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all categoriesFeaturedRecentPeopleAuthorsStudentsResearchersPublishersGovernment & NonprofitsBusinessesMusiciansArtists & DesignersTeachers+ all categoriesMost FollowedPopular..Praveen Kumar Maurya .We're using Facebook to personalize your experience.Learn MoreDisableHomeMy Docu mentsMy CollectionsMy ShelfView Public ProfileMessagesNotificationsSettingsHelpL og Out..1First Page Previous Page Next Page / 91Sections not available Zoom Out Zoom In Fullscreen Exit FullscreenSelect View Mode View ModeSlideshowScroll ...Readcast Add a Comment Embed & Share Reading should be social! Post a message on your social networks to let others k now what you're reading. Select the sites below and start sharing.Link accountRe adcast this DocumentReadcast Complete! Click 'send' to Readcast! edit preferences..Set your preferences for next time...Choose 'auto' to readcast without being prompted..Praveen Kuma....Praveen Kumar Maurya.Link account..Adva ncedCancel.. Add a CommentSubmitshare:Characters: 400.. Share & Embed.Add to Collections Download this Document for FreeAuto-hide: on PROJECT REPORT ONKALEIDOSCOPIC VIEWOF BANKING IN INDIACOMPILE BY:-BHUMIKA N. PATEL.40, AMARDHAM ROW HOUSE,TADWADI, RANDER ROAD,SURAT-395009M. NO.:9978919210 It is a matter of pleasure for me to work on apractical project like Kaleidosc opic view of Banking inIndia .This project has added value to my theoreticalknowl edge. I would like to admit my sincere thanks tothe ICICI BANK for providing me such an opportunity towork in their organization.I would like to thank my profes sors for providingme their valuable guidance and for taking keen interestin my p roject.Last but not least I thank such banks like Bank ofBaroda, State Bank of I ndia, City Bank, Dena Bank,Surat Peoples Co-operative Bank Ltd. These brancheshad co-operated me in my project. They had made thisproject a great valuable event for me.BHUMIKA PATEL N E E D S F O R T H E P R O J E C T Usual ly all persons want money for personaland commercial purposes. Banks are the old estlending institutions in Indian scenario. They areproviding all facilities to all citizens for their ownpurposes by their terms. To survive in this modernmark et every bank implements so many newinnovative ideas, strategies, and advancedte chnologies. For that they give each and everyminute detail about their instituti on and projects toPublic.They are providing ample facilities to satisfytheir cus tomers i.e. Net Banking, Mobile Banking,Door to Door facility, Instant facility, Investmentfacility, Demat facility, Credit Card facility, Loansand Advances, Ac count facility etc. And such banksget success to create their own image in publi c andcorporate world. These banks always acceptsinnovative notions in Indian ban king scenario likeCredit Cards, ATM machines, Risk Management etc.So, as a stude nt business economics I take keeninterest in Indian economy and for that banks a rethe main source of development.So this must be the first choice for me to sele ctthis topic. At this stage every person must knowabout new innovation, technolo gy of procedure newschemes and new ventures. OOOBBBJJJEEECCCTTTIIIVVVEEESSSOOOFFFTTTHHHEEEPPPRRROOOJJJEEECCCTTT Because of the following reasons, I prefer thisproject work to get the knowledge of theban king system. Banking is an essential industry. It is where we often wind up when w

e areseeking a problem in financial crisis andmoney related query. Banking is one of the most regulatedbusinesses in the world. Banks remain important source for careeropportunities for people. It is vital system for developing economyfor the nation. Banks can play a dynamic role in deliveryand purchase of consumer durabl es. THE ROLE OF ECONOMISTS IN BANKS The crucial role of bank economists in transform ing the banking system in India.Economists have to be more mainstreamed within the operational structure of commercial banks. Apart from the traditional functioni ng of macro-scanning, the inter-linkages between treasuries, dealing rooms and t rading rooms of banks need to be viewednot only with the day-to-day needs of ope rational necessity, but also with analyticalcontent and policy foresight.Today, operational aspects of the functioning of banks are attracting intensiveresearch by professional economists. In particular, measuring and modeling differentkind s of risks faced by banks, the behavior of risk-return relationships associated withdifferent portfolio mixes and the impact of fluctuations in financial market s on thefinancial performance of banks are areas which lend themselves to analyt ical andempirical appraisal by economists and econometricians. They, in turn, ar e discovering thedegrees of freedom and room for analytical maneuver in high fre quency informationgenerated by the day-to-day functioning of banks. It is vital that we develop anenvironment where these synergies are nurtured so as to serve the longer-term strategicinterests of banks. Even in real time trading and portf olio decisions, the fundamentalanalysis of economists