TABInsights provides independent research, primary survey intelligence, and bespoke market analysis on India’s banking and financial services industry.
Why India demands dedicated research
India's banking system is in the middle of a structural transformation with few parallels in the emerging world. A decade of balance sheet repair following a non-performing loan crisis of gross advances has given way to a sector posting its strongest profitability metrics in a generation with HDFC Bank, ICICI Bank, Axis Bank, Kotak Mahindra Bank and IDBI, now ranking among most profitable banks in the Asia by return on assets. At the same time, a public digital infrastructure build, including Aadhaar, UPI, and the Account Aggregator framework has created a payments and data ecosystem that is being studied and replicated by governments and central banks across the developing world.
Yet India's financial industry operates under a regulatory architecture, a credit culture, and a competitive dynamic that does not map cleanly onto analytical frameworks developed for Western or even broader Asian markets. The Reserve Bank of India moves at its own pace and on its own terms. The boundary between public sector and private sector banking remains consequential in ways that balance sheet comparisons alone do not capture. The fintech ecosystem built on top of UPI's open rails has produced competitive pressures on incumbent banks that differ materially in structure from those produced by neobanks in Europe or digital banks in Southeast Asia.
For financial technology providers entering the Indian market, for international banks benchmarking against Indian peers, and for financial institutions seeking to understand where India's banking sector is heading as credit penetration deepens and the capital markets mature, the distance between published data and ground-level reality remains substantial. Research produced without direct institutional relationships and without the contextual knowledge to interpret regulatory signals and market behaviour accurately consistently misreads both the pace and the direction of change.
TABInsights addresses this gap through dedicated research coverage of the Indian banking and financial services market drawing on direct relationships with Indian financial institutions, regulatory observers, and the practitioner community, and benchmarking India's banks against both regional peers and global standards through the TAB Global 1000 dataset.
Talk to our India research team
We work directly with financial institutions, technology providers, and asset managers that need primary intelligence on India’s financial services market. To discuss your requirements, contact us at naggarwal@tab.global.
What we cover
Our India research spans the following areas:
Banking performance and rankings
We track the financial performance of India's major commercial banks including public sector institutions against both domestic peers and global benchmarks including the State Bank of India, Bank of Baroda, and Punjab National Bank, alongside leading private sector banks including HDFC Bank, ICICI Bank, Axis Bank, and Kotak Mahindra Bank.
Retail banking and wealth management
India's retail banking sector is being reshaped by three concurrent forces: the deepening of credit penetration into previously underserved segments, the rapid shift in household savings behaviour toward mutual funds and capital market instruments away from traditional bank deposits, and the emergence of a affluent middle class driving demand for private banking and wealth management services at scale. We track how India's banks are responding — through liability franchise building, mass-affluent segmentation strategies, and the build-out of investment and insurance distribution capabilities alongside core banking products.
Technology, UPI, and fintech
India's financial technology landscape is structurally distinct from any other market. The Unified Payments Interface has become the world's largest real-time payment system by transaction volume, processing more than 17 billion transactions per month and reshaping the economics of retail banking in ways that have no direct equivalent elsewhere. We analyse the competitive dynamics between incumbent banks and the fintech platforms built on UPI's open rails — PhonePe, Paytm, Google Pay — as well as the Account Aggregator framework's implications for data-driven lending and the broader embedded finance ecosystem emerging across India's digital economy.
Credit cycle and asset quality
India's banking sector has undergone a profound balance sheet repair cycle following the NPA crisis of the mid-2010s. We track the evolution of asset quality across institution types, the concentration of credit risk in corporate versus retail portfolios, and the structural differences in credit culture and provisioning discipline between public sector and private sector banks — providing a forward-looking view on where stress is building and where the sector has genuinely strengthened.
Market entry intelligence
For international technology providers and financial services firms seeking to enter or expand in the Indian market, we provide bespoke market entry studies covering market sizing, competitive landscape mapping, regulatory requirements, including RBI licensing and data localisation obligations — distribution channel analysis, and localisation strategy. See our Market Research & Surveys service below
Market research & surveys
TABInsights operates a dedicated research capability in India for institutional clients that require primary intelligence on India’s financial services market — intelligence that cannot be assembled from public data alone.
Market entry studies
We help technology providers and financial services firms conduct structured market entry assessments for India’s financial industry. A typical engagement covers:
Our India team conducts this work in local language, drawing on direct relationships with financial institutions, regulators, and industry associations that cannot be replicated through desk research.
Surveys — consumers and industry professionals
We design and field surveys across two audiences:
Consumer surveys — nationally representative panels of Indian retail banking customers, covering product usage, bank selection behaviour, digital channel adoption, savings and investment preferences, and attitudes toward fintech and digital payments.
Industry surveys — structured surveys of banking professionals, technology officers, risk and compliance executives, and financial services practitioners in India, producing quantitative benchmarks and qualitative insights on industry priorities, technology investment intentions, and regulatory responses.
Survey findings are published as reports for general distribution or delivered as proprietary internal reports for commissioning clients, depending on the engagement structure.
How we work
Every engagement begins with a scoping call and a written proposal that sets out our understanding of your objectives, our proposed methodology, the deliverable format, timeline, and fee structure. We do not issue generic proposals. The proposal you receive will demonstrate that we have understood your specific requirements — the markets you are targeting, the decisions you need to make, and the competitive or regulatory questions that the research needs to answer.
