competition success review pdf 2020

competition success review pdf 2020

competition success review pdf 2020  published this article page no203

The banking system in India started with small, private commercial banks. But, when some of these began to fail or funds deposited were siphoned off by the banker and customers lost hard earned money deposited, the government decided to step in and nationalize these banks. This major reform ensured that the customer was not affected by any loss incurred by the bank or the bank could not misuse customer money. Gradually, over the years, other regulatory mechanisms were introduced to regulate public sector banks. Recommendations of Narsimham Committee on Banking sector reforms proved to be another major stepping stone in this direction. Thereafter there have been series of gradual reforms focusing on improving efficiency and governance of banking sector. competition success review pdf 2020