provides an independent as sessment of market behavior,reinforcing technical analysis.A serious limitation of the applicability of standard economic analysis to bankingrelates to the inad equacies of the data-base. Absence of long time series data storage inthe bankin g industry often poses serious problems to the quest for the formal analyticalre lationships between variables. Even if such data exist, the presence of structur al breaksmay blur meaningful analysis based on traditional formulation. Economis ts need to think innovatively to overcome this problem. Use of panel regression, non-parametric methodsand multivariate analyses could go a long way in understa nding and validating behavioralrelationships in banking.Another important challe nge for the economics profession is to develop propermodels for measurement of v arious risks in Indian conditions. This is a necessity in viewof the move toward s risk-based supervision. Quantification of operational risks andcalibration of Value at Risk (VaR) models pose major computational challenge to bankers and policy makers alike, particularly in India. A major difficulty lie s inidentifying the right statistical model that determines the underlying distr ibution suited tothe particular category of operational loss, and building the n ecessary database forderiving operationally meaningful conclusions.In my inaugur al address last year, I had also emphasized the need for bank economists to come out of their narrow specialization and address operational issuesrelating to ba nking and finance. In order to make a meaningful contribution to banking,economi sts must have the experience of working in operational areas of banks. For thisp urpose, economists need to soil their hands in dealing rooms, treasuries and inves tmentunits, credit authorization and loan recovery, strategic management groups andmanagement information systems of the banks to understand the ground realitie s. Thereare also economies to be gained from field-level credit appraisal, asset r ecovery, debtrestructuring, market and consumer behaviors in which banks are inv olved. Thus, theprofession needs to amalgamate the objectivity and theoretical s oundness of economicswith the functional dimensions of banking and finance. It i s this combination of specialisttraining with operational experience, which is g oing to make t he economics professionrelevant to the changing face of banking i n India. History of Banking in IndiaBanks In India Banking services in India Reserve B ank of India (RBI) General BankingNature of BankingKinds of BanksRole of Banks i n a Developing EconomyPrinciples of Bank Lending Policies Management of BankingB ranch setup and structureOrganization and structure of a Bank BranchExplain bank organization system in IndiaRetail Banking-The New FlavorStrategic issues in Ba nking ServicesKnowledge ManagementInnovation in BankingTechnology in BankingRegu lations and ComplianceCustomer Centric OrganizationEthics and Corporate Governan

ceEntrepreneurshipPerformance and Benchmarking Managing New ChallengesIntroducti onRecent Macroeconomic Developments and the Banking SystemPrudential NormsMarket DisciplineUniversal BankingHuman Resource Development in Banking c o n t e n t s HISTORY OF BANKING IN INDIA--------------------------- Without a sound and effec tive banking system in India it cannot have a healthyeconomy. The banking system of India should not only be hassle free but it should beable to meet new challe nges posed by the technology and any other external and internalfactors.For the past three decades India s banking system has several outstandingachievements to its credit. The most striking is its extensive reach. It is no longerconfined t o only metropolitans or cosmopolitans in India. In fact, Indian banking systemha s reached even to the remote corners of the country. This is one of the main rea sons of India s growth process. The government s regular policy for Indian bank since 1969 haspaid rich dividends with the nationalization of 14 major private b anks of India.Not long ago, an account holder had to wait for hours at the bank counters forgetting a draft or for withdrawing his own money. Today, he has a ch oice. Gone are dayswhen the most efficient bank transferred money from one branc h to other in two days.Now it is simple as instant messaging or dial a pizza. Mo ney has become the order of theday. The first bank in India, though conservative , was established in 1786. From 1786 tilltoday, the journey of Indian Banking Sy stem can be segregated into three distinct phases.They are as mentioned below: Ea rly phase from 1786 to 1969 of Indian Banks Nationalization of Indian Banks and u p to 1991 prior to Indian banking sectorReforms. New phase of Indian Banking Syst em with the advent of Indian Financial &Banking Sector Reforms after 1991.To mak e this write-up more explanatory, I prefix the scenario as Phase I, Phase II and Phase III. Phase IThe General Bank of India was set up in the year 1786. Next came Bank of Hindustan and Bengal Bank. The East