MARKET SHARE OF VARIOUS BANKS IN INDIA RBI AND ITS FUNCTIONS INVESTMENT IN BANKING SECTOR OF INDIA GOVERNMENT INITIATIVES ROAD AHEAD FOR THE BANKING SECTOR IN INDIA RECENT TRENDS IN BANKING SECTOR REGULATION CONCLUSION Banking in India, in the modern sense, originated in the last decades of the 18th century. Among the first banks were the Bank of Hindustan, which was established in 1770 and liquidated in 182932 and the General Bank of India, established in 1786 but failed in 1791.
The largest bank, and the oldest still in existence, is the
State Bank of India (S.B.I). It originated as the Bank of Calcutta in June 1806. In 1809, it was renamed as the Bank of Bengal. This was one of the three banks funded by a presidency government, the other two were the Bank of Bombay in 1840 and the Bank of Madras in 1843. The three banks were merged in 1921 to form the Imperial Bank of India, which upon India's independence, became the State Bank of India in 1955. For many years the presidency banks had acted as quasi-central banks, as did their successors, until the Reserve Bank of India was established in 1935, under the Reserve Bank of India Act, 1934. The Reserve Bank of India (RBI) is India's central banking institution, which controls the monetary policy of the Indian rupee. It commenced its operations on 1 April 1935 during the British Rule in accordance with the provisions of the Reserve Bank of India Act, 1934. The original share capital was divided into shares of 100 each fully paid, which were initially owned entirely by private shareholders. Following India's independence on 15 August 1947, the RBI was nationalised on 1 January 1949.The RBI plays an important part in the Development Strategy of the Government of India. It is a member bank of the Asian Clearing Union. The general superintendence and direction of the RBI is entrusted with the 21-member Central Board of Directors: the Governor, 4 Deputy Governors, 2 Finance Ministry representatives, 10 government-nominated directors to represent important elements of India's economy, and 4 directors to represent local boards headquartered at Mumbai, Kolkata, Chennai and New Delhi. Each of these local Regulator and supervisor of the financial system
The institution is also the regulator and supervisor of the
financial system and prescribes broad parameters of banking operations within which the country's banking and financial system functions. Its objectives are to maintain public confidence in the system, protect depositors' interest and provide cost-effective banking services to the public. The Banking Ombudsman Scheme has been formulated by the Reserve Bank of India (RBI) for effective addressing of complaints by bank customers. The RBI controls the monetary supply, monitors economic indicators like the gross domestic product and has to decide the design of the rupee banknotes as well as coins The bank issues and exchanges currency notes and coins and destroys the same when they are not fit for circulation. The objectives are to issue bank notes and give public adequate supply of the same, to maintain the currency and credit system of the country to utilize it in its best advantage, and to maintain the reserves. RBI maintains the economic structure of the country so that it can achieve the objective of price stability as well as economic development because both objectives are diverse in the the Security Printing and Minting Corporation of India Limited (SPMCIL), a wholly owned company of the Government of India, has set up printing presses at Nashik, Maharashtra and Dews, Madhya Pradesh. The Bhartiya Reserve Bank Note Mudra Private Limited (BRBNMPL), also has set up printing presses in Mysore in Karnataka and Salona in West Bengal. PAYMENT BANK SMALL FINANCE BANK FINTECH COMPANIES LOAN WAIVING PRADHAN MANTRI JAN DHAN YOJANA MUDRA LINKING OF AADHAAR CARD . The Indian economy is on the brink of a major transformation with several policy initiatives set to be implemented shortly. Positive business sentiments, improved customer confidence, controlled inflation are likely to prop up the countrys economic growth. Enhanced spending on infrastructure, speedy implementation of projects and continuation of reforms are expected to provide further impetus to growth These factors suggest that Indias banking sector is poised for robust growth as the rapidly growing business would turn to banks for credit needs Due to recent advancements in technology, internet banking and mobile banking services have come to the fore. The banking sector is laying greater emphasis on providing improved services to their clients and also upgrading their technology infrastructure in order to enhance customers overall experience. HDFC bank, ICICI bank, AXIS bank are exploring to launch contact less credit card and debit card slowly which will allow customers to transact without having to insert or swipe. The indian banking industry is worth rs. 81 trillion and the banks are now utilizing the latest technologies like internet and mobile devices to carry out transactions and communicate with the masses. E-CHEQUES RTGS NEFT ECS INTERNET BANKING Some of the recent regulation in the banking sector are- NEW BANKRUPTCY LAW NEW KYC NORMS CAPITAL REQUIREMENT OF COMMERCIAL BANKS The Indian banking industry is growing rapidly. It has the potential to become the 5th largest banking industry in the world by 2020 and 3rd largest by 2025 according to KPMG-CII report . The banks are using latest technologies like internet and mobile devices to carry out transactions. The indian banking industry consists of 26 public sector banks, 20 private sector banks and 43 foreign banks along with 61 regional rural banks more than 90,000 credit cooperatives.
(Bible in History - La Bible Dans L'histoire 8) John T. Willis - Yahweh and Moses in Conflict - The Role of Exodus 4-24-26 in The Book of Exodus-Peter Lang International Academic Publishers (2010)