In India, while the ratio of bank assets to GDP has increased significantly to a shade over 93 per cent in 2008-09 – a result of high credit growth in recent years – it is still lower than other emerging countries.
Financial deepening, hence, has been taking place on an accelerated pace on a macro basis in recent years and banking productivity has improved significantly. BIS Review 101/2009  3  As per the data from India’s national accounts, over the period since 1980s, banking and insurance sector has witnessed a growth which is in excess of the overall GDP consistently over the years.