India Company established Bank of Bengal(180 9), Bank of Bombay (1840) and Bank of Madras (1843) as independent units andcall ed it Presidency Banks. These three banks were amalgamated in 1920 and ImperialB ank of India was established which started as private shareholders banks, mostly Europeans shareholders.In 1865 Allahabad Bank was established and first time exc lusively by Indians,Punjab National Bank Ltd. was set up in 1894 with headquarte rs at Lahore. Between1906 and 1913, Bank of India, Central Bank of India, Bank o f Baroda, Canara Bank,Indian Bank, and Bank of Mysore were set up. Reserve Bank of India came in 1935.During the first phase the growth was very slow and banks also experienced periodicfailures between 1913 and 1948. There were approximatel y 1100 banks, mostly small. Tostreamline the functioning and activities of comme rcial banks, the Government of Indiacame up with The Banking Companies Act, 1949 which was later changed to BankingRegulation Act 1949 as per amending Act of 19 65 (Act No. 23 of 1965). Reserve Bank of India was vested with extensive powers for the supervision of banking in India as theCentral Banking Authority. During those days public has lesser confidence in the banks.As an aftermath deposit mobi lization was slow. Abreast of it the savings bank facilityprovided by the Postal department was comparatively safer. Moreover, funds werelargely given to trader s. Phase II Government took major steps in this Indian Banking Sector Reform afte rindependence. In 1955, it nationalized Imperial Bank of India with extensive ba nkingfacilities on a large scale especially in rural and semi-urban areas. It fo rmed State Bank of India to act as the principal agent of RBI and to handle bank ing transactions of the Unionand State Governments all over the country.Seven ba nks forming subsidiary of State Bank of India was nationalized in 1960on 19th Ju ly, 1969, major process of nationalization was carried out. It was the effort of the then Prime Minister of India, Mrs. Indira Gandhi. 14 major commercial banks in thecountry were nationalized. Second phase of nationalization Indian Banking Sector Reform was carried out in1 980 with seven more banks. This step brought 80% of the banking segment in India under Government ownership. The following are the steps taken by the Government of India to Regulate Banking Institutions in the Country: 1949 : Enactment of Ban

king Regulation Act. 1955 : Nationalization of State Bank of India. 1959 : Nationa lization of SBI subsidiaries. 1961 : Insurance cover extended to deposits. 1969 : Nationalization of 14 major banks. 1971 : Creation of credit guarantee corporatio n. 1975 : Creation of regional rural banks. 1980 : Nationalization of seven banks with deposits over 200 crore.After the nationalization of banks, the branches of the public sector bank Indiarose to approximately 800% in deposits and advances took a huge jump by 11,000%.Banking in the sunshine of Government ownership gav e the public implicit faith andimmense confidence about the sustainability of th ese institutions. Phase III This phase has introduced many more products and faci lities in the banking sectorin its reforms measure. In 1991, under the chairmans hip of M Narasimham, a committeewas set up by his name which worked for the libe ralization of banking practices.The country is flooded with foreign banks and th eir ATM stations. Efforts arebeing put to give a satisfactory service to custome rs. Phone banking and net banking isintroduced. The entire system became more co nvenient and swift. Time is given moreimportance than money. The financial syste m of India has shown a great deal of resilience. It is sheltered from any crisis triggered by any external macroeconomics shock as other East Asian Countries su ffered. This is all due to a flexible exchange rate regime,the foreign reserves are high, the capital account is not yet fully convertible, and banksand their c ustomers have limited foreign exchange exposure. BANKS IN INDIA-------------------------------------------------------------In In dia the banks are being segregated in different groups. Each group has theirown benefits and limitations in operating in India. Each has their own dedicated tar getmarket. Few of them only work in rural sector while others in both rural as w ell as urban.Many even are only catering in cities. Some are of Indian origin an d some are foreignplayers. All these details and many more are discussed over he re. The banks and itsrelation with the customers, their mode of operation, the n ames of banks under differentgroups and other such useful information are talked about.One more section has been taken note of is the upcoming foreign banks in India.The RBI has shown certain interest to involve more of foreign banks than t he existingone recently. This step has paved a way for few more foreign banks to start business inIndia.Major Banks in India ABN-AMRO Bank Abu Dhabi Commercial Bank American Express Bank Andhra Bank Allahabad Bank Bank of Baroda Bank of India Bank of Maharastra Ba k