The Indian banking Scenario has changed considerably in the past decade. The economic liberalization kicked off by the then Narasimha Rao government has improved the width and depth of the financial system of India. A few years ago, withdrawing money from the bank meant having to take a day off from work, standing in the long queue for hours together, waiting to get a token and then having to wait in another queue, just to withdraw your own money from the bank.
Fast forward to today, when all your banking transactions are just a click away. Public sector banks which were initially reluctant to change, later realized that this is the only mantra to succeed. They underwent a rapid makeover, with most of the banks now concentrating on a customer centric policy. A perfect case study to this would be The State bank of India which has transitioned itself from the dull sarkari bank to winning awards and accolades as the most preferred bank in India.
Here is a list of banks that have understood that change is the only key factor to sustenance.
The State bank of India:
The State Bank of India is the largest bank with an asset base of more than $250 billion and more than $195 billion in deposits. It has more than once acted as guarantor to the Indian Government. It has more than 10,000 branches and its ATM network is spread across 5,172 of its own locations. The State Bank of India has successfully tapped on the trust that the common man has towards Public Sector Banks by focusing more on the product (services offered) rather than packaging it with fancy names. It has become synonymous with no fuss ‘pure banking’ as its advertisement tagline states.
The Bank of Baroda:
This bank was no different than the other public sector banks in the pre liberalization days. Though not as fast as the SBI in catching up with competitors The Bank of Baroda has made a conscious effort to speed itself up and meet the new challenges. BoB is one of the few banks to offer 24 hours banking at select branches.
Punjab National Bank:
PNB was established in 1895, under the initiative of Lala Lajpat Rai. It is the 3rd largest bank in India, only after SBI and ICICI with an asset of more than 2, 46,900 crores. It has the 2nd largest network of branches with more than 4668 branches. Shifting from core banking the bank has now entered the credit card& debit card business, bullion business, life and non-life insurance business, Gold coins and asset management business etc. It was ranked 9th amongst the most trusted bank in India.
The IDBI established in the year 1964, by an act of Parliament is the 4th largest bank in India. It was primarily established to provide credit and other facilities to Indian industries. Some institutions built by IDBI include NSE, NSDL, and SHCIL. It’s one of the 10 largest development banks in India.
Bank of India:
Bank of India was the first among the nationalized banks to establish a fully computerized branch and ATM facility at its Mahalakshmi Branch, Mumbai in the year 1989. It has been recognized as the Best Public Sector Bank for the year 2009 by Dun and Bradstreet.
The list is vast with many of the public sector banks today having realized the potential of the unparalleled trust that people of India have in their public sector banks.
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