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Asia-PacificApril 1 2016

The new age of Indian banking

The banking licences granted by India’s central bank to entities such as telcos, e-commerce companies and microfinance firms are shaking up one of the most traditional banking sectors in the Asia-Pacific region, threatening the dominance of the full-service public sector banks.
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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.

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