ROLE OF IT & GOVERNMENT IN DEVELOPENT OF BANKING SECTOR: A REVIEW OF INDIAN BANKING SECTOR
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1 ROLE OF IT & GOVERNMENT IN DEVELOPENT OF BANKING SECTOR: A REVIEW OF INDIAN BANKING SECTOR Mr. Bhupender Kamra 1, Prof. Dr. Jai Parkash Hooda 2 Ms. Sushma Hooda 3 1 Assistant Professor, JCD Institute of Business Management, Sirsa(India) 2 Principal, JCDM College, Sirsa (India) 3 Assistant Professor, JCD PG College of Education, Sirsa (India) ABSTRACT Banking Sector is a back bone for every economy, whether it s developing or developed or underdeveloped nation. Indian banking sector have seen various developments through five stages: pre-independence, postindependence, pre nationalization, nationalization and post-liberalization stages. Today, Indian Banking System has been emerged as a fairly well developed banking system with the implementation of innovative and latest technology through different classes of banks public sector banks, foreign banks, private sector banks, regional rural banks and co-operative banks with the Reserve Bank of India as the Central Bank. In the banking field, there has been an unprecedented growth and diversification of banking industry witnessed in the technology leaden era i.e. 21st Century. Thus the research paper focuses on how the latest technology and various schemes of Government of India have lead to the development and growth of the Indian Banking Sector. Innovations in banking sector can be witnessed through introduction of ATM, NEFT, RTGS, M-Wallet, IMPS, E-Wallet & E-banking and many more value added products and services. This paper highlights the development and growth of banking industry not only by adopting of innovative and latest technology but also with the various government schemes. Keywords: RTGS, M-Wallet, IMPS, Banking Industry, E-banking. I. INTRODUCTION India is one of the leading economies of the world with 1.25 Trillion Population, so the potential of Indian Banking Sector for extraordinary growth is tremendous. 21 st Century is technology driven century and banking sector has witnessed huge growth in embracing ATM, internet and mobile banking. As per Industry report, India s banking sector has the potential of becoming the fifth largest banking industry in the world by 2020 and the third largest by Government of Indian and Reserve bank of India both are working in the direction of providing banking services to masses with implementation of latest technology of communication, and transactions in the era of Internet and mobile devices. 49 P a g e
2 A bank is a financial institution that provides banking and other financial services to their customers. A bank is generally understood as an institution which provides fundamental banking services such as accepting deposits and providing loans. There are also nonbanking institutions that provide certain banking services without meeting the legal definition of a bank. Banks are a subset of the financial services industry. A banking system also referred as a system provided by the bank which offers cash management services for customers, reporting the transactions of their accounts and portfolios, throughout the day. Banking in India in the modern sense originated in the last decades of the 18th century. The Indian banking sector is broadly classified into scheduled banks and non-scheduled banks. The scheduled banks are those which are included under the 2nd Schedule of the Reserve Bank of India Act, The scheduled banks are further classified into: nationalised banks; State Bank of India and its associates; Regional Rural Banks (RRBs); foreign banks; and other Indian private sector banks. As per the Reserve Bank of India (RBI), India s banking sector is sufficiently capitalised and well-regulated. The financial and economic conditions in the country are far superior to any other country in the world. Credit, market and liquidity risk studies suggest that Indian banks are generally resilient and have withstood the global downturn well. Indian banking industry is expected to witness the roll out of innovative banking models like payments and small finance banks. 11 payment banks are expected to be launched in 2016 and Separately about 10 small finance banks are also expected to be launched. RBI s new measures may go a long way in helping the restructuring of the domestic banking industry. The Indian banking system consists of 26 public sector banks, 25 private sector banks, 43 foreign banks, 56 regional rural banks, 1,589 urban cooperative banks and 93,550 rural cooperative banks, in addition to cooperative credit institutions. Public-sector banks control nearly 80 percent of the market, thereby leaving comparatively much smaller shares for its private peers. Standard & Poor s estimates that credit growth in India s banking sector would improve to per cent in FY16 from less than 10 per cent in the second half of CY14. II. REVIEW OF LITERATURE Avasthi & Sharma ( ) have analyzed the