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Financial Performance of Retail Banking in India - Essay Example
Finance & Accounting
Pages 12 (3012 words)
Financial Performance of Retail Banking in India Table of Contents Introduction 3 Background 7 Aims and Objective 8 Overview of Literature Review 9 Overview of Data Collection 11 Summary 12 References 14 Introduction India is a south Asian country, which stands seconds in terms of population and seventh by area in the world…
According to World Bank report of 2011, the value of the Indian economy is around $1.848 trillion, which can be considered as the tenth- major economy in terms of exchange rates (World Bank, 2013). However, the major challenge that the country faces is poverty. Though the country and its government has been successful in diminishing poverty from 55 percent in the year 1973, to around 27 percent in 2004, but around 1.1 billion citizens of the country are below the poverty line (Nayak, Goldar, and Agarwal, 2010). It has been noticed that 30 percent of the rural population are below the poverty line (Rural Poverty Portal, n. d.). Financial development is an integral factor for the growth of country’s economy. It has been proved through many studies that for any well-functioning fiscal system, mobilizing saving and allocating resources support functions such as risk management, economic growth, etc. This fact proves that financial development can be achieved through savings through establishment of proper banking system in the country, which in future would lead to elimination of poverty (Kapoor, 2011). Retail banking is not a fresh phenomenon in the country. It was prevalent in different forms previously, but in the last few years a phenomenal change has been seen and demand towards mainstream banking has increased. ...