75th Independence Day:
On this 75th Independence Day 2021, we are discussing the effects Bank Mergers and Payments Bank are likely to have on the economic market.
Former Economist of Canara Bank, Manoranjan Sharma has shared that the number of deposits and advances have gradually risen over time, and the banks have worked as a catalyst in the country’s economic development as the greater the number of advances in banks, the greater the money can be utilized for country’s growth.
While digital payments and other government policies such as Jan-Dhan Yojna and Jan-Dhan Aadhar Yojna have lead the way of the fiscal cover of the country to another height.
Former President of Bank Employees Association, Ashwani Rana states that since 1950 till date, one of the major changes in banking sectors are centralization of the Reserve Bank of India, conversion of Imperial Bank to State Bank of India, and centralization of 14 banks in 1960, so as to save them from dissolving.
While the near future expects much competition in the banking sector of the country, after the digitalization of banks, bank mergers, and privatization of other government banks.