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BANKING SECTOR: CHALLENGES FOR PUBLIC SECTOR BANKS OF INDIA

Journal of Research in Commerce & Management

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Field Value
 
Title BANKING SECTOR: CHALLENGES FOR PUBLIC SECTOR BANKS OF INDIA
 
Creator Sheopuri, Anita
Sheopuri, Dr. Anuj
 
Subject Liberalization; Privatization; Globalization; Risk Management; Open Appraisal System
 
Description In Indian financial system Indian Banking sector is an integral part, which has undergone dramatic change ever since Liberalization, Privatization, and Globalization (LPG) has taken place. India is the largest country having many and varied financial institutions both public and private banks, who are controlled and governed by Reserve Bank of India, and Ministry of Finance. If we see the rich history of Indian banking sector, then it is not wrong to say that it was well-developed even prior to the independence of the country in 1947. The first bank in India, called The General Bank of India was established in the year 1786. The Bank of Bengal / Calcutta (1809), Bank of Bombay (1840) and Bank of Madras (1843) was established by the then The East India Company. The next bank was Bank of Hindustan which was established in 1870. At that time these three banks (Bank of Calcutta, Bank of Bombay, and Bank of Madras) were called as Presidency Banks. Allahabad Bank which started in 1865 was the first to be completely run by Indians. After independence, Government of India took an important step, by introducing reforms in the structure of Indian banks. In 1955, the Imperial Bank of India was nationalized and was given the name "State Bank of India", to act as the principal agent of Reserve Bank of India and was given the right / control to handle banking transactions all over the country. The Reserve Bank of India Act, 1934 provides the statutory basis of the functioning of the banks.The main objective of reforms in India was to enhance the efficiency and performance of banks so that their economic standing also improves. In the early years of 1990’s when the Government of India, opened the market through LPG, many private and foreign banks rushed to set up their business in India, as there was a gap (gap of service given by public banks and services expected). In order to pull up the socks and prepare our banking sector for this change, the Indian government started diluting its equity in Public Sector Banks (PSB) from early 1990s in a phased manner. In recent years the economist and banking sector specialist witnessed that though the public bank’s infrastructure and size of business is too large and have enough experience, but they are facing the problems and difficulties from the functioning of private banks. Hence, public banks have begun to revise their growth approach and re-evaluate the prospects on hand to keep their economy rolling for their survival. The main point or focus is of survival for the public bank is to innovate and to take advantage of the new business opportunities and at the same time ensure continuous assessment of risks.Liberalization; Privatization; Globalization; Risk Management; Open Appraisal System
 
Publisher Abhinav-National Monthly Refereed Journal Of Research In Commerce & Management (Online ISSN 2277-1166)
 
Contributor —
 
Date 2014-12-19
 
Type info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
Peer-reviewed Article
 
Format application/pdf
 
Identifier http://abhinavjournal.com/journal/index.php/ISSN-2277-1166/article/view/492
 
Source Abhinav-National Monthly Refereed Journal Of Research In Commerce & Management (Online ISSN 2277-1166); Vol 3, No 11 (2014): Abhinav-National Monthly Refereed Journal Of Research In Commerce & Management (Online ISSN 2277-1166); 54-64
2277-1166
 
Language eng
 
Relation http://abhinavjournal.com/journal/index.php/ISSN-2277-1166/article/view/492/pdf_112
 
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