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The banking sector in India has undergone a tremendous change. The addition of various services has worked in their favour. Gone are the days, when their services would be availed only for depositing or withdrawing money. With the advent of services like Internet Banking, ATM etc…they have increased the convenience for customers. In the rural parts of India, banks have gone out of their way to support people. For instance, I came across a very interesting piece of information about Aryavart Gramin Bank. They “tied up with Tata BP Solar to finance "Solar Home Lighting System" for village homes in Uttar Pradesh. It extended finance of around Rs 10,000 with Rs 3,000 as margin money to be contributed by the beneficiary.” It is commendable that banks have stretched the limits of their conventional roles. They seek to serve the customer in an efficient manner. Here is presenting a list of banks that created some ripples in the past year. HDFC’s rural plan HDFC Bank, India’s second largest private bank is definitely looking out to tap the potential of rural India. The interiors of the country seem to be very promising. Financial experts have forecasted that India’s GDP rate can go up to 8 percent, over the next few years. Per capita income has also witnessed a rise. In terms of issuing loans in the smaller cities of India, the bank provides them against gold jewellery. It helps in the recovery of the particular amount as well. With the conception of such strategies, it is no surprise that this is one of the top banks of India. To prove the strength of this point, statistics reveal that the bank’s customer base is approximately 25 million and continues to grow. State Bank of India’s promising growth State bank of India is one of the largest public sector banks of India. Its growth prospects seem to be very encouraging. Figures reveal that the bank is anticipating a profit of Rs 15000 crores in comparison to last year’s Rs 11700 crores. Customer reviews have shown appreciation for home loans and corporate loans have been enhanced. The bank has also generated employment opportunities. Recently I read a news report, which stated that the bank will be hiring 1500 probationary officers. It was also reported that the bank would be getting Rs 3004 crores. This move is a part of the capital infusion plan, formulated by the government. This would help in the smooth conduction of national and international procedures. ICICI’s good times I would like to mention a separate point here. Growth of women in the corporate sector is not very prominent. But, this bank has set forth an inspiring example. Chanda Kocchar, who is the managing director of the bank, was awarded with the title of ‘Business leader of the year.’ The bank has also created an impact in Gujarat. It is said that the credit ratio of the bank is potential filled in this booming state. The figure is said to be 177 percent. The bank can be proud about its growth in the arena of net interest income. The bank has strengthened its focus on the retail segment. A growth of 17 percent has been recorded in the loan sector of the bank. Online customer reviews have dropped a positive word about the services of the bank. Axis Bank’s accelerated growth Axis bank is one of the major private banks of India. It has surpassed the expectations of the financial market. Strong margins and a promising net interest income have aided in the bank’s rapid growth. In the third quarter of 2012, the bank’s net income interest grew to Rs 2494 crores! It is quite a massive number. The growth was nearly 17%. Customer reviews have appreciated the growth of this banking pioneer. Their strong balance sheet and good deposit schemes have helped them in gaining a good amount of market share. Yes Bank’s quick progress This is considered to be one of the youngest private sector banks of India. It is demonstrating an exceptional growth rate. They have outperformed and recorded a net growth of 34.72%. A comparison has been made to bring out the growth. In December 2012, the progress figure was 3.42 billion whereas in December 2011 it was 2.54 billion. Overall earning of the bank has witnessed a phenomenal rise of 40.5%. Boom in the banking sector In 2012, the banking sector was definitely in the spotlight. Investors can get a reason to smile because of the probability of the lowering of interest rates. Demand for loans could definitely witness an increase. In 2012, a maximum rise of 26 percent was recorded for the Sensex whereas the banking index has risen to 57 percent. Social media has played a role in enhancing the reach of the banks towards customers. The convolution in banking operations has definitely increased. In such a scenario, technology will play an important role in easing the manner of procedures. With the UID initiative coming into play, banks can track other customers as well. Foreign banks have contributed successfully to the growth of the banking sector. Reserve Bank of India has played a keen role in the emergence of these banks in India. They have introduced various incentives. A story brought out one of these. It said, “In May 2012, the government also facilitated the process by proposing to exempt foreign banks from the 30 per cent tax on capital gains and stamp duty while converting branches into a new entity. RBI has also mandated foreign banks with 20 and more branches to achieve priority sector targets and sub-targets at par with their domestic counterparts.” Banks have been able to improve their services over a period of time. This has been due to the increasing feedback. Customers have been posting their opinion on review portals like Decidebuddy.com. It has included a very novel category like banks in its range of products. Customer reviews have definitely led to some remarkable changes!
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