Online published on 10 October, 2013.
The paper seeks to trace the benefits of nationalization of banks, entry of new private banks as part of banking sector reforms from 1993 onwards and the spate of transformation of banks witnessed in the last over four decades. It is observed that banks have expanded fast in terms of business volumes, outreach, and application of technology and in delivering competitive quality of services. The nationalized banks have touched the lives of many villagers through socio economic developmental schemes that could bring prosperity to millions of households. The government sponsored schemes were routed through banks and availability of subsidies was also ensured. Following the bank reforms initiated in 1991, a set of new generation private banks (NGPBs) equipped with the state of the art technology joined the banking space transforming the delivery models of customer service.
