Banking is changing dramatically in India: an increasing proportion of the 1.2 billion population is slowly acquiring access to banking services, technology is altering the way banking is being done, especially in regard to mobile banking, and, for the first time in a decade, the country's authorities are in the process of issuing new banking licences.
Mobile banking is gaining traction in the country, with the number of mobile banking transactions doubling to 5.6 million in January 2013 from 2.8 million in January 2012, and the value of transactions tripling in that time. ICICI Bank, the second largest bank in the country by Tier 1 capital, is quoted as seeing 100% growth in the number of people using mobile in the year to the end of April 2013, with transactions up 300% during the period.
