The Evolution of Finance in India

The Indian financial sector has gone through a sea change in the decades. In the early years post-independence, the banking sector was highly regulated, with an emphasis on promoting savings, credit availability, and public sector banks' dominance. The 1991 economic liberalization led to a more open and competitive financial environment, which saw the entry of private banks, the development of the capital markets, and increased foreign investment.
Technological innovations in the last two decades have changed the face of financial services. The rise of digital banking, mobile payments, and fintech platforms has transformed the delivery of financial services to consumers. With over 600 million internet users and rapid smartphone adoption, the country is well-positioned to embrace the digital revolution in finance.