The Department of Commerce and Management at Amrita School of Arts and Sciences, organized two day national conference on Banking innovations – Impact on Indian Economy Innovation in Banking For Future Growth, during March 3rd and 4th, 2013. The workshop was organized in association with Dhanlakshmi Bank.
The banking sector reforms aim at enhancing the productivity, efficiency and competitiveness of the banking industry. In addition to the traditional services, to meet the varied financial needs, banks have to offer a wider and flexible range of financial products tailored for all types of customers in a most efficient manner in terms of cost, time and convenience.
Theme of the Workshop
Modern banking in India has traversed a long way since independence. Globalisation of Indian economy has created an environment where the financial services system has to be cost effective, customer oriented and technology based. Banking sector has been undergoing drastic metamorphosis where the need for a stable, efficient, resilient and vibrant banking system has come to occupy the centre stage. The enhanced and increasing levels of deregulation, stiff competition and the technology revolution have placed numerous demands on the banks.
According to IBA-FICCI-BCG report, India’s Gross Domestic Product growth will make the Indian banking industry the third largest in the world by 2025
The innovations witnessed by the corporate sector during the nineties have initiated new business paradigms, in which information technology played a significant role in improving the banking services. As a result sweeping changes took place in banking sector to meet the needs and requirements of individuals, organisations and diverse sectors of the economy. Consequently banks have come up with a whole range of banking products and services to suit the requirements of the clients.
Banks are now reaching out to the masses with technology to facilitate greater ease of communication and transactions through tremendous innovations. This is the hallmark of global banking standard. According to IBAFICCI- BCG report, India’s Gross Domestic Product growth will make the Indian banking industry the third largest in the world by 2025.
Banking innovations – Impact on Indian Economy