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Phase III of Banking

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Sunanda K. Chavan
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Phase III of Banking - September 23rd, 2010

Phase III of Banking



This phase has introduced many more products and facilities in the banking sector in its reforms measure.



In 1991, under the chairmanship of M Narasimhan, a committee was set up by his name which worked for the liberalization of banking practices. The country is flooded with foreign banks and their ATM stations.



Efforts are being put to give a satisfactory service to customers. Phone banking and net banking is introduced. The entire system became more convenient and swift. Time is given more importance than money.



The financial system of India has shown a great deal of resilience. It is sheltered from any crisis triggered by any external macroeconomics shock as other East Asian Countries suffered.



This is all due to a flexible exchange rate regime, the foreign reserves are high, the capital account is not yet fully convertible, and banks and their customers have limited foreign exchange exposure.
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