Innovations in the Banking Industry in India
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Case Details:
Case Code : BREP005
Case Length : 14 Pages
Period : 1991-2004
Pub Date : 2004
Teaching Note :Not Available Organization : -
Industry : Banking
Countries : India
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Excerpts
Innovations in Banking in India
Over the years, the banking sector in India has seen a number of changes. Most of the banks have begun to take an innovative approach towards banking with the objective of creating more value for customers, and consequently, the banks. Some of the significant changes in the Indian banking sector are discussed below:
Technology for Value Creation
The use of information technology in the Indian banking sector was a corollary of the liberalization process initiated in the country in the early 1990s...
Rural India Catching Up
With a majority of the Indian population living in rural areas, rural banking forms a vital component of the Indian banking system. Besides, rural banking operations in India are rather different from urban operations, due to the strong disparity that exists between urban and rural life, and the needs of these two sections of people...
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Banking Beyond Banking
While traditionally, banking meant 'borrowing and lending', in the latter part of the 20th century, the word took on a different meaning altogether. Banks no longer restricted themselves to traditional banking activities, but explored newer avenues to increase business and capture new markets...
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The Changing Face of Banking
Many analysts predict still more revolutionary changes in the banking sector in India.
The chief of these are likely to be the concept of Universal Banks and the
introduction of Smart Card technology...
The Other Side
Although the Indian banking sector has made rapid progress particularly in the number of innovations introduced, some analysts are skeptical about the efficacy and practical use of many of these services... |
Where is Indian banking heading?
Banking in India has already undergone a huge transformation in the years since Independence. The rate of transformation was particularly high in the 1990s and 2000s, when a number of innovations changed the way banking was perceived...
Exhibits
Exhibit I: Nationalized Banks in India
Exhibit II: Internet Banking
Exhibit III: HDFC's Promotion of Mobile Banking
Exhibit IV: Smart Card
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