of Punjab Bank of Rajasthan Bank of Ceylon BNP Paribas Bank Canara Bank Catholic Syrian Bank Central Bank of India Centurion Bank Indian Overseas Bank IndusInd Bank ING V ysya Bank Jammu & Kashmir Bank JPMorgan Chase Bank Karnataka Bank Karur Vysya Bank Laxmi Vilas Bank Oriental Bank of Commerce Punjab National Bank Punjab & Sind Bank Scotia Bank South Indian Bank Standard Chartered Bank State Bank of India (SB I) State Bank of Bikaner & jaipur China Trust Commercial bank Citi Bank City Union Bank Corporation Bank Dena Bank Deutsche Bank Development Credit Bank Dhanalakshmi Bank Federal Bank HDFC Bank HSBC ICICI Bank IDBI Bank India ank State Bank of Hyderabad State Bank of Indore State Bank of Mysore State Bank of Saurastra State Bank of Travancore Syndicate Bank Taib Bank UCO Bank Union Bank of India United Bank of India United Bank Of Ind ia United Western Bank UTI Bank Vijaya Bank BANKING SERVICES IN INDIA:-With y ears, banks are also adding services to their customers. The Indian bankingindus try is passing through a phase of customers market. The customers have morechoic es in choosing their banks. A competition has been established within the bankso perating in India.With stiff competition and advancement of technology, the serv

ice provided bybanks has become more easy and convenient. The past days are witn ess to an hour waitbefore withdrawing cash from accounts or a cheque from north of the country beingcleared in one month in the south.This section of banking de als with the latest discovery in the banking instrumentsalong with the polished version of their old systems. RESERVE BANK OF INDIA (RBI)----------------------------- The central bank of the country is the Reserve Bank of India (RBI). It wasestablished in April 1935 with a share capital of Rs. 5 crores on t he basis of therecommendations of the Hilton Young Commission. The share capital was divided intoshares of Rs. 100 each fully paid which was entirely owned by p rivate shareholders in thebeginning. The Government held shares of nominal value of Rs. 2, 20,000.Reserve Bank of India was nationalized in the year 1949. The g eneralsuperintendence and direction of the Bank is entrusted to Central Board of Directors of 20 members, the Governor and four Deputy Governors, one Government official from theMinistry of Finance, ten nominated Directors by the Government to give representationto important elements in the economic life of the country , and four nominated Directorsby the Central Government to represent the four lo cal Boards with the headquarters atMumbai, Kolkata, Chennai and New Delhi. Local Boards consist of five members eachCentral Government appointed for a term of f our years to represent territorial andeconomic interests and the interests of co -operative and indigenous banks.The Reserve Bank of India Act, 1934 was commence d on April 1, 1935. The Act,1934 (II of 1934) provides the statutory basis of th e functioning of the Bank.The Bank was constituted for the need of following: To regulate the issue of banknotes To maintain reserves with a view to securing mone tary stability and To operate the credit and currency system of the country to it s advantage. Functions of Reserve Bank of IndiaThe Reserve Bank of India Act of 1 934 entrust all the important functions of acentral bank the Reserve Bank of Ind ia. Bank of IssueUnder Section 22 of the Reserve Bank of India Act, the Bank has the sole right toissue bank notes of all denominations. The distribution of one rupee notes and coins andsmall coins all over the country is undertaken by the R eserve Bank as agent of the Government. The Reserve Bank has a separate Issue Department which is entruste d withthe issue of currency notes. The assets and liabilities of the Issue Depar tment are keptseparate from those of the Banking Department. Originally, the ass ets of the IssueDepartment were to consist of not less than two-fifths of gold c oin, gold bullion orsterling securities provided the amount of gold was not less than Rs. 40 crores in value.The remaining three-fifths of the assets might be h eld in rupee coins, Government of India rupee securities, eligible bills of exch ange and promissory notes payable in India.Due to the exigencies of the Second W orld War and the post-was period, these provisionswere considerably modified. Si nce 1957, the Reserve Bank of India is required tomaintain gold and foreign exch ange reserves of Ra. 200 crores, of which at least Rs. 115crores should be in go ld. The system as it exists today is known as the minimum reservesystem. Banker t o Government The second important function of the Reserve Bank of India is to ac t asGovernment banker, agent and adviser. The Reserve Bank is agent of CentralGo vernment and of all State Governments in India excepting that of Jammu and Kashm ir.The Reserve Bank has the obligation to transact Government business, via. to keep thecash balances as deposits free of interest, to receive and to make payme nts on behalf of the Government and to carry out their exchange remittances and other