Review Paper- “A STUDY ON INTROUDUCTION TO THE BANKING SECTOR IN INDIA”
Mr. Vaibhav Dongare1, Mrs. Megha Bhoagwar2
1PG Student, ARMIET, Mumbai University,
Dongarevaibhav8@gmail.com
2 HOD, MMS Department, ARMIET meghabhoagwar@gmail.com
Abstract –
The banking sector in India plays a pivotal role in the country's economy, acting as a backbone for financial intermediation and economic growth. Over the past decade, the sector has witnessed significant transformation driven by regulatory reforms, technological advancements, and changing consumer preferences.
The banking sector in India is a critical component of the country's economy, serving as a catalyst for financial inclusion, economic growth, and development. This abstract provides a concise overview of the key aspects shaping the Indian banking landscape. It highlights the regulatory reforms undertaken by the Reserve Bank of India (RBI) to strengthen the sector's stability and resilience, including the implementation of Basel III norms and the introduction of frameworks like Asset Quality Review (AQR) and prompt corrective action (PCA). The abstract also emphasizes the transformative impact of digital technologies on the banking sector, driving innovation, enhancing customer experience, and expanding access to financial services. Furthermore, it discusses the challenges faced by Indian banks, such as non-performing assets (NPAs) and stressed assets, and the initiatives undertaken to address these issues, including the insolvency and bankruptcy code (IBC). Despite challenges, the abstract underscores the significant growth opportunities in the Indian banking sector, fueled by demographic trends, urbanization, and increasing financial literacy. Overall, the abstract suggests that while the Indian banking sector faces both opportunities and challenges, it remains a dynamic and integral part of the country's economic landscape, poised for continued evolution and growth.
Keywords – Banking Regulation, Reserve Bank of India (RBI), Financial Inclusion, Digital Banking, Insolvency and Bankruptcy Code (IBC).
