Bankslogged 12.2% growth in FY23

Indian banks grew at 12.2% last fiscal year driven by loans to retail consumers and services sectors, but the banks’ service to customers has not kept pace and they need to go beyond just monitoring the turnaround time, the Reserve Bank of India said in an annual report.

The regulator said that it is reviewing the non-fund based facilities offered by banks such as guarantees and letters of credit to come up with guidelines as they form an important role in the growth and development of the economy.