Emerging trends of public sector banks in India with a reference to lead bank scheme
The Banking sector has been immensely benefited from the implementation of superior technology during the recent past in India. Productivity enhancement, innovative products, speedy transactions seamless transfer of funds, real time information system, and efficient risk management are some of the advantage derived through the technology. Information technology has also improved the efficiency and robustness of business processes across banking sector. Public Sector Banks are the main pillars for the successful lending to priority sectors in India, the active participation by PSBs in meeting the targets of priority lending can increase the economy of India and also these banks are the motivating factor for all the banks in order to reach the targets of priority as well as the national interest of lending. PSBs are actively meeting RBI norms including agriculture, Micro, Small and Medium Enterprises and weaker sections. The Banking sector is now witnessing a new wave of evolution with innovations in the fintech space, espically with the proliferation of prepaid wallets. Finally the banking sector will need to master a new business model by building management and customer services. Banks should contribute intensive efforts to render better services to their customer. Nationalized and commercial banks should follow the Recent trends and to get advantage of opportunities in changing banking scenario.