bankingoperations. The Reserve Bank of India helps the Government - both t he Union and theStates to float new loans and to manage public debt. The Bank ma kes ways and meansadvances to the Governments for 90 days. It makes loans and ad vances to the States andlocal authorities. It acts as adviser to the Government on all monetary and bankingmatters. Bankers Bank and Lender of the Last ResortTh e Reserve Bank of India acts as the bankers bank. According to the provisionsof the Banking Companies Act of 1949, every scheduled bank was required to maintai nwith the Reserve Bank a cash balance equivalent to 5% of its demand liabilities and 2 percent of its time liabilities in India. By an amendment of 1962, the di stinction betweendemand and time liabilities was abolished and banks have been a sked to keep cash reserves equal to 3 per cent of their aggregate deposit liabilities. The minim

um cashrequirements can be changed by the Reserve Bank of India.The scheduled ba nks can borrow from the Reserve Bank of India on the basis of eligible securitie s or get financial accommodation in times of need or stringency byrediscounting bills of exchange. Since commercial banks can always expect the ReserveBank of I ndia to come to their help in times of banking crisis the Reserve Bank becomesno t only the banker s bank but also the lender of the last resort. Controller of Cr editThe Reserve Bank of India is the controller of credit i.e. it has the power toinfluence the volume of credit created by banks in India. It can do so through changingthe Bank rate or through open market operations. According to the Banki ng RegulationAct of 1949, the Reserve Bank of India can ask any particular bank or the whole bankingsystem not to lend to particular groups or persons on the ba sis of certain types of securities. Since 1956, selective controls of credit are increasingly being used by theReserve Bank.The Reserve Bank of India is armed w ith many more powers to control the Indianmoney market. Every bank has to get a license from the Reserve Bank of India to dobanking business within India, the l icense can be cancelled by the Reserve Bank of certain stipulated conditions are not fulfilled. Every bank will have to get the permissionof the Reserve Bank be fore it can open a new branch. Each scheduled bank must send aweekly return to t he Reserve Bank showing, in detail, its assets and liabilities. This powerof the Bank to call for information is also intended to give it effective control of t he creditsystem. The Reserve Bank has also the power to inspect the accounts of any commercialbank. As supreme banking authority in the country, the Reserve Ban k of India, therefore,has the following powers:(a) It holds the cash reserves of all the scheduled banks.(b) It controls the credit operations of banks through quantitative andqualitative controls.(c) It controls the banking system through the system of licensing, inspectionand calling for information. (d) It acts as the lender of the last resort by providing rediscount facilitie s toscheduled banks. Custodian of Foreign ReservesThe Reserve Bank of India has t he responsibility to maintain the official rate of exchange. According to the Re serve Bank of India Act of 1934, the Bank was required tobuy and sell at fixed r ates any amount of sterling in lots of not less than Rs. 10,000. Therate of exch ange fixed was Re. 1 = sh. 6d. Since 1935 the Bank was able to maintain theexcha nge rate fixed at lsh.6d. Though there were periods of extreme pressure in favor of or against the rupee. After India became a member of the International Monet ary Fund in1946, the Reserve Bank has the responsibility of maintaining fixed ex change rates withall other member countries of the I.M.F.Besides maintaining the rate of exchange of the rupee, the Reserve Bank has toact as the custodian of I ndia s reserve of international currencies. The vast sterlingbalances were acqui red and managed by the Bank. Further, the RBI has the responsibilityof administe ring the exchange controls of the country. Supervisory functionsIn addition to it s traditional central banking functions, the Reserve bank hascertain non-monetar y functions of the nature of supervision of banks and promotion of sound banking in India. The Reserve Bank Act, 1934, and the Banking Regulation Act,1949 have given the RBI wide powers of supervision and control over commercial andco-opera tive banks, relating to licensing and establishments, branch expansion, liquidit yof their assets, management and methods of working, amalgamation, reconstructio n, andliquidation. The RBI is authorized to carry out periodical inspections of the banks and tocall for returns and necessary information from them. The nation alization of 14 majorIndian scheduled banks in July 1969 has imposed new respons ibilities on the RBI fordirecting the growth of banking and credit policies towa rds more rapid development of the economy and realization of certain desired soc ial objectives. The supervisoryfunctions of the RBI have helped a great deal in improving the standard of banking inIndia to develop on sound lines and to impro ve the methods of their operation. Promotional functionsWith economic growth assu ming a new urgency since Independence, the range of the Reserve Bank s functions has steadily widened. The Bank now performs varietyof developmental and promotional functions, which, at one time, were regarded as outsidethe normal scope of central banking. The Reserve Bank was asked to promot e bankinghabit, extend banking facilities to rural and semi-urban areas, and est ablish and promotenew specialized financing agencies. Accordingly, the Reserve B

