As per a report from PricewaterhouseCoopers (PwC), India to become the third largest domestic banking sector by 2040 after China and the US. The report highlights the possible changes in the scale of the banking sector between now and 2050, highlights the pace of change, and provides some measure of the size of the opportunities and challenges for banks.
The pwc report says:
- [advt]Total domestic credit in China could overtake the UK and Germany by 2010, Japan by 2025, and the US before 2050
- India could rise from today’s relatively low levels to emerge as the third largest domestic banking market in the world by 2040—and could ultimately grow faster than China
- Brazil, Indonesia, Mexico, Russia and Turkey are also likely to see rapid expansion in their banking sectors, all having the potential to match major European economies such as France and Italy before 2050
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