Bank Licensing In India Defined Under Banking Regulation Act 1949: Banking Sectors Journey Throughout The Past And The Way Ahead In Future
Biswadeep Dutta, KIIT School of Law
Indian banking framework revolves around the daily lives of the millions of population, it is directly involved in the daily lives of the individuals as most of them have put their live savings entrusted into the banks. The Indian banking industry has a hugely rich history from the traditional banking practices done by Britishers to Reform, Nationalization then Privatization of Banks and now due to globalization more entry of foreign banks. The rise of the competition in the globalization era, liberalization, Capital flow, and technological advancement. The Indian Banking sector has a huge advantage of access to one of the biggest financial networks and by the time it has been more refined through various reforms through various time. The reforms have been implemented as there can be the flexibility of the lending rates, gradual dilution of government holdings in both private and public sector banks after the removal of the restrictions on both the sectors international, private and public sector banks are all competing on the same footing and it is helping the Indian economy for faster growth and financial sector domination to find more attractive long term and short term loans, investments in the both domestic and international domain.