Summary |
Banks are the significant players in the Indian financial market. They are the biggest purveyors of credit and they also attract most of the savings from the people. The banking industry is dominated by 28 public sector Banks (PSBs), which comprise of state bank of India and its seven subsidiaries, nineteen nationalized banks and one new PSB i.e., IDBI bank Ltd. These banks continue to be the major leaders in the economy due to their sheer size and penetrative networks which assure them high deposit mobilization. They control nearly 80 per cent of the banking business in India, which acted as efficient partners in the growth and development of the country. The socialist ideologies and the welfare state concept driven by public sector banks have long been the supporters of agriculture and other priority sectors. They act as crucial channels of the government in its efforts to ensure equitable economic development.
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