The backbone of Indian financial system-banks
Bank is a financial institute which forms a bridge between those who have excess of capital and those who needs capital. Banks let you deposit your money and keep it safely, it will also you borrow money in case if you need it.
Banks are highly regulated institutes in any country, as they handle the critical matters of money. Banks come under corporate institutes; there is upper limit to the number of members i.e. ten. Other then saving and lending money, there are several other things banks are involved into. Activities of bank includes payment of checks, loans, ATM cards, trade services, transferring of money from place to another or from one person to another.
Banks also provide number of insurance policies like education loan, vehicle loan, home loan, personal loan etc. Banks play an important role in the economy of any country as it maintains the interest rate on various kinds of loans and saving or deposit accounts.
Today mobile banking and net banking has increased the usability of bank beyond limits. You can get your reservation done sitting back at home through internet banking, any kind online shopping, mobile recharge, etc all is possible now.
Through mobile banking, you can get updates about your bank balance every week and you will also be informed about any kind of transactions made in your account. Bank balance also reflects the economic situation of the firm or a person.
The first bank in India was General Bank of India, which was launched in year 1786. The Indian banking industry is an important tool to facilitate the development of economy of the country. Nationalization of bank means that all activities and operations of bank will be governed or controlled by central government. Except state bank of India all other banks continued to be operated and controlled by private corporations.
In early 1990’s policy of liberalization of bank was introduced. The banks under this category were known as new generation tech savvy banks and the banks under this category includes certain names like Housing Development Finance Corporation Limited, icici bank, axis bank, etc.
Indian banks are fairly mature in terms of supply, product range and reach towards whole population, even though reach in rural India use to be a challenge for the private sector and foreign banks but now the situation is changing with time. When it comes to quality of assets and capital adequacy, Indian banks are considered to have clean, fair and transparent balance sheets. The Reserve Bank of India is an autonomous body, which forms rules and regulations for other banks with minimal pressure from the government.
Presently, there are several private banks established in India which includes names like hdfc, icici, axis bank, Bank of India, Bank of Baroda, etc. Bank of India is one of the oldest banks of India, its providing service to Indians for more than last hundred years. It provides all the services provided by any other bank. Bank of Baroda is another old global bank with its presence over twenty six countries including India.
The Bank of India customers face problems like slow services provided by them and carelessness of bank staff. The similar problem was faced by customers of bank of Baroda.
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