Contemporary Developments in Banking Sector

(E-banking,M-banking,Retail-banking & Universal-banking)

*VISHAL KUMAR **MRS.SAVITA ABSTRACT___________________________________________________
We're living in a world dominated by the new idea economy, ticking to the beat of Internet time, where customers are quality conscious, time conscious and price conscious. Technology is creating new agile players making the existing ones obsolete. In this scenario, the role of internet and its impact on banking still appears to be a puzzle. Banks around the world are subject to the same radical changes -new competition, technology, deregulation, and globalization. But, eventually, the classic rules of business will reassert themselves in this virtual environment and the winners will be the first and best movers. The challenges in this millennium for the banking industry are enormous. The technology and Banking sector reforms together are lifting the competitive intensity of the Banking business. In Banking, embedding knowledge into products can enhance value, and connecting different knowledge sources can create innovative products. The banks that are first to market with the right mix of technologies, strategies and partnerships would be the sure winners. Indian Banking Sector has come a long way from being a sleepy business institution to a highly proactive and dynamic entity. Indian banking system is in the midst of a technological revolution. It is impacting the Indian industry in three ways - firstly, by providing efficient and effective delivery channels, secondly, it is dramatically influencing the client profile, which in turn leads to the third change i.e. the Human Resources Management. As a service sector, it calls for a change in the attitude of the personnel that would have a salutary effect on customers. This paper considers the areas which are responsible for the transformation of Indian banking Industry since liberalization as well as cater the needs of the customers i.e. e-banking, m-banking, retail banking and universal banking.

___________________________________________________________________________ *Vishal Kumar, Assistant Professor in Commerce, Dev Samaj College for

Women, Ferozepur City, Email: vkfzr@hotmail.com, M.No.-9914023332 **Mrs. Savita, Lecturer in Commerce, Dev Samaj College for Women, Ferozepur City.