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India’s banking sector is currently valued at INR 81 trillion (US$ 1.31 trillion).

It has the potential to become the fifth largest Banking Industry in the world by 2020 and the third largest by 2025, according to the industry report.

Banks are now reaching out to the masses with technology to facilitate greater ease of communication, and transactions are carried out through the Internet and mobile devices.

The bill allows the Reserve Bank of India (RBI) to make final guidelines on issuing new bank licenses.

This could lead to a greater number of banks in the country; the style of operation could also evolve with the integration of modern technology into the industry.

The industry has witnessed discernable development, with deposits growing at a CAGR of 21.2 per cent.

Banking is one of the largest employers in India and has the potential to provide over 7, 50,000 jobs in the course of the next five years.

Access to banking system has also improved over the years due to persistent government efforts to promote banking-technology and promote expansion in unbanked and non-metropolitan regions.