What is future of banking in India?

Answer 1

Banks have adopt several innovative means to enhance their base and make their service accessible . Some of the facilities and services provided are :

ATM cards: ATM are mini bank without employees.Customers can withdraw cash from the account and get statements on their bank balance using such machines .This is a personlised plastic card bearing a number for each customer . The card is to be inserted into the machine and enter the personal identification number.It gives accessibility for 24hrs a day and 365 days in a year.

Credit card : This is a popular means for providing retail credit.A credit card is an instrument issued by a bank in the name of the customer providing for cred upto a specific amount.

Answer 2

India got a great potential in banking. Especially in areas like rural banking where all the major banks have turned their focus on rural credit. Banks like SBI has approached Mckinsey to advise on strategy for rural banking.

Once the recession is over it really looks good for India.

Answer 3

There are many nationalized banks in India. Their names and year of nationalization are as follows:

1. Allahabad Bank - 19 July 1969

2. Bank of Baroda - 1969

3. Bank of India - 1969

4. Bank of Maharashtra - 1969

5. Canara Bank - 1969

6. Central Bank of India - 1969

7. Corporation Bank - 1980

8. Dena Bank - 1969

9. Indian Bank - 1969

10. Indian Overseas Bank - 1969

11. Oriental Bank of Commerce - 1980

12. Punjab & Sind Bank - 1980

13. Punjab National Bank - 1969

14. Syndicate Bank - 1969

15. UCO Bank - 1969

16. Union Bank of India - 1969

17. United Bank of India - 1969

18. Vijaya Bank - 1980

Apart from these, there is State Bank of India which was nationalized in 1955.

Answer 4

1. Conclusion of public and private
2. Conclusion of public and private sector bank

Answer 5

Banking system in India is monitored by an agency called RBI. RBI grants licenses to new banks after consulting it with government agencies.

Answer 6

India has contributed to the merchant banking system. They are acquiring more foreign investors, disinvesting from the government, and introducing new financial instruments to assist in work.

Answer 7

The banking sector in India was reformed in 1991. While market forces have a role the banking sector, is mostly state controlled.

Answer 8

Both have their inherent strengths and weakness. Both have contributed immensely to the Banking sector in india.