When Banking started of for Independent India, you hadNationalized and regional banks handling the country's finances. As the yearsprogressed you had more branches opening up. The 80s and 90s saw a whole lot ofGlobal Banks like Standard Chartered, Barclays, Grindlays opening their banksup in India.Still banking didn't seem to be convenient. The modus of transaction was prettygloomy and boring with people having to wait their turns to visit the teller?scounter to complete their transactions. With technology coupled with theinternet coming into play banking solutions have become more custom made forthe average consumer. Online Banking ensures that a person is tuned completelywith his finances at any given point from any part of the world. Ditto for. The last couple of decades also saw numerous Indians migrateabroad on a bid to pursue their lives and carrier. Getting monetarytransactions wasn't easy then. Postal services and courier faux passes weren?tthat convincing. Now with banks offering many solutions NRI Banking has alsobeen made easier.
Various facilities for NRI Banking consist of NRI Savingsaccount, NRI Term Deposits and provision to remit money to India. Mobile Banking and Online Banking alsooffer Mobile bill payment and online billpayments respectively. Typical business banking ensures commercial as well asretail banking services. In Commercial Banking, various corporate entities andmajor industrial houses are liable to be offered loans to proceed with theirbusiness and financial commitments. This kind of banking is generallyprofitable as it includes a large amount of money. Incase of retail bankingservices which is basically mass marketing business transactions, directtransaction with individuals which includes loans, various accounts anddeposits, and locker facilities banks look to improve their consumer base. Establishinggood customer relationship strengthens your financial base as with every majordeal that you incorporate via your customers adds to your treasury. As of nowthe Retail section is undergoing a strain courtesy the recession. The failureto repay debts has seen the fall of global financial houses. So it is veryimportant that a thorough examination is done to ensure know your customer(KYC) norms prior to issuing major loans.
Banks also provide special facilities to their HNI(High net individual) worth customers. These people generally have a hugeamount invested with the financial house and indulge in hefty transactions.They are provided with world class banking facilities termed as and Premier Banking, both words justifying their meaning. Savingsaccount for the average investor has also been made easier where you no longerneed a referral to open an account or minimum balance to save in your account(* condition applies in both cases). Currently the major Global players in theIndian Finance Sector include Standard and Chartered, HSBC and Barclays. Banksof Indian origin that have gradually made waves include ICICI, HDFC, SBI andAxis Bank. All in all modern day banking has every element that ensures WealthManagement Services for the longer run.
