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- Title
Banking Industry in Independent India: A Review of Developments and Emerging Challenges.
- Authors
Kaveri, V. S.
- Abstract
Banking industry in India deserves appreciation for it's incredible achievements over the last 75 years in terms of massive expansion of business, taking banking services to remote areas, serving all sections of the society including those excluded for decades, delivering technology based services, maintaining service quality of international standards, having a strong presence around the globe, creating a conducive environment for foreign investors to invest in India, contributing significantly for development of the core sectors of the economy, and so on. Now, India is planning to be a developed nation by 2047. Towards this end, the banking industry has to assume a key role by managing risk at par with global practices, effective resolution of stressed assets, widening the capital base in terms of Basel III, stepping up the credit flow at much higher level, developing advanced skills in financing of high-tech units and infrastructure projects, strengthening competitive advantage, promoting digital banking in remote areas, observing due diligence in banking, preventing cybercrimes, etc. In addition, banks will have to rework their business strategies, innovate for products tailored to the customer's needs and improve their overall efficiency in the delivery of customer-centric financial services. This article attempts to review developments in policy related matters and performance of the banking industry since the country's independence while examining the emerging challenges and suggests strategies to overcome them.
- Subjects
INDIA; BANKING industry; ONLINE banking; BASEL III (2010); PROJECT finance; QUALITY of service; INVESTORS; DUE diligence
- Publication
Vinimaya, 2023, Vol 43, Issue 4, p11
- ISSN
0970-8456
- Publication type
Article