International Journal For Multidisciplinary Research

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A Widely Indexed Open Access Peer Reviewed Multidisciplinary Bi-monthly Scholarly International Journal

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Indian Banking: Challenges and Opportunities

Author(s) Dr. Vikram Singh
Country India
Abstract The GOI's economic reforms, which were launched a while back, have altered the scope of various Indian economy sectors. The impact of the economy's shift does not exclude the Indian banking industry. Economic reforms have led to significant changes in this sector. As one of the most vital and crucial service industries, the banking sector plays a crucial role. India has the greatest economy in the world with a population of over 121 crore. The service sector now accounts for 50% of India's GDP, with the banking industry being the most well-liked. In order for developing nations to develop economically, banks are crucial. Investments are necessary for economic development across a range of economic sectors.
The Indian middle class and a new mix of players (public sector organizations, private institutions, and foreign banks) were created by the economic reforms. Existing items must be distributed in an inventive and economical manner by fully utilizing emerging technologies. The Indian consumer is currently the biggest opportunity for the Indian financial system. With an ideal balance of equity and debt to fund spending and asset building, the Indian consumer now wants to realize his lifestyle objectives at a younger age. As a result, there is an increasing need for competitive, high-end retail banking services.
This paper focuses on the shifting financial landscape, the effects of economic changes, and assesses the opportunities and problems faced by national and commercial banks.
Keywords E-Banking, Consumer Retention, Economic Reforms, IT
Field Arts
Published In Volume 5, Issue 4, July-August 2023
Published On 2023-08-31
Cite This Indian Banking: Challenges and Opportunities - Dr. Vikram Singh - IJFMR Volume 5, Issue 4, July-August 2023.

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