GEETIKA MITTAL,A,Q 23:EXPLAIN THE FUTURE OF BANKING AND FINANCE

THE FUTURE OF BANKING AND FINANCE

INTRODUCTION:

Banking in general terms, the business activity of accepting and safeguarding money owned by the other individuals and entities and then lending out this money in order to earn a profit is known as banking. There are various types of banking in India. In every field banking and finance plays an important role. Banking is a security, convenience, saving and investing.

DISCUSSION:

Finance and banking sector are the order of these days. Banking and financing result in development of even the remotest area of the country. These two related area have to look forward a lot for countries future welfare. The strength of our economy lies in the hands of banking and financing.

Banking and financing help to boost up our economy from major problems. Thus it will result in entering more banking and financial companies in the coming years. Even after twenty years of marketing, liberalisation, the access of banking and financing into Indian marketing sector is 35% and majority of them are urban areas. Now all the firms are trying to spread their own banking and financing companies all over the country. The Indian financing and banking sector needs at least 1.2 millions of people at the end of 2010.At the same time now the available workforce are around 1 million. Now there is a vacancy of two lakh qualified persons.

In addition to that, about 5 lakhs of employees are going to retire within 5 years. This will result in increasing the job vacancies of job employees to an estimate of 7 lakhs by 2013 to 2014.As we all know, that MBA professionals are now-a-days demanding a lot. All the practical, conceptual and operative aspects of banking are encompassed by MBA. It bridges the knowledge gap while it had incorporated most recent development in banking and financing industry. This help employee to grow towards their full potential.

At the present, India consists of commercial banks, public sector banks ,private banks, foreign banks, rural banks and urban co-operative banks. These are the banks which boost up Indian financial position. There are so many other non-banking financial companies also. All this banking and non-banking companies come under control of the reserve bank of India. So, many changes have undergone to banking sectors in India and all across the world. The development in banking sector is certified to the varying business situations and finance practice around our world. It helps in effective banking which affects international banking as well. A standard change has been found in banking sector on organisational terms and growing economy needs more new strategies for the purpose of valuable functions of the banking sector.

CONLUSION:

Bank provides security and convenience for managing your money and sometimes allow you to make money by earning interest. All banks have rules about how long it takes to access ur deposits, how many debit card transactions you are allowed in a day, and how much cash can you can withdraw from an ATM.

Debit card provides easy access to the cash in your account. To protect your money from electronic theft, identity theft, other forms of fraud, it is important to implement basic precaution such as shredding account statement, having complete passwords and only doing online banking through secure internet connections.