• ISBN13: 9788126923397
• Binding: Hardcover
• Subject: Economics
• Publisher: Atlantic Publishers & Distributors (P) Ltd
• Publisher Imprint: Atlantic
• Publication Date: May 20, 2019
• Pages: 266
• Original Price: INR 795.0
• Language: English
• Edition: N/A
• Item Weight: 450 grams
• BISAC Subject(s): N/A

Banking reforms in India started in the real sense with the nationaIization of 14 banks in 1969 and six more in 1980, and licensing of a number of small private banks post liberalization. These new banks came to be known as New Generation tech-savvy banks. Following the merger of some banks, the banking sector was reviltalized and since then has registered a rapid growth with strong contribution from all the three types of banks, namely government banks, private banks and foreign banks. The next stage of banking reforms saw the increase of foreign direct investment (FDI) in banks from a maximum of 10% to 74%, though with some restrictions. The new wave of banking in India ushered in a modern outlook and tech-savvy methods of working. The use of computers has led to the introduction of online banking in India, making it very convenient for the customers to make transactions. The introduction of MICR technology in the banks has provided for the use of standardized cheque forms and encoders. In 1995 was introduced the Electronic Funds Transfer (ETS) system. In 2008, RBI brought a system to allow cheque truncation which was first rolled out in the National Capital Region and then all over India. Physical as well as virtual expansion of banking through mobile banking, internet banking, tele banking, and ATMs has been taking place since the previous decade and has gained momentum in the last few years. The book describes all these key developments in banking sector in India and shows how banking sector reforms have modernized Indian banking. Besides describing banking structure before liberalization and how it got transformed after the reforms, it takes up many pertinent issues, including international developments in banking, balance of payment crisis, financial sector reforms, introduction of new financial standards, Know Your Customers (KYC) norms, technology developments, Indian banking at present and how it has gained from reforms. It will be useful for the students of commerce, bank employees and all those concerned with banking sector in India.

M.S. Shetty is a retired General Manager of a nationalized bank. He joined Oriental Bank of Commerce, a nationalized bank, in the year 1971 as officer at its Fort Mumbai branch. He has had an illustrious career and rose to become General Manager in the bank in the year 2006 and retired in 2010. He worked for nearly 40 years with this bank in various capacities at various places. His work knowledge covers the entire gamut of banking as he worked as branch manager for 17 years, as regional head for 11 years and at corporate office for 5 years.

• Preface
• Abbreviations
• 1. Banking Structure in the Year 1991
• 2. International Developments in Banking
• 3. BoP Crisis and Financial Sector Reforms
• 4. Banking Developments After 1991
• 5. New Financial Standards Introduced
• 6. Anti-money Laundering Measures
• Know Your Customer (KYC) Norms
• 7. Technology Developments
• 8. Indian Banking in 2016
• 9. Gains from the Reforms in Banking Sector
• Bibliography