The Challenges and Competitiveness of Indian Banking Industry
The banks are the lifelines of the economy and play a catalytic role in activating and sustaining economic growth, especially, in developing countries and India is no exception. The banking sector is on the cusp of revolutionary change. Challenges, if not addressed quickly and adequately, may result in loss of opportunities as and when the economic growth starts picking up momentum. In a sense, it has implications for both- the banks as well as for the economy as a whole, because a strong banking system is one of the essential pre-requisites in the quest for growth. The competition from global banks and technological innovation has compelled the banks to rethink their policies and strategies.