Globalization and Development of banks

There was a profound impact of globalisation on the banking sector of the country, some of them are: 

Integration of the financial market

Globalisation, as stated above, aims to form a more connected market by free cross border movement of capital, technology and other resources. The financial market is no exception as the markets were opened for foreign investors. The investors were allowed to invest in foreign markets, this was achieved by relaxing the existing policy norms of closed economies, and developing international standards for business.

The Indian LPG economic reforms and then subsequent adoption of international practices and standards like enabling entry of foreign banks, enhancing private bank operations, reducing government’s stake in banking and adoption of Basel norms I and II are some examples of it.  

Deregulation of the market

During License Raj, the banks needed to obtain licenses and go through extensive government procedures for all banking and financing activities like the determination of pricing, determination of interest rates, restriction on certain activities and the compliances to start or shut down the operations.

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