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Asia-PacificJune 15 2015

India's banks log on to digital channels

India will have 450 million digital banking customers by 2020 – a fourfold increase, say forecasters. Both public and private sector lenders are gearing up.
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The digital market in India, while still at a nascent stage, is finally opening up. Analyst Gartner ranks India among the fastest growing e-commerce markets in the Asia-Pacific region and predicts its revenues will touch $6bn in 2015, a 70% jump over 2014 revenues.

According to the Internet and Mobile Association of India, the country’s internet user base, currently estimated at more than 250 million, could soon overtake the US to become the second largest in the world after China. Although internet penetration in India is still at a low 20%, it is important to note that a majority of internet subscribers today access the internet through their mobile devices. India has more than 900 million mobile phone connections, and with falling handset prices, rising smartphone penetration and growing availability of faster bandwidth, mobile internet access is set to increase further.

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