The Indian Growth Story [2023 Update]

The distribution of deposits in scheduled commercial banks(SCBs) across the Indian economy reaffirms that India is fundamentally an ascending world country.

1. Households make up the majority of deposits, a whopping 61.95%, close to ₹11,792,507 crores in SCBs.

It appears that Indian Households are poised as significant potential consumers. It will be interesting to see how startups position themselves towards B2C services and product offerings that appeal to this sector.

1. There is also a significant gender split, with deposits from women roughly being a fifth of the total (20.49%), close to ₹3,900,593 crores.

This represents a sizeable yet underutilised female demographic, a growth opportunity waiting to be tapped for startups. Women centric consumption will become a macro trend as a second order effect. Think maternity care, female hygiene, beauty, women-centric fashion and more.

1. Importantly, the majority of deposits are held in urban and metropolitan centres, cumulating to around 76% of all deposits (around ₹15,270,500 crores).

It was always obvious that the highest revenue opportunity is in the Indian Metro scene. There exists mainstream relevance and aspiration for folks outside of these spaces. The road to higher likelihood of growth and profitability leads through the Indian Metro.

1. Large deposits for the Non-Financial Corporations at around ₹32,611,52 crores or 17.13% presents an uncanny duality.

On one hand, these corporations are likely competition for startups. But? On the other hand, they can also be viewed as potential clients. B2B startups that offer valuable services to these corporations, such as SaaS solutions, stand to gain from this.

1. The Financial Corporations section, represents 5.84% of total deposits (₹1,111,565 crores)

It creates an opportunity for FinTech startups seeking to disrupt or foster partnerships.

Link to RBI data: https://dbie.rbi.org.in/DBIE/dbie.rbi?site=BsrPublications#!21