620 banks were added in 15 years (not counting for the banks that collapsed in that period). As against this, in the previous 25 years i.e. between 1966 and 1991 only 200 new banks had come up.
This spectacular growth of UCBs since 1991, resulted in increasing their penetration, but ironically, also led to certain weaknesses in the sector that adversely affected public perception and thereby, their competitiveness.