Retail banking in India: A comprehensive study
Shlagha Chowkse
Guide: Dr. Richa Raghuvanshi, Assistant professor
Amity Business school
Amity University Lucknow
Uttar pradesh
Introduction
Retail banking in India has undergone a significant transformation over the past few decades, driven by technological advancements, regulatory changes, and evolving customer expectations. This research provides a detailed analysis of the Indian retail banking sector, examining its growth, challenges. The research explores key aspects such as the role of digital banking, financial inclusion, regulatory frameworks, and competition etc. The rapid adoption of fintech solutions, mobile banking, and AI-driven services has evolved customer experience, making banking more accessible and efficient. However, this retail sector also faces challenges, including cybersecurity threats, and the need for continuous innovation. Additionally, it evaluates consumer behavior, service quality, and new upcoming trends. The suggestions are meant that while retail banking in India has been proposed for continues growth of banks. Banks must focus on digital transformation, customer-focused strategies, and regulatory policy to remain competitive. The study concludes that a blend of technology, policy support will be essential for the sustainable development of retail banking in India.
Retail banking also known as ‘consumer banking”, refers to the mix of financial services provided directly to individual customers by banks. These services include a wide range of products such as savings and current accounts, personal loans, mortgages, credit cards, and various types of investment products like fixed deposits and mutual funds. Additionally, retail banking also provides payment services through debit cards, online banking, and mobile banking platforms, enabling customers to manage their finances conveniently. The sector is also marked by the provision of insurance products, financial planning, and advisory services to help individuals manage their wealth and plan. With a strong focus on customer service, retail banks operate through branches, ATMs, and digital platforms to ensure accessibility and convenience. Moreover, retail banking involves stringent regulatory compliance, including KYC (Know Your Customer) and AML (Anti-Money Laundering) procedures, to ensure the integrity and security of financial transactions. By meeting the financial needs of individuals, retail banking plays a critical role in fostering economic growth and stability.
