Private Banks in India – Booming Banking Sector in India

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In recent years private banks have emerged as booming banking sector. Various unknown names as a bank were launched in last few decades. They have defined banking in completely unique way by alluring surprising number of customers and availing superior quality services. Flourishing private banks in India cannot be overlooked which has shown surging graph of profit every fiscal year. Creating a milestone in banking sector in such a short span of time was never so easy. It was only possible because of the fact that the well plotted plan was target to draw people to the maximum possible number.

For private banks in India strengthening their root was quite a difficult task where public sector banks were already considered the most reliable source of borrowing money. At such point for private bank it was necessary to hit the weak point of public sector bank. They could manage to draw customers by offering facility what government banks were not offering, i.e. easy loan approval. This idea later became a success point for private banks. Not only that they were lending money with easy and quick process, but in against of that customers had to pay higher interest rate. Fascinating and zealous business men in non-compromising mood with their business opted for such loan without giving it a second thought. No doubt, their ‘basic idea’ intrigued millions of people to take the route of private banks.

However, recent hyped recessions dripped the straight going profit graph of private banks, but the turnover gained earlier was still enthusiastic for them. The popularity gained several years ago never fell down since then. Private Banks in India are still stepping the ladder of popularity by offering several alluring services. Opening up thousands of ATMs, loan proposals through telephonic calls and 24 hours service centers are few of the attractions to draw maximum possible customers. Certainly, these Banks have set-off a tough competition with public sector banks which are now giving good fight to come up as the most successful banks.

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Author of this article is a financial consultant and adviser. He provide solution and information based on Finance in India, private banks in India and Nationalised banks in India .

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