Recent Trends In Banking and Financial Sector

Banking industry is considered as the largest player in the financial sector is witnessing path breaking reform measures and has also been undergoing a major and metamorphic change. The growth of banking sector invariably depends upon the services provided to the customer by them in various aspects. Today the banking industry is stronger enough to withstand the pressures of competition. India has got a well-developed banking system with different classes and categories of banks such as public and private sector bank, foreign and regional rural banks and co-operative banks. Reserve Bank of India is considered as the main foundation head of the banking system. Considerable changes have taken place in the banking industry since 1969. Due to changing scenario bank role is not limited to just lending and borrowing, rather they are giving more attention to expanding their activities like leasing, electronic banking etc. By using the recent technological trends banks are changing their working and technology. Considerable innovation and diversification can be noticed in the business of major commercial banks resulting in the deepening and widening of the financial infrastructure and transferring the fundamental character of class banking into mass banking. The rise of internet banking, mobile banking and Fintech companies are some of the examples of emerging trends in the banking and financial sector.