In India the banks are being segregated in many groups. Each group has their own advantages and limitations and each has their own dedicated target market. Few of them work only in rural sector while others in both rural and urban. Many are operating only in cities, some are of Indian origin and some are foreign players. The RBI has shown firm interest to involve more of foreign banks than the existing one recently. This step has paved a way for few more foreign banks to start business in India.
Banks are also adding more and more services to their customers. The Indian banking industry is passing through a stage of customers market. The customers have more choices in choosing their banks because the numbers of banks existing in India are quite high. All these banks are introducing innovative products in the market and it has been increased the sharpness of competition. By means of firm competition and advancement in technology, the service provided by banks has become more easy and convenient. The past days are witness to an hour wait before withdrawing cash from accounts or a cheque from south of the country being cleared in one month in the north.
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