Veteran banker K.V. Kamath claimed on Thursday that despite the World Bank’s predictions of a global recession in 2023, India’s banking sector is set to grow at a rate of 10% to 15% this year.
A global slowdown is anticipated this year, according to the World Bank’s Global Economic Prospects report, which also predicted that it would be severe for developing nations due to high inflation, sudden increases in interest rates, the resurgence of the covid-19 pandemic, decreased investment, and geopolitical tensions brought on by Russia’s conflict in Ukraine.
Speaking during a panel discussion at Mint’s 15th Annual Banking Conclave, Kamath sounded optimistic about the future of the Indian banking system, mostly due to the rapidly expanding digitalization of financial services.
This news is written by Ms. Pujari Dharani, Research Assistant, All India Legal Forum.