Banking at a glance

Banks are the most significant players in the Indian financial market. They are the biggest purveyors of credit and they also attract most of the savings from the population. Dominated by public sector, the banking industry has so far acted as an efficient partner in the growth and development of the country.
Indian banking can be broadly categorized into nationalized, private banks and specialized banking institutions. With 30 banking units contributing to almost 50 % of deposits and 60 % of advances. Industry estimates indicate that out of 274 commercial banks operating in India 223 banks are in the public sector and 51(24 foreign banks) are in private sector.
Major differentiating parameter that distinguishes these banks from all other banks is the level of service offered to the customer. The need to become highly customer focused has forced the slow moving public sector to adopt a fast track approach. Indian banking has come a long way from being a sleepy business to a highly proactive and dynamic entity.

Banks that employ IT solutions are perceived to be “futuristic” and proactive players capable of meeting the requirements of a large customer base. Private banks have been fast on the uptake and are reorienting their strategies using the internet as the medium. Indeed the Internet has emerged as the new and challenging frontier of marketing.

Banking began with the idea of safeguarding money, now banks has emerged as money managers not just for individuals but for associations, companies and even countries. Switzerland is one country whose economy mainly runs from its banking industry.

A bank is a pillar of trust. It safeguards your money, transfers it, manages it and invests it. In today’s competitive scenario, it has become very necessary for a bank to provide its customers with a wide variety of services and the best technology.