Reserve Bank of India was constituted to keep up and regulate various issues. It regulates the banknotes, maintains reserve with a view to secure the economy and operates the currency system.
Indian banking system has witnessed a change with the brand new financial reforms and improved policies. Banks today pay particular consideration to customer satisfaction. With new foreign banks being introduced, environment friendly and trendy banking system, prospects have their fingers stuffed with options.
Opening of Private sector banks led to varied liberal monetary reforms and modernization of Indian banking sector. ICICI bank, HDFC and Axis bank are just a few private sector banks. With introduction to superior and higher know-how and user-friendly policies, banking has become simpler and speedy. The long queues to withdraw cash or deposit cheques have been changed with drop boxes and ATMs. Web banking has simplified money transfers, payments of bills and lots of different things. It is convenient to open an account in a few minutes or deposit, withdraw or transfer cash anywhere within the world. Personal Banks have their branches in all the foremost cities and towns.
Public banks in India include State Bank of India and its subsidiaries, Dena Bank, Corporation bank, Syndicate Bank and Allahabad Bank etc. These banks operate in metropolitan cities as well as in the developing towns. A few of the subsidiaries of those banks are solely meant to serve the rural and agricultural areas. Till date, virtually 70 % of the ventures within the country have been financed by the public sector banks. Government or public sector banks have loan schemes for students, housing, agriculture and businesses. Cooperative Banks had been set up with a goal to meet agricultural credits and different rural necessities.
A development bank is responsible for improving and maintaining the financial and social development of the country. IDBI and NABARD are well known development banks. Development banks contribute to the development of the society by offering loans for varied activities. These banks not only provide loans for growth actions, additionally they supply the technical assistance required to plan and implement varied projects and growth programs. It helps the development of enterprises and at the similar time performs different promotional actions equivalent to organizing consultancy service for the small companies and projects designed for licensed agencies for the monetary help of the disadvantaged.
With the intervention of international banks in to the Indian banking sector there have been some reforms and changes. Among the overseas banks functioning in India are Citibank, ABN-AMRO bank, Deutsche Bank and HSBC etc. These banks brought the prompt and accurate service and a variety of competition. The new policies by RBI on international banks have opened new openings for these banks in India. The foreign banks can now open their local subsidiaries in the country. Unlike Indian banks and their subsidiaries foreign usually are not permitted to open branches everywhere.
Mike 'the man' tyson is a proud contributing author and writes articles on several subjects including debit card. You can read more of Mike 'the man' tyson articles at located at Bank in India
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