An article from INNER REVIEW magazine.
Banking systems and financial systems are an integral part of an economy. In addition, these institutions help to bridge the gap between idle savings and investment and its borrowers. There is a central body controlling and making rules for all governmental and non-governmental institutions to follow. In India, the financial sector is growing at a rate of 8.5 percent per year. The financial policies and the monetary policies can sustain a stable growth rate. India has an extensive banking system; the total asset value of the entire banking sector in India is nearly $270 billion. The total deposits are nearly $220 billion. Various new policies implemented by the government like financial inclusion have made banking accessible to even the population in remote locations. A wide range of Implementation of technologies such as internet banking and core banking has made banking operations more user-friendly.
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