brief how-to sidestep similar risks.
  • Sales Skills:
    This skill helps you sell various products and services to customers. You will be inclusively learning Banking Sales and Customer Service, Customer Service Skills & Complaint Handling.

Aspiring Bankers Retail Banking Courses with 100% Placement Assistance!

Advantages of Online Banking Courses

  1. Flexibility: Students aren’t tied down to a fixed schedule.
  2. Reduced Costs: These courses cost way less than offline ones, making them more affordable.
  3. Access to Expertise: Students get an opportunity to learn from the experts directly.
  4. Industry Learning: Learning from the experts helps you attain industry knowledge about what is happening in the field.

Answering all your queries for Online Banking Courses!

  1. How can I do an online banking course?
    Answer: Anyone with a graduate degree can go for an online banking course by directly enrolling on a professional portal. The eligibility criteria for such courses are usually graduation, but students can also enrol for it and get a job according to their qualifications only.
  2. What type of jobs can be performed after an online banking course?
    Answer: Once you have completed online banking certification from an institute, you will be eligible and ready for various job profiles, including Investment Banker, Financial Manager, Financial Analyst, Financial Examiner, Loan Officer, Budget Analyst, Auditor, Broker.
  3. How much does a banking course cost?
    Answer: Different banking courses have different packages. But, on average, the banking course cost is around INR 30000 to INR 40000 from a reputed banking institute which includes all study material and other benefits. India’s wide range of banking institutes offers a minimal budget banking course. Aspiring bankers are one such which provides Banking Course which starts from INR 2400.
  4. Which certificate is the course best for banking?
    Answer: Almost every certification has some other significant benefits in the list that cannot be compared and have importance. For your assistance, you can take retail banking certificates, including banking systems in India, Functions of Banks, Banking sales in India, Digital banking, etc.
  5. Which course is needed for a bank job?
    Answer: There are different banking courses for different profiles in the bank one needs to decide what they are interested in. The complete bank course module can be considered most helpful in getting oneself a secured bank job, including all courses such as Banking System in India, Functions of Banks, Banking Sales & Service, Digital Banking, Risk Management, and Professional Excellence.

How can Aspiring Bankers help you?

Proper guidance at the beginning of your career from experienced teachers can make your skills and future success in an amazingly unique different way. The team of Aspiring Bankers brings you a wide range of Online Banking Certification Courses. With each module, you will learn different skills essential to the growing core in the Indian Banking Industry. We provide our first module(Banking system in India) free of cost.

One can choose a course according to their availability and interest. With these thoroughly researched modules, we also offer weekly doubt clearing masterclasses for free to clear the students’ doubts and the bank interview training. For details, contact us on +91-7299-0000-62 reach us at:


Indian Banking Industry

Why Should You Make a Career in the Banking Industry?

There always comes a time in the life of youngsters when they become highly confused thinking which career path is the best for them. This is completely natural as making a career choice is not easy as it appears since one gets fascinated by different career options available in a lot of industries. However, one should make his career in an industry for which he has a natural liking. 

If we talk about making a career in banking, it is a perfect option for those individuals who are good at numbers and would love to deal with people. Making a career in the banking industry is surely a very promising thing for young individuals. This is also due to the fact that the banking sector is a booming one and it offers a lot of good opportunities to the banking aspirants. 

Of course, everyone wants to earn well and have a satisfactory job in the end. This holds true in the case of the banking sector since it not only rewards you with great pay but also assures you of consistent growth. If you compare the starting salary of a banking professional with the other industries, it is pretty much satisfactory. So, you definitely get a good start when you join the banking industry apart from regular leaves and holidays in the entire year. 

Plus, anyone can join the banking sector irrespective of the study one has done before or the industry in which one was working. All you need to do is pass banking exams or get a professional banking certification and crack the interview. Job security is also something that concerns people but due to the zero recession effect on the banking sector, this also fades away in the minds of aspirants. In all, getting placed in banks not only secures your future but also rewards you with a happy financial, personal, and professional life. 

For further information on making a career in the banking industry, the following infographic will help you with the same and provide you with valuable insights into professional banking life.