If we take a look back to the history of banking in India, then we will come to know that it has a history of over 200 years. This sector has undergone several transformations since the independence of the country. For liberalisation, privatisation, globalisation, information technology and with the advancement of time, several radical changes have occurred in the banking sector of India. After making an acute study of the changing scenario of this sector, it has been cleared to me that till the 90's, the banking was basically a monopoly of the public sector and there was strict regulation from the government regarding entering of private organisation into it. With the reformation of the banking sector in the country, market became free for the private banking institutions as well. With the commencement of private sector banking, a cut-throat competition has started. As a result, the rate of interest began to cut down and customers start benefited by getting lots of advantages. Now, you will find hundreds of private banks (both nation and foreign) in the country which possess great roles in the development of Indian economy. Some of the remarkable contributors and most popular among the modern customers are ICICI bank, HDFC bank, ABN Amro, HSBC bank and so on. The information technology has brought a drastic change in the banking sector of the country as well. With the implementation of the Online banking, a completely new dimension has been added in the scenario of new age Indian banking system. With the help of Online banking, one can make fund transfer, pay electricity-telephone bill, shop Online, check available balance in his account and much more activities, and those too from anywhere of the world. The Online media is also a perfect way to choose the most suitable banking service for you. By going to this way you will get the added advantage to make a comprehensive comparison of rates of interest and other terms and conditions of different kinds of banking facilities that are provided by several banking institution, which will help you to avail the most beneficial service from the appropriate bank.