Indian banking system is a sad story. We have one of the largest concentrations of government dominated banks around the world. India has also a rigid and strict regulatory system for banks. Such is the inscrutably of the regulators that they encourage cheap and bulk loans to large corporates but should such big people try to own banks, it is frowned upon. Customer service is an alien concept to Indian banks, public or private. Convenience to the public is least of their worries as the penetration of formal lending is quite less giving them a God like status. It is no wonder though that a parallel economy exists in India right under the nose of well-heeled bankers and regulators. They act as enablers to this system, fostering an economic activity that forms most of the financial transactions in the country. Indeed, India being a cash-oriented economy is largely due to indifference and lack sided attitude of banks. People prefer to keep cash at home than banks ev...
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