The recent surge of financial literacy in India has pushed the BSE Sensex to touch a record high of 60,000 points in September 2021.
Government institutions such as the State Bank of India and Punjab National Bank largely control India's banking sector. India's banking industry is undergoing a substantial transformation at the same time that it is witnessing major positive developments.
The sector is working to improve the ordinary public's returns and investment prospects.
We bring you exclusive insights on the future of the banking sector in India here:
https://transfin.in/analysis-of-financial-performance-of-private-indian-banks
FinTech is no longer a passing trend but a profitable venue for startups and financial incumbents.
Banks and financial institutions embrace the shift towards digital to capture the value of the growing segment of digitally active customers and reduce capital and operational expenses.
While SupTech and RegTech companies ensure the global economy does not see the repeat of the financial crisis of 2007-2008 and strive to protect sensitive data, FinTechs' goal is to develop a mobile banking application full of customer-facing features.
The apps gain popularity across the globe, despite security concerns, help companies add value throughout the customer journey, expand their ecosystems, and enter promising new markets.
Let's delve deeper into each crucial facet of banking app development and their business impact.
In slew of second wave of reforms, Finance Minister Nirmala Sitharaman announced mega merger of Public Sector Banks (PSBs) – Next Gen PSBs.
It will enable them to harness their potential at its fullest in terms of increased lending and bigger risk appetite, with national presence and global reach.
Narsimhan Committee of 1991 recommended Structural Reorganizations of the Banking sector suggesting actual numbers of public sector banks need to be reduced.
Reforms is an ongoing endeavour.
Strong foundations are laid through Financial Sector Reforms such as
Doing away with ‘phone banking’ with no interference in commercial decisions.