Banking revenue from retail/consumer finance to touch Rs 74,000

New Delhi, Aug 21 (UNI) The government today told the Rajya Sabha that a report by leading international management consultancy firm McKinsey&Company has estimated the Indian banking sector revenue from retail/consumer finance at Rs 74,000 crore a year by 2009-10 as against Rs 28,000 crore during 2004-05.

In a written reply, Minister of State for Finance P K Bansal, referring to the measures taken to gear up the banking infrastructure to mop up maximum funds, said that the private sector banks had been aggressively tapping the retail sector business over the last few years and were in a position to take advantage of emerging business opportunities this year.

The public sector banks too were positioning themselves by providing innovative technology-based value added services like internet banking, mobile banking, ATM and debit cards and were using information technology in their day-to-day operations and in the customer service grievance redressal mechanism.

UNI