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SBI included in Top 50 Banks in Asia Pacific region


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According to a report by S&P Global Market Intelligence, three Indian banks made it to the list of top 50 banks by assets in the Asia-Pacific region in 2023. The Indian banks that made the list are the State Bank of India, HDFC Bank, and ICICI Bank.

Performance of Indian Banks in Asia

Indian banks have been performing well compared to their peers in Asia. Improvement in financial metrics, along with high credit growth in a robust economic environment, has contributed to the growth of banks’ assets in recent years. The aggregate assets of Indian lenders rose sharply by 50.5% to USD 1.510 trillion in 2023.

Factors Contributing to Asset Growth

The increase in assets can be attributed to various factors. One significant factor was the merger of HDFC Bank Ltd. with its parent company, Housing Development Finance Corp, in July 2022. This merger resulted in HDFC Bank’s assets jumping 51.3% to USD 466.35 billion, propelling the bank up 13 places to 33rd in the top 50 ranking.

Credit Growth in India

According to data from the Reserve Bank of India (RBI), credit growth in India stood at 15.6% as of December 29, 2023. This growth rate represents an increase from the 14.9% credit growth recorded a year ago.

India’s Economic Growth

India’s economy has been performing well, with a growth rate of 8.4% during the October-December quarter of the financial year 2023-24. This growth rate has contributed to India remaining the fastest-growing major economy. In the preceding two quarters (April-June and July-September), the Indian economy grew at rates of 7.8% and 7.6%, respectively. The central government expects the economy to grow at 7.6% in the financial year that just ended in March.

India Report

The RBI is really serious about making finance companies and banks more transparent and responsible. They’ve taken steps to control lenders being too eager, make sure rules are followed, and protect customers. We think the RBI won’t tolerate issues like rule-breaking, complaints, privacy problems, or money laundering.

Recently, the RBI has taken action against IIFL Finance Ltd. and JM Financial Products Ltd., stopping them from giving out gold loans and loans against shares, respectively. They also told Paytm Payments Bank Ltd. to stop signing up new customers. These steps were taken because these companies didn’t follow the rules. This is a change from just giving small fines for rule-breaking like they used to do.

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