Impact of Globalization on Retail Banking Services
The banking system is central to India’s economy. Banks are contributing significantly in the growth and development of economy. However, banking sector in India is currently passing through an exciting and challenging phase. Though, India Banking System registered tremendous growth and reforms were introduced to improve the performance and efficiency in banking system. The reform measures have brought about sweeping changes in banking sector. The economic reforms have also generated new and powerful customers and new mix up players – public, private and foreign banks. The expectations of consumers are also growing in the competitive and changing business environment. The changing business environment has created big opportunity for Indian Banking System as demographic shifts in terms of income levels and cultural shifts in terms of life style aspirations are changing the profile of the Indian consumers. The retail banking has emerged in a big way and thus, the scope of electronic banking services has widened. Against this back drop, present paper aims to examine the impact of globalization on retail banking services in India.
globalization, retail banking, banking reforms
Ms. Gagan Deep Chadha | Dr. Ritika Moolchandani | Dr. Bimal Jaiswal