Banking dates back to 1786, the first bank established in India, then the nationalization of banks in 1969 and recently the liberalization of the same since 1991. In India the banking sector is segregated as public or private sector banks, cooperative banks and regional rural banks. Foreign banks have been given a different head followed by upcoming foreign banks in this section. Bouquet of services is at customers demand in today’s banking system. Banks provide different types of accounts and loans, facilitating with plastic money and money transfer across the globe. The last decade experienced a complete reform in the financial and banking sector. The capital and financial market, banking & non-banking organization and financial instruments was redressed towards development. RBI is the central bank of the country since 1934. It regulates, controls credit, issue licenses and functions as banker of all banks and the government. Industrial Development Bank of India (IDBI) is the tenth largest bank in the world in terms of development. IDBI is vested with the responsibility of coordinating the working of institutions engaged in financing, promoting and developing industries. It has evolved an appropriate mechanism for this purpose. IDBI also undertakes/supports wide-ranging promotional activities including entrepreneurship development program’s for new entrepreneurs, provision of consultancy services for small and medium enterprises, upgrade of technology and program’s for of the underprivileged. With the advancement of technology, banking sector has become easier, fast, accurate and also time saving. ATM, Mobile Banking, SMS Banking and Net Banking are some of the latest features in the Indian banking system.
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