Our India team
TABInsights' India research is led with strategic oversight provided by Neeti Aggarwal, Senior Consultant, Financial Technology at TAB Global.
Neeti Aggarwal — Senior Consultant, Financial Technology
Neeti Aggarwal manages the financial technology and innovation research at TAB Global. With over two decades of experience, she specialises in banking, technology and fintech developments across Asia Pacific, Middle East and Africa. She regularly engages the financial services community on critical transformational issues, speaking and moderating at many of TAB Global’s as well as partner events. She earlier worked at The Economic Times, India's largest selling financial daily. She is CFA Charterholder from CFA Institute USA and an MBA (Finance) from India.
Areas of expertise: Technology transformation • Asia Pacific and Middle East financial technology evolution • India banking • India’s financial institutions
Talk to our India research team
We work with technology providers, international banks, asset managers, and regulators who need primary intelligence on India’s financial services industry — research produced in-market, in local language, by a team with direct institutional access.
Contact us at naggarwal@tab.global to discuss your requirements.
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Mai Kaneko leads international business and marketing at DeCurret DCP, a Japanese fintech firm operating a multi-bank network for tokenized deposit under the DCJPY framework. She oversees international expansion initiatives, bank-fintech partnerships and global go-to-market strategy. She holds a Master’s in International Relations from Georgetown University and a Bachelor’s in Economics from University of Tokyo.
Kinoshita has been involved in product development projects across a wide range of industries in Japan, including e-commerce, retail, banking, insurance, and manufacturing. He joined DeCurret DCP in 2024, where he has been engaged in the development of digital currency infrastructure. In addition to building the underlying infrastructure, he supports digital transformation (DX) initiatives associated with the adoption of digital currency solutions across various industries, and promotes projects aimed at enabling cross-border transactions.
Jason Hunt works within ANZ's Industry & Innovation function, engaging with industry challenges, trends and disruptive technologies across payments, digital assets, platforms and data-driven solutions. ANZ was a participant in Project Acacia, the joint Reserve Bank of Australia (RBA) and Digital Finance Cooperative Research Centre (DFCRC) initiative exploring digital money in wholesale tokenised asset markets, which concluded with its final report in May 2026. ANZ has also previously issued its own Australian dollar-denominated stablecoin, A$DC, to settle a real-money digital asset transaction.
Zhu Kuang Lee leads UOB's Innovation Group, formed in April 2025 to consolidate the bank's work across digital assets, data management, blockchain and enterprise artificial intelligence. He represents UOB in regional digital money and tokenisation initiatives, including collaboration with the Monetary Authority of Singapore (MAS), and has described the bank's approach as embedding compliance into system design from the outset rather than adding it later.
Abhinav is currently based in Singapore and leads Client solutions and Sales for Partior. In this capacity, he oversees clients' journeys including commercial and central banks, from defining use cases to product integration. Before taking on this role, Abhinav gained extensive experience working with both global and local banks. He spearheaded transformative initiatives in Payments and Core Banking, requiring him to coordinate efforts across business units, technology teams, and regulatory bodies. Abhinav played a pivotal role in implementing Faster Payments projects throughout Asia, including notable projects like Singapore G3 Fast, Malaysia Duit Now, and Hong Kong FPS. Prior to his tenure in the banking sector, Abhinav served as a Payments Financial Services consultant to various banks and payment fintech companies such as ANZ, Deutsche Bank, and Bank of America. Originally from India, Abhinav holds an Engineering degree and a Postgraduate qualification in Machine Learning and Artificial Intelligence. He is also a dedicated father of two, and he enjoys spending his weekends playing tennis and cherishing moments with his family.
Sakae Hamasaki joined Sanwa Bank (currently MUFG Bank) in April 1993 and worked in corporate banking across five domestic locations. From 2006 onward, he gained extensive experience in the planning, development, and sales of payment-related services for corporate clients in Japan and overseas. He joined DeCurret DCP in 2022, where he has been leading initiatives to support banks in evaluating the adoption of tokenized deposits, as well as collaborating with overseas partners to build cross-border networks utilizing tokenized deposits.
Anouska Ladds is Executive Vice President of Commercial & New Payment Flows, Asia Pacific at Mastercard, based in Singapore. With over 17 years at Mastercard, she has held senior roles across sales, strategy, operations, market development, consultancy, and product development, spanning Asia Pacific, Europe, the Middle East, and Africa. Previously at Barclaycard, she specialised in strategy, customer experience, communications, and SME/acquiring businesses.
David is a seasoned technology executive with significant experience and has over 25 years' experience in CISO and CIO roles across different industries and countries. David has served as a CIO spans across multiple industries and geographies. He was winner Australia CIO of the Year for driving CUA's Transformation. Also, David was CISO for HSBC and Global Head Technology, Cyber and Data Risk Macquarie Group.
A regular conference keynote speaker and thought leader he writes for CIO, CSO, Computerworld and Australian Institute of Company Directors (AICD). His best-selling book - the Aspiring CIO & CISO was published in June 2024 and his second book A Day in the Life of a CISO launched in October 2025 and is already best seller in UK, Singapore, Japan and Australia.
Johnson is a seasoned executive and data and AI leader with over 15 years of experience across the public and private sectors. He is currently Assistant Chief Executive at IMDA, where he helps shape Singapore’s digital future and advance the digital economy. He has held senior data and AI roles in regional banking and global consulting, and began his career in defence and critical infrastructure.
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