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WorldJuly 2 2012

Reserve Bank of India confident that banks can grow to meet demand

The evolution of the Indian banking sector has been slow and steady thus far, but with 60% of its population still unbanked and $1000bn of investment planned for the development of its infrastructure, India's needs are fast outstripping the sector's capabilities. Deputy governor of Reserve Bank of India Anand Sinha is confident that the country's banks can rise to this challenge, but there are areas that he believes they must improve on first.
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India might have just one-third the number of banks in The Banker's Top 1000 World Banks listing as China, but Anand Sinha, deputy governor of the Reserve Bank of India (RBI), is bullish about the sector. “The banking system is bound to grow substantially,” he says, adding that India’s 77 main banks – comprising 27 public sector banks, 30 foreign banks, 10 new-generation private banks and 10 old-generation private banks – are strong and well managed but still need to improve in terms of technology and risk management.

Future prospects

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