Management Dynamics

Abstract

During the last decade banking industry in India has undergone tremendous change, be it, networking, products and services offered, regulatory reforms, strategic manipulations, etc. In the history of Indian banking system this phase can be termed as most revolutionary one. Of all these changes and reforms, technological advancements have a very significant role which has facilitated and initiated several products and services in Indian banking industry. With the advent of foreign banks and subsequent liberalization, it became very necessary to undergo a complete change in order to compete with foreign banks and keep pace with global banking industry.

In this paper, the author has tried to focus on important reforms and changes which have taken place over a period of years. He has also given specific and significant consideration to technological advancements which took place in Indian banking industry. The author tries to evaluate empirically the impact of technological advancements on Indian banking industry as well as customer's perception and receptiveness regarding these technological advancements in Indian banking sector.

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Abstract

The Kerala banking system consists of 27 public sector banks, 16 private sector banks, 5 foreign banks, 1 RRB - Kerala Gramin Bank and 3 co-operative banking system in addition to cooperative credit institutions. Reserve Bank of India banking statistics and SLBC-Kerala Report-2017 indicates that Indian banking system has been reached at every corner in Kerala, and also increases the deposits, credits and accounts. At present banking sectors are giving different types of savings bank account with unique features focusing on different financial class customers, different age group customers, women customers, salaried peoples, business man etc., they also charge different type fees on different services. These types of offerings are a part of financial inclusion. The Report on State of Financial Inclusion in Kerala-2016 by Tara Nair and Devanshi Patani, concludes that state have complete literacy rate, hence the peoples are widely understood the importance of banking sector and also peoples are trusting with the banking sector. Report also shows that much of banking in the state has been limited to savings. In this context this study is examining the value of due diligence exhibited by customer in a banking institution. The study has focused with the identification parade by bank customer for identifying their own savings bank account by reading its key features only, reason for right and wrong identification made by the bank customers, and awareness about banking services, charges, fees and limit of usage. The study summary of findings, conclusion and recommendation will be strengthen the performance of financial inclusion, banking sector, and will helpful to update the financial inclusion plan and to accomplish the aim of financial literacy.

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