CHANGING ENVIRONMENT AND THE EMERGING CHALLENGES OF INDIAN BANKS IN GLOBALISATION OF INDIAN SCENARIO

Dr. N. Thyagaraju

Abstract


Banking being an important segment of the tertiary sector occupies a pivotal place in the organized sector of the Indian money market. It has been
playing significant role in the achievement of economic development . Being the major source of institutional finance, it plays a predominant role in
all-round development of the country by ensuring the greater mobility of resources to meet the emerging needs of the economy. It has been acting as
both the repository of community's savings and purveyor of credit for economic activity. The commercial Banking system in India has a significant
role to play in the rapid growth of economy through planned efforts. The first five year plan emphasized the need that the banking system has to be
fitted into the scheme of development to make the process of saving & their utilization economically productive and socially purposive. With the
Nationalization of 14 Major Commercial banks in 1969 & 6 commercial Banks in 1980 & After financial reform in 1991. The Banking Sector
reforms in India were initiated in 1992. The objectives of reforms were to strengthen the Indian banks, make them internationally competitive and
encourage them to play an effective role in accelerating the process of growth. The reforms process also initiated measures for improving the
productivity, efficiency and profitability of the banking system. It was also recognized that the Indian banking system should be placed on par with
international standards in respect of capital adequacy and other prudential norms. The operational rigidities in credit delivery system were to be
removed to ensure allocation efficiency and achievement of social objectives. It can be evidenced from the date, that the Banks achieved
remarkable progress during the post-reforms period facing several new challenges like Information Technology, HR Diversity, Orientation of
Trade Unions, New Value Employees, Quality Concerns and Customer Expectations, Strategic HRM , Internal Customer Orientation, Shared
Vision, Employee Empowerment, Team Working, Learning organization, Competency Identification Through EDC, Employee Development
Center (EDC), Sustaining the Initiatives, Excellence is a Journey Etc., The Government of India and Banking Authorities are keep in touch with
emerging trends foreever from time to time leads to the maximum extent of benefits to the prospective and interested parties.


Keywords


source of institutional finance; Banking Sector reforms; Information Technology; HR Diversity; New Value Employees; Strategic HRM; Employee Empowerment; Employee Development Center (EDC)

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References


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