Like any other sector in India, banking sector has also gone through a number of changes. Going by the history, banking in the country originated in the last decades of the 18th century and the first bank which came in existence is the State Bank of India, a government-owned bank that traces its origins back to the year of 1806.
In the present scenario, banking sector in India has been segregated as public or private sector banks, cooperative banks and regional rural banks. It has become mature in terms of supply, product range and reach, however, rural India still remains a challenge for the sector. In terms of quality of assets and capital adequacy, Indian banks are considered to have clean, strong and transparent balance sheets when compared to other banks in comparable economies in its region. The Reserve Bank of India is an autonomous body, with the least pressure from the government regulatory authority.
The structure of Indian bank banking standards went through a number of changes with the time and development of new and innovative technologies such as online banking and mobile banking. ICICI, HDFC, ABN Amro, City Bank and State Bank of India are some of the banks which are offering a wider range of options for the consumer and are seriously focused on the customer satisfaction.
To earn high profits and remain in the competition, these banks, both private and public sectors, come with new and innovative features on regular basis and one of the prominent feature developed by the banks is 'online banking' which enables the customers to conduct their financial transactions on a safe and secure website which is generally operated by their banks. With online banking, one can execute several transactions sitting at home with his personal computer such as account to account transfer, paying a bill, applying for a loan without visiting the bank and the facility is available round the clock.
The last 10-15 years have witnessed a sharp change in the Indian banking structures and products & services which are now being offered to the customers who now have plenty of options to choose from as per their banking needs. Savings account, current account, fixed account, investment plans and a range of other products are in the line for the customers and even loans are being processed without much documentation and hassles at the doorstep of the customer.
So if you happen to be a person who really wants to enjoy the perfect banking solutions available at your service, round the clock, bank is just at the end of your road and even locations of the bank with which you want to open an account with, is available on the internet.