LIBERALIZATION USHERS IN NEW GENERATION BANKS Post-1991, the new economic policy of the Government..

LIBERALIZATION USHERS IN NEW GENERATION BANKS

Post-1991, the new economic policy of the Government of
India unleashed a process of liberalization and deregulation. Like in all other
sectors of the economy, there were reforms in the financial sector too, and the
new policy allowed the creation of private sector banks in the country after a
lapse of almost three decades. The Reserve Bank of India (RBI) opened the doors
of the banking industry to new players, and the era of the New Generation
Banks was on the cards.

Middle class Indians were awaiting new banking options
after

LIBERALIZATION USHERS IN NEW GENERATION BANKS

Post-1991, the new economic policy of the Government of
India unleashed a process of liberalization and deregulation. Like in all other
sectors of the economy, there were reforms in the financial sector too, and the
new policy allowed the creation of private sector banks in the country after a
lapse of almost three decades. The Reserve Bank of India (RBI) opened the doors
of the banking industry to new players, and the era of the New Generation
Banks was on the cards.

Middle class Indians were awaiting new banking options
after experiencing the poor service offered by the nationalized banks.
Customers welcomed private sector banks. New banks were vying with one another
to get a lead in this unbelievably huge market covering a banking public of
almost 200 million people. There was a heady sense of anticipation in this
industry and the expectations were high. Giant financial organizations like
HDFC, ICICI and UTI started their own commercial banks and were able to leverage
their reputation and cash reserves to establish credibility and financial
stability. At the same time, the market was so big that there was enough space
for all of them.

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