India set to become third largest banking market

ndia is likely to emerge as the third largest domestic banking market in the world by 2040 and could grow faster than China in the long run, according to a report by PricewaterhouseCoopers called ‘Banking in 2050.The report projects that the banking sector will grow significantly faster than GDP in the emerging economies of China, India, Brazil, Russia, Indonesia, Mexico and Turkey.Total profits from domestic banking in these countries could be around half of those in the G7 nations (US, Japan, Germany, UK, France, Italy and Canada) by 2025 and larger before 2050.The study examines the possible changes in the scale of the banking sector between now and 2050 and highlights the pace of change, while providing some measure of the size of the opportunity and challenge for banks.