The Indian banking sector is witnessing unprecedented reform. A sector in which paradigm shifts have historically been few and far between will now host 23 new lenders, many of which began as anything but banks. Some of these new lenders are former microfinance firms, mobile network companies, e-commerce firms and even the Indian postal service.
The entrance onto the scene of these new players has been made possible by new licences granted by India’s central bank, the Reserve Bank of India (RBI), which began issuing them in April 2014.