subject: The Role Of Banking Services In India [print this page] Bank is financial institution which plays a very crucial role in the economy of any country. Since banks play very crucial role in the economy they are highly regulated. In India RBI (Reserve Bank of India) regulates the other banks operating in the country.
Banking Service in India
Banking services in India are now going through a phase of improvement. With globalization and liberalization, many of the big names in banking industry have started their operations in Indian banking market.
These International banks have really helped in improving the customer services in the Indian banking system. Now with increasing competition amongst banks the services are improving; now bank is not all about depositing, withdrawing and lending the money; they have started various customer centric services.
The banking services are now far better and quicker; with the prevalence of services like internet banking one can access the account at any point of time from any location. Now customer get lot of privileges from banks like Internet banking, ATM cum Debit Card, Credit Card, locker facility, Forex Services, 24x7 Customer Support Services, various lending and financing schemes.
Indian banking sector is divided in to two major section government owned banks and private banks. The major share of the banking market is been hold by the government owned banks. SBI is the major and the largest bank in Indian banking sector as far as the government owned banks are concerned. Sate Bank of India has the largest share in the Indian banking market. It has multiple branches across the country. The advantage that SBI carries that it has its branches even in rural and remote areas.
The private banking sector has really improved the banking services in India. The private banks have given whole new definition to the banking services. Customers are now experiencing the new level of customer services from these banks. Private Bank provides better and proactive information about banking products, which helps the customer to have better understanding of their accounts and investments.
The banking services are also seeing some major changes. Various stringent rules are implemented for banks to render services. RBI the Indian regulatory bank keeps on issuing regulatory guidelines and new frameworks to ensure quality and safe banking services. It has also introduced the norm KYC that is Know Your Customer policy. This policy requires to verify various personal information related the applicant some of them are the address proof and the identify proof of the applicant.
Banking services also play an important role in business industry as they provide finance to various business industry and firms. Banks have introduced various easy finance scheme which help firms to get the monetary help to run the business.
Banking sector has become very large and important sector. There are several tenders and procurements notice floated banks. You can get free access to Bank Tenders at Indiamart. Indiamart brings you tenders and notification information from banking sector for absolutely free. Various Bank Tenders including tenders of top government owned bank Allahabad Bank Tenders, Bank of India Tenders, Bank Of Baroda Tenders can be accessed at Indiamart.