impact of technology on Banking Sector and the study also explored the challenges that banking industry and its regulator face. Jalan, B. (2003), through his article highlighted that IT revolution has brought about a fundamental transformation in banking industry. Banking Sector has gained a lot with the development of Information Technology with respect to other sectors. It has the most important factor for dealing with the intensifying competition & the rapid proliferation of financial innovations. Mittal, R.K. & Dhingra, S. (2007) studied the role of technology in banking sector for the time period before and after Information Technology Act analyzed investment scenario for aforesaid period. Padhy, K.C. (2007) studied the impact of technology development in the banking system and he also highlights the future of banking sector and suggested various core competencies that may prove handy for banking industry for getting comparative advantages against competitors. Diwanji, A and Arora, D. (2008), in their article entitled Banking Sector In India 2009 And Beyond describe that banks in India will need capital to upgrade their technological level so as to achieve targets in a most cost 50 P a g e
3 efficient manner and thereby to enhance profits. Further banks will need to spend on risk management system owing to the issues arising out of the use of technology. The main reasons why banks will need additional capital to grow and ultimately require for expansion in future are technology up gradation and security. Sawant B.S (2011), Technological Developments in Indian Banking Sector : This paper highlights about the role of banking sector in the development of Indian Economy. So banks need to optionally leverage technology to increase penetration, improve their productivity and efficiency, deliver cost effective products and services, provide faster. Efficient and convenient customer service and thereby, contribute to overall growth and development of the country. III. RESEARCH METHODOLOGY Research methodology is conceptual as well as descriptive. For this study data and information has been collected with the help of Books, Magazines, Newspapers, Research Articles, Research Journals, RBI Report, and Internet. Objectives Of The Study 1. To study the various innovative products in Banking Sector. 2. To study the Government Policies and Initiative for Banking Sector. 3. To examine the growth of Indian Banking Sector. IV. TECHNOLOGICAL INNOVATION IN BANKING INDUSTRY AUTOMATIC TELLER MACHINE (ATM) Automatic Teller Machine is the most popular device in India, which enables the customers to withdraw their money 24 hours a day 7 days a week. It is a device that allows customer who has an Automatic Teller Machine (ATM) card to perform routine banking transactions without interacting with a human teller. In addition to cash withdrawal, Automatic Teller Machines (ATMs) can be used for payment of utility bills, funds transfer between accounts, deposit of cheques and cash into accounts, balance enquiry etc. IMPS Immediate Payment Service (IMPS) is an instant interbank electronic fund transfer service through mobile phones. It is also being extended through other channels such as ATM, Internet Banking, etc. This facility is provided by NPCI through its existing National Financial Switch and introduced in 'RTGS' stands for Real Time Gross Settlement, which can be defined as the continuous (real-time) settlement of funds transfers individually on an order by order basis (without netting). 'Real Time' means the processing of instructions at the time they are received rather than at some later time; 'Gross Settlement' means the settlement of funds transfer instructions occurs individually (on an instruction by instruction basis). Considering that the funds settlement takes place in the books of the Reserve Bank of India, the payments are final and irrevocable. As the name suggests, funds transfer between banks takes place on a Real Time basis. Therefore, money can reach the beneficiary instantaneously and the beneficiary s bank has the responsibility to credit the beneficiary s account within two hours. 51 P a g e
4 Mobile payment, also referred to as mobile money, mobile money transfer, and mobile wallet generally refer to payment services operated under financial regulation and performed from or via a mobile device. Instead of paying with cash, cheque, or credit cards, a consumer can use a mobile phone to pay for a wide range of services and digital or hard goods. Although the concept of using non-coin-based currency systems has a long history. E-wallet is an online prepaid account where one can stock money, to be used when required. As it is a preloaded facility, consumers can buy a range of products from airline tickets to grocery without swiping a debit or credit card. Airtel Money transforms the mobile phone into a convenient wallet. The digitised money can be used on several shopping sites like ebay.in, Home Shop 18, Myntra and Book