Retail banking: the new buzzword of today's world of banking

Banking is the financial function which plays an important role not only for the particular individual but also for the overall economy. With changing face of overall economy the face of banking service is also changing now it has become more & more attractive. Various newer functions have been added in the banking services to attract more & more customers. Retail Banking has always been an integral part of the Banking activities the world over, but it is only in the recent past that it has gathered special momentum. Though internationally this revolution started in 80’s with the advent of credit cards followed by other products of retail financial services, yet, as far as India is concerned, the year 1995 marks the starting point of Retail Banking Revolution with Foreign Banks and new generation Private Banks taking the lead. In the present paper, an attempt has been made to cover the theoretical aspects of the Retail Banking which includes the issues and challenges in Retail Banking, the recent trends in Retail Banking, the future growth of Indian Retail Banking and challenges to retail banking in India.