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Apply NowThe evolution of the banking industry has played an indispensable role in the development of the Indian economy. With every phase, the industry has adapted and diversified itself to make customers' financial lives easier and smoother while sustaining itself in the global economy.
The banking industry dates back to the ancient world circa 1000 BC and has undergone many innovations to reach its current position in the global economy. What started as a simple barter system and gift economy has metamorphosed into a technology-driven and internet-based globalised banking system. The industry's progress in every aspect can also be seen in the Indian banking system. The changes in banking over time can be looked at in the following phases.
Banking in India started in the 1700s. However, in the early days, the primary goal was to establish new banks and make the banking sector a relevant presence in Indian society. The pre-independence phase saw about 600 banks working together to make the nation's economy more robust by bringing in some considerable developments.
Bank of Bombay is considered to be the first bank in India, set up in 1720, while Bank of Hindustan, which is seen as one of India's first modern banks, was founded in Calcutta in 1770 only to shut operations in 1832. Few banks established in the mid-1800s merged and called themselves Imperial Bank of India. The collective eventually came to be known as State Bank of India. This period also saw the formation of several private banks, some of which are still operating today. Apart from the establishment of the banking system, the emergence of commercial banks and the merger of banks can be seen as significant developments of this era.
In this post-independence phase, the banking industry in India went through a significant transformation as 14 commercial banks were nationalised in 1969. The move was meant to build customer confidence amongst those sceptical about private ownership of banks. Additionally, nationalisation opened up plans to establish more branches and expand the banking sector in India. Later in 1980, six more banks were nationalised. The following financial institutions were established to add more purpose to the banking system and address more specific segments:
Set up as special purpose vehicles to drive the mentioned industry to sector, these banks added a new angle to how banks were used as a part of national policies.
Meanwhile, Mumbai got its first automated teller machine (ATM) in 1987. Since then, ATMs have steadily increased, offering customers the convenience to withdraw money anytime. Today, ATMs provide various other facilities like account balance checks, bill payments, cash deposits, etc.
Since 1991, the Indian banking industry has gone through some radical changes. For starters, the government allowed private investors to invest in India. After liberalisation, the RBI approved 10 such private banks. IDFC FIRST Bank received its license in 2013-14.
There were other remarkable changes seen during this phase. The Indian government approved foreign investment, paving the way for international banks to open their branches in India. Small finance banks received permission to open branches throughout the country, and payment banks also came into existence. With these changes, important developments in technology have emerged and continue to evolve the banking industry.
The use of core banking can be seen as a stepping stone to modern technological developments in banking. Thanks to these developments, customers no longer need to visit their home branches for basic banking tasks. They can transact core banking facilities from the nearest bank branch instead.
With the emergence of technology, things have now gone online, allowing customers to access banks 24X7, at their convenience and from almost anywhere. Digital and mobile banking support this concept by letting customers access various banking products, services and facilities from mobile devices. For banks, it means having to provide minimal human intervention, and for customers, it means being able to stay on top of their finances from anywhere.
Of course, the internet also plays a vital role by providing knowledge about financial products and services. For instance, today, an IDFC FIRST Bank customer does not have to stand in a long queue to get their accounts settled, passbook updated or send money to someone. These can all be done by tapping a few buttons. Even applying for loans has become more accessible with online loan facilities without compromising a customer's financial and personal data.
The Indian banking sector continually evolving has enhanced the entire customer experience journey, from opening an account to accessing all kinds of services. As the world gradually recovers from the COVID-19 pandemic and adopts even better technology, customers can expect banking to witness further developments in the years to come.
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The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject IDFC FIRST Bank or its affiliates to any licensing or registration requirements. IDFC FIRST Bank shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.
The features, benefits and offers mentioned in the article are applicable as on the day of publication of this blog and is subject to change without notice. The contents herein are also subject to other product specific terms and conditions and any third party terms and conditions, as applicable. Please refer our website www.idfcfirstbank.com for latest updates.