My Show. All one needs to have is an Airtel connection. E-commerce major Flipkart was one among the first few to start am e-wallet service in Flipkart introduced e-wallet service to its customers, in addition to their cash-on-delivery option. Consumers can create an e-wallet and fill it up to Rs 10,000 at a time. PAYMENT BANKS are a type of banks, which are expected to reach customers mainly through their mobile phones rather than traditional bank branches. Payment technologies have proved hugely popular in other developing countries. In Kenya, the most cited success story, Vodafone s M-Pesa is used by two in three of adults to store money, make purchases and transfer funds to friends and relatives. ONLINE BANKING, also known as internet banking, e-banking or virtual banking, is an electronic payment system that enables customers of a bank or other financial institution to conduct a range of financial transactions through the financial institution's website. The online banking system will typically connect to or be part of the core banking system operated by a bank and is in contrast to branch banking which was the traditional way customers accessed banking services. Fundamentally and in mechanism, online banking, internet banking and e-banking are the same thing. V. GOVERNMENT POLICIES & INITIATIVES Indian Banking Industry has been significantly benefitted from the Policies & Initiatives of Government. Govt. of India has introduced many Policies which has been proved significant for revival and growth of Indian Banking Industry PRADHAN MANTRI JAN DHAN YOJANA PMJDY is National Mission for Financial Inclusion to ensure access to financial services, namely Banking Savings & Deposit Accounts, Remittance, Credit, Insurance, Pension in an affordable manner. This financial inclusion campaign was launched by the Prime Minister of India on 28 August BALANCE IN % OF ZERO-BALANCE- Bank RURAL URBAN TOTAL ACCOUNTS ACCOUNTS Public Sector Bank Regional Rural Bank 52 P a g e
5 Private Banks Total Table: DIRECT BENEFIT TRANSFER Direct Benefit Transfer or DBT is an attempt to change the mechanism of transferring subsidies launched by Government of India on 1 January This program aims to transfer subsidies directly to the people through their bank accounts. It is hoped that crediting subsidies into bank accounts will reduce leakages, delays, etc. The purpose of Direct Benefits Transfer is to ensure that benefits go to individuals' bank accounts electronically, minimising tiers involved in fund flow thereby reducing delay in payment, ensuring accurate targeting of the beneficiary and curbing pilferage and duplication ATAL PENSION YOJANA ATAL PENSION YOJANA (APY) was launched on 1st June, Atal Pension Yojana (APY) will provide a defined pension, depending on the contribution, and its period. The main focus of APY will be on all citizens in the unorganized sector, who join the National Pension System (NPS) administered by the Pension Fund Regulatory and Development Authority (PFRDA). Under the APY, the subscribers would receive the fixed minimum pension of Rs per month, Rs per month, Rs per month, Rs per month, Rs per month, at the age of 60 years, depending on their contributions, which itself would be based on the age of joining the APY. The minimum age of joining APY is 18 years and maximum age is 40 years. Therefore, minimum period of contribution by any subscriber under APY would be 20 years or more. The benefit of fixed minimum pension would be guaranteed by the Government PRADHAN MANTRI MUDRA LOAN YOJANA Micro Units Development & Refinance Agency Ltd. (MUDRA) is a new institution set up by Government of India to provide funding to the non-corporate, non-farm sector income generating activities of micro and small enterprises whose credit needs are below 10 Lakh. Pradhan Mantri MUDRA Yojana (PMMY), MUDRA has created three products i.e. 'Shishu', 'Kishore' and Tarun as per the stage of growth and funding needs of the beneficiary micro unit. These schemes cover loan amounts as below: Shishu: covering loans up to Rupees 50,000 Kishore: covering loans above Rupees 50,000 and up to Rupees 5,00,000 Tarun: covering loans above Rupees 5,00,000 and up to Rupees10,00,000 All Non-Corporate Small Business Segment (NCSBS) comprising of proprietorship or partnership firms running as small manufacturing units, service sector units, shopkeepers, fruits/vegetable vendors, truck operators, food-service units, repair shops, machine operators, small industries, food processors and others in rural and urban areas, are eligible for assistance under Mudra. Bank branches would facilitate loans under Mudra scheme as per customer requirements. Loans under this scheme are collateral free loans. 53 P a g e
