New Delhi :India is “significantly behind” other developing economies in terms of physical banking infrastructure, a report has said.
It has only 12 bank branches and 13 ATMs per 1,000 adults, compared to Brazil, which has about 4 times the number of branches and 10 times as many ATMs per 1,000 adults, said the report by Deloitte India and Confederation of Indian Industries (CII) said.
The Indian financial services sector is experiencing a plethora of regulatory changes as it gears up to meet local and international standards, while balancing its commitment to financial inclusion.
The report also said that currently “Branchless banking options such as business correspondents, payment instruments and mobile banking are gradually moving up in terms of priority for banks as they try to expand reach”.
It further said that banking sector regulator RBI has over the years played a supportive role in increasing banking outreach and financial inclusion.
RBI has encouraged “banks and other financial services providers to adopt various new technologies and business models for growth and profitability,” the report added.
Banks are facing a tidal wave of regulatory requirements and are increasingly under regulatory scrutiny, it added.