A bank is a financial institution which accepts deposits from the general public and extends loans to the households, the firms, and the government. The Indian banking sector is the lifeline of the nation and its people. It is a vital component of the economy of the country. The banking sector is considered to be the backbone of the modern economy. The efficiency and growth of a nation depend on the strength and efficiency of its financial institutions. The banking sector of India is the hope and aspiration of millions of people in the country. But to achieve this success the banking sector had to pass many hurdles. The cooperative banks in connivance with the Indian banking sector is now providing need-based finance especially for the development of the agricultural sector which is the backbone of Indian economy.
It has been seen that the growth of the Indian banking sector has been more qualitative rather than quantitative. Further, the credits take-off has been surging ahead over the past few decades aided by strong economic growth, rising disposable incomes, increasing consumerism and easier access to credit. The Indian banking sector has also witnessed an increase in demand for both corporate and retail loans particularly the services, real estate, consumer durables and agriculture allied sectors have led to the growth of credit. The Indian banking sector is recently now focusing on adopting an integrated approach to risk management. The Indian banking sector has already embraced the international banking supervision accord. The Reserve Bank of India has decided to set up the public credit registry (PCR), an extensive database of credit information which is accessible to all stakeholders. The current scenario of the Indian banking sector is also witnessing a surge in the deposits made under Pradhan Mantri Jan Dhan Yojana. Efforts are also being made to raise the income level so as to enhance the banking sector in the rural areas.
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