An Empirical Study of Indian Retail Banking Practices in Compliance with Regulatory Standards

Abstract

In the ever changing environment of the economy and the financial market it was the newlineneed of the hour to stop and check the compliance of the standards which are laid down newlineby the regulatory authorities and its effect on the common bank customer. After newlineliberalization, privatisation and globalization, a drastic change has been seen in the last newlinetwo and half decade, which lead some good things and also have some adverse effect on newlinethe banking sector. Although the service standard has increased manifolds due to stiff newlinecompetition by the entry of private and foreign banks, but private parties have entered in newlinethe market with the intention of wealth creation for some handful individuals. Public newlinesector banks did not take enough care of the customers and their behavior towards newlinecustomer, day to day dealing, transaction efficiency, customer communication is not up newlineto the mark, on the contrary in private sector banks, enforced by greed, everybody wants newlineto befool the customer, no doubt they provide good services but only to those individuals newlinewho are wealthy and rich and can be a future target for selling their products and earn newlinerevenue for the bank and provide financial and non financial benefits for themselves. To newlinecurb all these kind of activities Reserve Bank of India has set up BCSBI (Banking code newlineand standard Board of India) to set a standard for providing basic services to the newlinecustomers and take a periodic review of the member banks. newline