India's banking sector is inefficient and customers pay the cost, making reforms imperative

.......Presently, Indian banking packs a lot of inefficiency, which is passed to consumers in terms of higher costs. Enhanced competition in any business will result in declining profitability as the opportunity to make easy money disappears. Banks here however have largely maintained their profitability over the last decade, suggesting that the 154 commercial banks hardly push each other. Compare Indian banks' profitability with the UK and what comes through is that customers here are paying the price for inadequate competition.....

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