“Banking Services of New Generation Banking in the Indian Banking Sector”

Abstract

The banking sector plays a vital role in the development of one country’s economy. The growth of banking sector depends upon the services provided by them to the customers in various aspects. The growing trend of banking services is found significant after the new economic reforms in India. Today, India has a fairly well developed banking system with different classes of banks – public sector banks, foreign banks, private sector banks – both old and new generation, regional rural banks and co-operative banks with the Reserve Bank of India as the fountain Head of the system. Nowadays banking sector acts as a backbone of Indian economy which reflects as a supporter during the period of boom and recession. Today the banking industry has been experiencing a totally unexpected paradigm shift, and in this age of advanced technology and modern resources the bankers have to first properly define what a new generation banks is as there is no definition that exists, that defines what a new generation E – banking funds transfer to one account to another account sent the money spot time is paid, save bank/banking is and how they can be operated in a sustainable manner not just witnessing profit. But, witnessing existence on a long run for a better tomorrow. This paper enlightens the knowledge light on new generation banking and its innovative products and channels.