New Delhi, May 3 -- India's Regional Rural Banks (RRBs) are set to play a growing role, with their business expected to rise to around 5.2 per cent of GDP by Financial Year (FY) 2030 from 3.7 per cent in FY24 after the recently announced consolidation, according to a latest report by PwC.

The report added that the expansion in the RRB's business will be a key step in supporting India's long-term goal of becoming a USD 30 trillion economy by 2047.

"Following consolidation, the total RRB business as a percentage of India's GDP is expected to reach 5.2% by FY30 from 3.7%6 as of FY24, helping the nation in its journey towards becoming a USD 307 trillion economy by 2047," PwC said in the report.

On April 8, the Department of Financial Servi...