Banking Services In India: Redefining Banking Article

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Banking services in India: Redefining Banking

The Banking services in India have diversified in many ways. They are no longer simply commercialised banks.

Author: Addi Vardhaman

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The Banking services in India have spread their wings with the deployment of computers and redefining banking services with the internet option. Thus, the burgeoning requirements of the masses are met with the newly established banking system. The users are benefited with the technology that are brought to user for establishing the modern system of banking.

The modernity of Indian banks started with the development of software for the purpose. In the mid-eighties, 'software-packages' for banking operations started to develop. The steps for developing software for banking operations started with the formation of a committee by RBI and its recommendations. Thus the development of software proved to be a great push forward for the Indian banking industry. The entry of private and foreign banks too has proved to be a comeback for the banking industry. This is because most of these banks make use of the latest technology to stay ahead in the highly competitive market.

One of the best introduction is the Online Banking services in India. This has made banking very convenient in today's world. With online banking it is possible for people to make money transactions online. The user can send online drafts and transfer cash from one's saving accounts to another account. These services has relieved people from standing in long queues in banks in order to deposit cash amounts or withdraw them. Moreover, with the introduction of ATMs every bank has raised its standard of service. Now, banking has become 24 hr service and the customers can avail the services at any time of the day, being free of hassles.

The outsourcing of banking services have made the entire process of banking very effective. Banking services in India has earned the status of 'Facilities Management'. Banking as service industry and a Business Process Management have grown over years. With the introduction of online banking services this has further grown. This is because feedbacks from customer care has become more pronounced and proactive. The users now can email to a customer management authority and receive feedbacks clearing doubts regarding a banking service. Banking statements regarding the status of a saving account or a current account are also regularly posted on the mail address of the customer. This has made the entire process very transparent.

Banking Services in India, are no longer just confined to lending funds and making of deposits of cash and cheques from customers. Nowadays, banks have expanded to transfer of money in foreign domains too. This is mainly done keeping in view the growth areas whether in domestic economy or foreign areas. This sphere of banking is termed as 'remittance business'. This also involves the foreign exchange business. The entire procedure has expanded banking in real terms.
Now, banks have become intermediaries in any business. People can avail banking services in any region of the world with banks playing a crucial role in money transfers. In India the system of banking is sound and secure. They are considered as the safe keepers of people's valuables. The proactive role played by the banks of India have made people entrust their confidence in banking.

Banks in India are known to offer loans and assist self help groups in carrying forward their business. This has led to the rise of banking services in all over India. People now approach banks not just to deposit their money but also to avail loans from banks. The interest charged on loans are reasonable and there are several methods and time-frames for remittance of the balance with interest.

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Banking services in India: Redefining Banking