INDIAN BANKING : TOWARDS NEW DIMENSIONS
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Abstract
Indian Banking system consists of 26 public sector bank, 25 Private sector banks, 43 foreign bank, 56 regional rural banks, 1589 urban co-operative banks and 93550 rural co-operative Banks in additional to co-operative credit institution. Public sector Banks control over 80% of the market, there by leaving comparatively much smaller shares for its private peers. Standard & poors estimates that credit growth in India's Banking sector would improve to 11-13% in financial year 2017 from less than 10% in the second half of current year 2014.
The Indian economy is on the brink of a major information with several policy initiatives set to be implemented shortly. positive business sentiments, improved consumer confidence and more controlled inflation are likely to prop-up the country's the economic growth. Enhanced spending on infrastructure, speedy implementation of projects and continuation of reforms are expected to provide farther impetus to growth. All these facts suggest that India's banking sector is also poised for rebuts growth as the rapidly growing Business would turn to banks for their credit needs. Also the advancements in technology have brought the mobile and internet banking services to the fore.
The banking sector is laying greater emphases on providing improved services to their clients and also upgrading their technology infrastructure, in order to enhance the customers overall experience as well as give banks competitive edge.
Many Banks are exploring the option to launch contactless credit and debit cards in the market shortly.
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