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Financial Services in India

Financial Services in India

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Published by marget

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Published by: marget on Aug 17, 2009
Copyright:Attribution Non-commercial


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The financial services sector in India has undergone a complete and new face changesince 1990. The banking sector in India has experienced a rapid transformation. With theopening up of an industry that’s tightly protected by regulations to private players hasintroduced many challenges. The deregulatory efforts prompted many private financialinstitutions and non financial institutions to enter the banking sector.With the entry of private players into retail banking and with multi-nationals focusing onindividual consumer, the banking system underwent a phenomenal change. The major trends triggering this change are commoditization of services, differentiation on featuresof the products and competition from local and international industry entrants. In order to meet these trends, the banks have changed the traditional line of business andintroduced the new financial products and services. Banks now rely on evolving long-term association with customers for which they focus on sustaining profitable relationwith customers rather than attracting new customers. A shift from the conventionalinterest based income structure to a more predictable and steady fee based incomestructure suggests a change in the basic outlook of modern financial services.
In this background it is proposed to carry out a detailed study which focuses on the rapidtransformation of the financial services sector in India in general and of Banks in particular. The objective is to conduct a study of the different financial services rendered by various banks and financial institution and a comparison of the approaches and pricingof these services. The study will also include an analysis of the ‘customer taste’ on the
traditional business lines and the new technology based services provided by the financialinstitutions.The proposed study will be concentrated on certain nationalized banks( SBI, SyndicateBank, Canara Bank, Corporation Bank, Indian Overseas Bank etc,), scheduled banks(Federal Bank, Karnataka bank etc,) and Private banks ( ICICI, HDFC, UTI, etc,).[ Study of services rendered by Co-operative Banks and rural banks can also beincluded.]The study will focus on (1)The reasons for the change in the financial service sector such as changingcustomer needs, development of technology, competition etc.,(2)Analysis of the various financial services and products(3) The basis of pricing of these products and services.
Primary data: It is planned to collect primary data on the basis of a Questionnaire and personal interview of the officials of banks.Secondary data: Details available on the website of the banks, Advertisements, articlesand publications based on studies conducted in this field in the past, journals and booksrelated to financial services.

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