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The banking system remains, as always, the most dominant segment of the financial sector. Indian banks continue to be well-regulated, and under the regulator's watchful eye, have emerged stronger.
In the annual international ranking conducted by UK-based Brand Finance Plc, 20 Indian banks have been included in the Brand Finance® Global Banking 500. In fact, the State Bank of India (SBI) has become the first Indian bank to be ranked among the Top 50 banks in the world, capturing the 36th rank, as per the Brand Finance study. The brand value of SBI increased from US$ 1.5 billion in 2009 to US$ 4.6 billion in 2010. ICICI Bank also made it to the Top 100 list with a brand value of US$ 2.2 billion. The total brand value of the 20 Indian banks featured in the list stood at US$ 13 billion. |
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According to RBI's 'Quarterly Statistics on Deposits and Credit of Scheduled Commercial Banks: March 2010', nationalised banks, as a group, accounted for 51.9 per cent of the aggregate deposits, while State Bank of India (SBI) and its associates accounted for 22.5 per cent. The share of other scheduled commercial banks, foreign banks and regional rural banks in aggregate deposits were 17.5 per cent, 5.0 per cent and 3.1 per cent, respectively.
With respect to gross bank credit also, nationalised banks hold the highest share of 52.0 per cent in the total bank credit, with SBI and its associates at 23.1 per cent and other scheduled commercial banks at 17.4 per cent. Foreign banks and regional rural banks had a share of 4.9 per cent and 2.5 per cent respectively in the total bank credit.
The report also found that scheduled commercial banks served 34,801 banked centres. Of these centres, 27,946 were single office centres and 65 centres had 100 or more bank offices.
Significantly, on a year-on-year basis, bank credit grew by 16.7 per cent in 2009-10. |
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The US$ 41-billion Indian life insurance industry is considered the fifth largest life insurance market, and growing at a rapid pace of 32-34 per cent annually, according to the Life Insurance Council.
Life insurance companies have witnessed a 70 per cent jump in new premium collection during the first five months of the financial year. According to data released by the Insurance Regulatory and Development Authority (IRDA), insurance companies garnered US$ 11.73 billion in new business premium during April-August 2010, against US$ 6.90 billion in the corresponding period last year.
General Insurance
According to data released by IRDA, the general insurance industry recorded 22.76 per cent year-on-year (y-o-y) growth in gross premium underwritten during April–October 2010. The industry collected gross premium of US$ 5.29 billion during April–October 2010 compared with US$ 4.31 billion in the same period last year.
Health Insurance
The Indian health insurance market has emerged as a new and lucrative growth avenue for both the existing players as well as the new entrants. According to a latest research report "Booming Health Insurance in India" by research firm RNCOS released in April 2010, all emerging trends including the key factors driving the market growth. Furthermore, the report also identifies what could be the possible growth areas for expansion and gives a detailed overview of the competitive landscape. The Indian health insurance market has continued to post record growth in the last two fiscals (2008-09 and 2009-10). Moreover, as per the RNCOS estimates, the health insurance premium is expected to grow at a compound annual growth rate (CAGR) of over 25 per cent for the period spanning from 2009-10 to 2013-14.
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