Indian Banking- An Introduction
The Indian banking has come a long way from being a
sleepy businessinstitution to a highly proactive and dynamic entity.
This transformationhas been largely brought about by the large dose of liberalization andeconomic reforms that allowed banks to explore new business opportunitiesrather than generating revenues from conventional streams (i.e. borrowingand lending). The stalwarts of India's financial community nodded their heads sagaciously when Prime Minister Manmohan Singh said in a speech:
"If there is one aspect in which we can confidentially assert that India isahead of China, it is in the robustness and soundness of our banking system."
Indian banks have been rated higher than Chinese banks byinternational rating agency Standard & Poor's.The competition heated up with the entry of private and foreign banksderegulation and globalization resulted in increased competition that refinedthe traditional way of doing business. They have realized the importance of a
customer centric approach, brand building and IT enabled solutions.
Inthe fierce battle for market share and mind share, the most potent weapon isa strong, well recognized and trusted brand name. Brands attract andconvince people that they will get what is promised. Banking today hastransformed into a technology intensive and customer friendly model with afocus on convenience. The companies have redoubled their efforts to woothe customers and establish themselves firmly in the market. It is no longer an option for a company to provide good customer service, it is expected.