The Future Of Indian Banking

The book looks at the issues Indian banks are facing, pre- and post-pandemic. Technology, big data, and use of artificial intelligence are slowly influencing not merely management practices but are also changing customer demands and methods of operation. Obviously newer risks problems like cybercrimes, remote working, disruptions in operations are aggravating the situation. Authors in the book recommend a hard relook at the bank business model.

The papers in this volume assess progress with financial sector reforms over the past decade or so, and analyse the new challenges that confront India's policy makers and financial regulators. The papers highlight a formidable reform agenda, pointing to t

The beginning of modern day banking in India can be traced to the 18th century when English traders came to India. Besides the traders' commercial activities, the English Agency Houses in Calcutta and Bombay began to conduct banking business. Banking during the pre-independence period was largely characterized by the existence of private banks organized as joint stock companies. Most banks were small and had private shareholding of the closely-held variety. At the time of independence in 1947, the country's banking system was considered weak. The entire banking sector was in the private sector and the credit requirements of agriculture and other needy sectors were ignored. With a view to better aligning the banking system to the needs of planning and economic necessity, the policy of social control over the banking sector began in 1967. A couple of years later, the government nationalized many major commercial banks of the country. Further decades witnessed the transformation of the banking sector as a result of financial sector reforms that were introduced as a part of structural reforms initiated in 1991. This book integrates and brings together the history of modern banking in India, with a focus on recent developments in the context of the liberalization and privatization waves sweeping across world economies.

The book looks at the issues Indian banks are facing, pre- and post-pandemic. Technology, big data, and use of artificial intelligence are slowly influencing not merely management practices but are also changing customer demands and methods of operation. Obviously newer risks problems like cybercrimes, remote working, disruptions in operations are aggravating the situation. Authors in the book recommend a hard relook at the bank business model.

India's banking sector has made rapid strides in reforming and aligning itself to the new competitive business environment. Indian banking industry is in the midst of an IT revolution. Technological infrastructure has become an indispensable part of the reforms process in the banking system, with the gradual development of sophisticated instruments and innovations in market practices. In India, the Reserve Bank of India (RBI) has taken active interest in developing appropriate technological infrastructure to facilitate market development in areas such as payment and settlement systems, Delivery versus Payment (DvP) and Electronic Funds Transfer (EFT). This book contains 19 articles by scholars specialising in the area of banking technology. It provides an insight into the current developments and future of technology upgradation in the Indian banking industry.