In the world of banking and finance nothing stands still. The biggest turn of all is in the, scope of the enterprise of banking. Banking in its customary from is involved with the acceptance of deposits from the customers, the lending of surplus of deposited money to favorable customers who wish to borrow and transmission of funds. Apart from customary business, banks now a days provide a wide range of services to satisfy the financial and non financial needs of all types of customers from the smallest list possessor to the largest enterprise and in some cases of non customers. The range of services offered differs from bank to bank depending mainly on the type and size of the bank.
Reserve Bank'S Early Initiatives
As a central bank in a developing country, the withhold Bank of India (Rbi) has adopted amelioration of the banking and financial store as one of its prime objectives. "Institutional development" was the hallmark of this arrival from 1950s to 1970s. In the 1980s, the withhold Bank focused on "improvements in the productivity" of the banking sector. Being convinced that technology is the key for improving in productivity, the withhold Bank took some initiatives to popularize usage of technology by banks in India.
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Periodically, almost once in five years since the early 1980s, the withhold Bank appointed committees and working Groups to deliberate on and recommend the accepted use of technology by banks give the circumstances and the need. These committees are as follows:
-Rangarajan committee -1 in early 1980s.
-Rangarajan committee -11 in late 1980s.
-Saraf working group in early 1990s.
-Vasudevan working group in late 1990s.
-Barman working group in early 2000s.
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Based on the recommendations of these committees and working groups, the withhold Bank issued favorable guidelines for the banks. In the 1980s, usage of technology for the back office operations of the banks predominated the scene. It was in the form of accounting of transactions and variety of Mis. In the inter-bank cost systems, it was in the form of clearing and hamlet using the Micr technology.
Two momentous decisions of the withhold Bank in the 1990s changed the scenario for ever there are:
a) The designate of compulsory usage of technology in full portion by the new secret sector banks as a precondition of the license and
b) The preparation of an exclusive explore develop for banking technology develop for amelioration and explore in Banking Technology.
As the new secret sector banks came on the scene as technology-savvy banks and offered some innovative products at the front office for the customers based on technology, the demonstration ensue caught on the reset of the banks. Multi channel offerings like machine based (Atms and pc-Banking), card based (credit/Debit/Smart cards), transportation based (Tele-Banking and Internet Banking) ushered in Anytime and everywhere Banking by the banks in India. The Idrbt has been instrumental in establishing a safe and secure, state of the art transportation backbone in the from of the Indian Financial Network (Infinet) as a fulfilled, user group exclusively for the banking and financial sector in India.
Changing Face Of Banking Services
Liberalization brought some changes to Indian aid industry. Probably Indian banking manufactures learnt a colossal lesson. Pre-liberalization, all we did at a bank was deposit and withdraw money. aid standards were pathetic, but all we could do was grin and bear it. Post-liberalization, the tables have turned. It's a buyer oriented store there.
Technology is revolutionizing every field of human endeavor and activity. One of them is introduction of information technology into capital market. The internet banking is changing the banking manufactures and is having the major effects on banking relationship. Web is more leading for retail financial services than for many other industries.
Retail banking in India is maturing with time, some products, which further could be customized. Most happening sector is housing loan, which is witnessing a cut-throat competition. The home loans are very favorite as they help you to comprehend your most cherished dream. Interest rates are arrival down and store has seen some innovative products as well. Other retail banking products are personal loan, education loan and vehicles loan. almost every bank and financial custom is contribution these products, but it is considerable to understand the different aspects of these loan products, which are not mentioned in their colored advertisements.
Plastic Money
Plastic money was a yummy gift to Indian market. Giving respite from carrying too much cash. Now some new features added to plastic money to make it more attractive. It works on method buy now repay later. There are different facts of plastic money prestige card is synonyms of all.
Credit card is a financial instrument, which can be used more than once to borrow money or buy products and services on credit. Banks, retail stores and other businesses generally issue these. On the basis of their prestige limit, they are of different kinds like classic, gold or silver.
Charged cards-these too carry almost same features as prestige cards. The underlying variation is you can not defer payments expensed generally have higher prestige limits or some times no prestige limits.
Debit cards-this card is may be characterized as accountholder's mobile Atm, for this you have to have list with any bank contribution prestige card.
Over the years, the banking sector in India has seen a no. Of changes. Most of the banks have begun to take an innovative arrival towards banking with the objective of creating more value for customers and consequently, the banks. Some of the considerable changes in the banking sector are discussed below.
Mobile Banking
Taking advantages of the booming store for mobile phones and cellular services, some banks have introduced mobile banking which allows customers to accomplish banking transactions using their mobile phones. For instances Hdfc has introduced Sms services. mobile banking has been especially targeted at citizen who tour oftentimes and to keep track of their banking transaction.
Rural Banking
One of the innovative task to be launched in rural banking was the Kisan prestige Card (Kcc) Schmme started in fiscal 1998-1999 by Nabard. Kcc mode it easier for framers to buy leading agricultural inputs. In expanding to quarterly agricultural loans, banks to offer some other products geared to the needs of the rural people.
Private sector Banks also realized the possible in rural market. In the early 2000's Icici bank began setting up internet kiosks in rural Tamilnadu along with Atm machines.
Nri Services
With a colossal whole of Indians having relatives abroad, banks have begun to offer aid that allows expatriate Indians to send money more conveniently to relatives India which is one of the major improvements in money transfer.
E-Banking
E-Banking is becoming increasingly favorite among retail banking customers. E-Banking helps in cutting costs by providing cheaper and faster ways of delivering products to customers. It also helps the customer to choose the time, place and method by which he wants to use the services and gives ensue to multichannel delivery of aid by the bank. This E-Banking is driven by twin machine of "customer-pull and Bank-push".
Conclusion
Technology has been one of the most leading factors for the amelioration of mankind. information and transportation technology is the major arrival in the field of technology which is used for access, process, warehouse and dissemination of information electronically. Banking manufactures is fast growing with the use of technology in the from of Atms, on-line banking, Telephone banking, mobile banking etc., plastic card is one of the banking products that cater to the needs of retail segment has seen its whole grow in geometric progression in recent years. This increase has been strongly supported by the amelioration of in the field of technology, without which this could not have been possible of course it will turn our lifestyle in arrival years.
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