Indian Banking- Fast Changing Its Tracks

                                                                                         

Banking sector in India is segregated as private or public sector banks, regional rural or cooperative banks. Indian banking sector has seen extensive changes under the financial sector reforms' (initiated in early 1990s) influence. The approach to such reforms in India has been one of gradual & non-disruptive progress through a consultative process. The stress has been on opening up and deregulation of banking industry to market forces.

Since 1934, the RBI or Reserve Bank of India is India's central bank. RBI controls and regulates credit, issues licenses & operates as banker of the government and all banks.

Since changes were initiated by the Indian banking sector during the early 1990s, RBI started to work towards establishing the regulatory framework with effective and prompt supervision, and institutional and technological infrastructure's development. Continuing attempts have been made to adopt international benchmarks as suitable for Indian conditions. Although many changes in legal infrastructure still need to be put in place, the developments till date have brought financial system in India nearer to the global standards.

With technological advancements, banking sector in India has become much accurate, fast, easier, and less time consuming. SMS Banking, Mobile Banking, ATMs, and Net Banking are just the beginning.

Evolution of IT-services outsourcing in India's banks has now moved on to Facilities Management level. Banks are now targeting at BPM (business process management) to increase ROI (returns on investment), enhance CRM (customer relationship management) and productivity of employees.

For further information about Indian Banking Sector and its growth opportunities please read the report "Indian Banking Sector Analysis (2006-2007)" published by RNCOS at:
http://www.rncos.com/Report/FM005.htm

RNCOS is an industry leader in the field of online business research. We specialize in industry research on various business verticals. To read our other reports, please visit us at: http://www.rncos.com/Report.htm or email us at info@rncos.com.

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