Private sector banks/NBFCs/Coops - much more “insider” models with families, inter-connected entities or promoters running the management.” (Jalan 2002) The dominant view, backed by more recent research is that the issue in India often relates to minority shareholder.
The study considers few possible future scenarios but concludes that the likelihood of specific future developments is impossible to assess with confidence. My own guess is that various patterns will emerge. Globally active universal financial service providers will continue to emerge.