6 5.5. PRADHAN MANTRI SURAKSHA BIMA YOJANA Pradhan Mantri Suraksha Bima Yojana is a government-backed accident insurance scheme in India. It was formally launched by Prime Minister Narendra Modi on 9 May in Kolkata. As of May 2015, only 20% of India's population has any kind of insurance, this scheme aims to increase the numbers. This scheme is available to people between 18 and 70 years of age with bank accounts. It has an annual premium of Rs, 12 (18 US) excluding service tax, which is about 14% of the premium. The amount will be automatically debited from the account. In case of accidental death or full disability, the payment to the nominee will be Rs. 2 lakh (US$3,000) and in case of partial Permanent disability Rs. 1 lakh (US$1,500). his scheme will be linked to the bank accounts opened under the Pradhan Mantri Jan Dhan Yojana scheme. It has been witnessed from all above mentioned schemes introduced and implemented by Government of India has resulted in blessings for Banking Sector. VI. ANALYSIS & INTERPRETATION Commercial Bank Branches Per 1000 Square K.M. Reserve Bank of India and Government of India both are framing their policy to bring significant development in Indian Banking Industry and this can be evident from following mention data containing information about Commercial Branches per 1000 square KM in India. Fig.:-1 During last decade Indian Banking Sector has shown significant improvement in establishing branches for easy access to consumers. In Branch per 1000 Square Km which has grown to in Commercial Bank Branches Per Poppulation. 54 P a g e
7 Fig.:-2 It is evident from above mentioned graph that there is significant improvement in Number of Commercial Bank Branches per People. India is a 2 nd largest country as per population. In 2005, Branches were there to serve people of India, which has risen by 50% to in Number Of Automated Teller Machine Per 1000 Square K.M. Fig.:-3 Plastic Money has emerged as most prominent Banking instrument. India was having very poor ATM infrastructure in 2005 which was just ATM per 1000 Square Km. With the initiative of RBI and development of Banking Sector ATM facility has almost risen by more than 10 times to per 1000 Square Km in Number Of Automated Teller Machine Per People 55 P a g e
8 Fig.:-4 There was just ATM per people in India in 2005 which has risen to ATM per people. It is cleared that RBI s efforts are giving fruitful results. But there are still lots of work to do. Deposits Of Scheduled Commercial Banks In India March March March March March March March March March March Deposits of Scheduled Commercial Banks in India ( Billion) in ` Rs % Change Table:1 It is evident from above mentioned data that there is significant improvement in Deposits of Scheduled Commercial Bank. In March, 2006 Total Deposits was Billion Rupees and it has increased more than 4 times to Billion Rupees in March, VII. CONCLUSION India is one of the leading economies of the world with the tremendous potential for the growth of the banking sector. From the study it has been witnessed that with the technological innovation and Government initiatives banking sector has seen a golden period in last few years. A huge growth has been noticed from Commercial Branches of Banks, Number of ATMs and significant rise in Aggregate deposits of Scheduled Banks over the past few years. Also, in technology leaden era, the scope for mobile and internet banking is huge. India is becoming a huge market for e-commerce. Government of India has also supported Indian Banking Sector by bringing Schemes like PMJDY, DBT, APY, MUDRA PMSBY and many more, all of these schemes are directly linked with banking sectors which resulted in huge growth of Indian Banking Sector. However, Indian banking industry still has a long path to move ahead. As huge percentage of population are still not able to become part this growth story of Indian Banking Sector. There are few challenges also like increase in competition, pressure on spreads, and systemic changes to align with international standards have necessitated a re-evaluation of strategies and processes in order to remain competitive in this dynamic environment. 56 P a g e
9 REFERENCES [1] Avasthi, G.P. and Sharma, M. ( ). Information Technology in Banking: Challenges for Regulators. Prajanan. XXIX(4). 17. [2] Mittal, R.K. and Dhingra,S. (2007). "Assessing The Impact of Computerization on Productivity and Profitability of Indian Banks", review.com/v8n1/6.pdf [3] Jalan, B. (2003), 'Strengthening Indian Banking and Finance: Progress and Prospectus', IBA Bulletin. [4] Padhy, K. C. (2007), Banking Future (Domlnant Publishers and Distributors New Delhi). [5] Diwanji, A. and Arora, D. (2008). Banking Sector in India 2009 And Beyond. Chartered Financial Analyst, October. ICFAI University Press, [6] Sreelatha, T. And Sekhar, C.C. (2012 ), Role of Technology in Indian Banking Sector. International Journal of Management & Business Studies Vol. 2, Issue 4, Oct - Dec 2012 [7] Manikyam Ratna K. (2014), Indian Banking Sector Challenges and Opportunities IOSR Journal of Business and Management (IOSR-JBM) e-issn: X, p-issn: Volume 16, Issue 2. Ver. I (Feb. 2014), PP [8] [9] [10] [11] 57 P a g e
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