The last 12 months have not been good for the banking sector in India. They sector finds itself neck deep in NPAs, frauds and a massive loss of credibility. That’s the perception that one has, looking back at the last financial year. Is that an accurate assessment? Let’s dive in and see what the last fiscal was like for the sector that manages our money.

The banking sector in India consists of 27 public sector banks, 26 private sector banks, 46 foreign banks, 56 regional rural banks, 1,574 urban cooperative banks and 93,913 rural cooperative banks. That’s not counting cooperative credit institutions. Public-sector banks control over 70 per cent of banking sector assets, leaving a smaller share for their private peers.

In August last year, rating agency Moody’s announced that its outlook for the Indian banking system was stable.