Retail banking in India-Progress or lagging behind

Retail banking is banking in which banking institutions execute transactions directly with consumers, rather than corporations or other banks. Services offered include savingsand transactional accounts, mortgages, personal loans, debit cards, and credit cards. The growth of the retail banking industry fosters financial inclusion by providing financial products and services to people in the farthest reaches of the country i.e., rural areas apart from urban areas. In India, the rural areas lack access to basic financial services. However, the recent emergence of microfinance institutions (MFIs) and non-banking financial corporation's (NBFCs) in this sector has led to a commendable growth in the industry. The issue of retail banking is extremely topical. Over the past few decades, while urban retail banking has seen a lot of growth, rural areas have continued to suffer from insufficient access to financial services. In this study, An effort had been made to evaluate the growth and performance of overall retail banking industry and their growing & declining rate according to various public as well as private sector banks.