Summary |
Indian Banking and Financial Services Industry have played a pivotal role in the socio-economic augmentation of the country. Financial Sector Reforms initiated in 1991 have commendably changed the visage of Indian Banking. This industry has transformed in a phased manner from a regulated environment to a deregulated market economy. RBI has accorded its approbation for the inception of new banks in the private sector. The banking industry, which already enjoys a privileged status as for as public sector banks are concerned, has assumed the role of more aggressive and cut throat competitive position on account of establishment of private sector banking. A recent survey conducted by McKinsey & Co in association with the Indian Banks Association revealed that new private banks have a strong competitive advantage over public sector banks on several dimensions such as use of low cost technology and operations to addressed the urban mass market, alignment between IT and business heads, more focus on value adding activities, better talent management, superior complexity handing, and the ability to use infrastructure optimization facilities. A financial service industry reflects the economic health of the country. The Indian Financial Sector has grown tremendously since liberalization in1991. Banking, Insurance, Stock Markets and Mutual Funds in India are regulated by various regulatory bodies RBI, IRDA, SEBI and AMFI are keeping close eye on the Banking, Insurance, Stock Market and Mutual Fund Industry in India.
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