Banking sector symbolizing national growth

Banking sector in the country is on a roll, there are a lot of factors responsible for it. The introduction of Information Technology has only acted a as catalyst to the situation. With no doubt one can say that India has one of the most secure banking systems in the world that even withstood the Global Recession but even then a huge portion of population is still not under the banking system.

To provide banking facilities to the masses the Government launched Financial Inclusion Plan that aims to equip very village with a population above 2000 before March 2012. Government has adopted several measures to speed up the process like extensive use of IT services and public private collaboration.

Apart from expanding the network of banking in the country the services that the banks provides to its users have also been upgraded and also introduction of new services by the lenders like internet banking, mobile banking , mobile wallet and several other services have made banking rather a enjoyable experience ; it is now no more arcane.

There is vast customer base in the country that is still untapped; banks have huge scope for further growth that is why even foreign banks are showing interest to set their business in the country. Banking sector has gone competitive over past few years and that has triggered the banks to improve the services provided to the customer, as customer satisfaction is a mandate for their growth.

The introduction of Aadhar number will further increase the ambit of banking as then it would be easier for the people from the lower section of society to get a bank account and it will also help to ensure proper utilization of the funds sanctioned for the development of the weaker section of the society as then the funds will be directly transferred to their bank accounts and hence will also check the corruption involved.