FE@CAMPUS MASTERMIND: Response by Prakash Mohan Markar to question for Jan 28-Feb 3

I disagree for more banks in India. Does anyone of us know how many types of banks do we have in our country?

*. 1 Central Bank

*. 27 Public Sector Banks (Nationalised banks)

*. 30 Private sector banks

*. 31 Foreign banks

Are we really in need of one more bank anymore? Rather than inviting a

fresh bank in India, can we not have more innovative ideas, processes

and methods within the current banks we have on board. The competition

within above banks is at its peak, and every other bank listed above

is getting 100s of licenses every year from RBI to open new branches

at the places where banking has not reached. They have even classified

the segments like, Metro, Semi Urban and Urban. Rural areas have

started understanding the term bankingthrough unique different

channels provided by these banks. RBI has even kept a mandate for

opening more and more No Frills account for the people of rural areas,

which has been specifically designed for these people. Eventually, the

purpose to have these many bank is getting solved, however, we are

still in desperate need tohave more innovative methods toprovide the

cheapest and world class products and features to rural areas.

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