When it comes to the largest Indian banks by deposits, a select few dominate the financial landscape. Just five commercial banks hold 50 per cent of all deposits in India, and the top 10 (of which 7 are government banks) account for 75%.
"For every Rs 100 deposited in an Indian commercial bank, the share of government banks is a whopping Rs 62. Around Rs 32 are deposited with private banks. Just under Rs 5 can be found with foreign banks, and the rest—just under Rs 1—is with small finance banks and payment banks," shows data analysed by Bankbazaar.
Even though small finance banks offer higher interest rates when compared to bigger commercial banks, only 0.8 per cent of India's savings are in such banks.