OPINION: Tech advancements have made India’s banks more vibrant
Monday, February 17, 2014
Over the past decade, the Indian banking sector has seen remarkable progress. It is clearly indicated by their healthy business growth, fast-paced credit expansion and profitability along with control over non-performing assets (NPAs).
The strong effort and focus on financial inclusion by the government and the Reserve Bank of India (RBI) have made Indian banks more efficient, strong and vibrant. Moreover, allowing private companies into the banking business in the early 1990s has changed the Indian banking business model completely and diverted the industry’s focus more towards retail banking with tech-savvy methods.
Adaptation of new tech and increased foothold in retail banking has made Indian banks more vibrant and fundamentally strong, which is clearly reflected in the fact that when the world’s advanced economies were going through the debt crisis problem, the Indian banking sector displayed resilience.