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Open Access

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Peer-reviewed

Challenges and Opportunities of Banking Sector in India

Dr. Rakesh Kumar Jhamb

DIP: 18.02.009/20220701

DOI: 10.25215/2455/0701009

Received: January 06, 2022; Revision Received: February 19, 2022; Accepted: March 25, 2022

Abstract

Banks are the backbone of the economy of any country. Historians consider the beginning of the banking system in the country only from the 18th century. It is said that the British revolutionized the Indian economy by introducing the modern banking system. Today, banking services are accessible to all households in India. The Pradhan Mantri Jan Dhan Yojana launched in 2014 has been a key driver of this change and a record 38.06 crore bank accounts have been opened under the scheme. Major initiatives like UPI and Rupay Debit Card further fueled this trend. On the same lines, Bharat Net Mission is taking internet to remote areas, thereby also paving the way for technology driven BFSI services. Banking sector in India is a service-oriented sector whose objective is to provide services rather than manufacturing and selling goods. For the suitability, effectiveness and profitability of banking services, it is essential that bank employees have adequate knowledge of banking methods, policies, procedures and practices. After the implementation of banking reforms, there is continuous improvement in the performance of commercial banks. Due to changes in domestic and international conditions, universal integration of financial services and other relative reasons, there are still some challenges left in front of commercial banks. With the digitization of banking services being conducted by the post office, it is a clear indication that the government is looking to promote digital banking in rural and semi-urban India. More than 35 crore post office deposit accounts will now be linked to the core banking system. Banking is the most popular sector for employment in India. This is the gateway to good salary, secure future and prestigious career. There are ample possibilities of banking jobs in India.

The authors profoundly appreciate all the people who have successfully contributed to ensuring this paper in place. Their contributions are acknowledged however their names cannot be mentioned.

The author declared no conflict of interest.

This is an Open Access Research distributed under the terms of the Creative Commons Attribution License (www.creativecommons.org/licenses/by/2.0), which permits unrestricted use, distribution, and reproduction in any Medium, provided the original work is properly cited.

Responding Author Information

Dr. Rakesh Kumar Jhamb @ jhambrakeshkumar@gmail.com

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Challenges and Opportunities of Banking Sector in India

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Article Overview

ISSN 2348-5396

ISSN 2349-3429

DIP: 18.02.009/20220701

DOI: 10.25215/2455/0701009

Published in

Volume 07 Issue 1, January – March, 2022

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