ank has helped in thesetting up of the IFCI and the SFC; it set up the Deposit I nsurance Corporation in 1962,the Unit Trust of India in 1964, the Industrial Dev elopment Bank of India also in 1964,the Agricultural Refinance Corporation of In dia in 1963 and the Industrial ReconstructionCorporation of India in 1972. These institutions were set up directly or indirectly by theReserve Bank to promote s aving habit and to mobilize savings, and to provide industrialfinance as well as agricultural finance. As far back as 1935, the Reserve Bank of India setup the Agricultural Credit Department to provide agricultural credit. But only since 19 51the Bank s role in this field has become extremely important. The Bank has dev eloped theco-operative credit movement to encourage saving, to eliminate moneyle nders from thevillages and to route its short term credit to agriculture. The RB I has set up theAgricultural Refinance and Development Corporation to provide lo ng-term finance tofarmers. Classification of RBIs functionsThe monetary functions also known as the central banking functions of the RBIare related to control an d regulation of money and credit, i.e., issue of currency, controlof bank credit , control of foreign exchange operations, banker to the Government and tothe mon ey market. Monetary functions of the RBI are significant as they control andregu late the volume of money and credit in the country.Equally important, however, a re the non-monetary functions of the RBI in thecontext of India s economic backw ardness. The supervisory function of the RBI may beregarded as a non-monetary fu nction (though many consider this a monetary function).The promotion of sound ba nking in India is an important goal of the RBI, the RBI hasbeen given wide and d rastic powers, under the Banking Regulation Act of 1949 - thesepowers relate to licensing of banks, branch expansion, liquidity of their assets,management and m ethods of working, inspection, amalgamation, reconstruction andliquidation. Unde r the RBI s supervision and inspection, the working of banks has greatlyimproved . Commercial banks have developed into financially and operationally sound and viable units. The RBI s powers of supervision have now been extended to no n-banking financial intermediaries. Since independence, particularly after its n ationalization1949, the RBI has followed the promotional functions vigorously an d has beenresponsible for strong financial support to industrial and agricultura l development in thecountry. NATURE OF BANKING IN INDIA--------------------------- A banking company in Ind ia has been defined in the banking companiesact,1949.as one which transacts the b usiness of banking which means the accepting,for the purpose of lending or inves tment of deposits of money from the public,repayable on demand or otherwise and withdraw able by cheque, draft, order orotherwise.Most of the activities a Bank p erforms are derived from the above definition. Inaddition, Banks are allowed to perform certain activities which are ancillary to thisbusiness of accepting depo sits and lending. A bank s relationship with the public,therefore, revolves arou nd accepting deposits and lending money. Another activity whichis assuming incre asing importance is transfer of money - both domestic and foreign -from one plac e to another. This activity is generally known as "remittance business" inbankin g parlance. The so called forex (foreign exchange) business is largely a part of remittance albeit it involves buying and selling of foreign currencies. FUNCTION ING OF A BANK:- Functioning of a Bank is among the more complicated of corporate operations.Since Banking involves dealing directly with money, governments in m ost countriesregulate this sector rather stringently. In India, the regulation t raditionally has been verystrict and in the opinion of certain quarters, respons ible for the present condition of banks, where NPAs are of a very high order. Th e process of financial reforms, whichstarted in 1991, has cleared the cobwebs so mewhat but a lot remains to be done. Themultiplicity of policy and regulations t hat a Bank has to work with makes its operationseven more complicated, sometimes bordering on illogical. This section, which is alsointended for banking profess ional, attempts to give an overview of the functions in assimple manner as possi ble. Banking Regulation Act of India, 1949 defines Banking as"accepting, for the purpose of lending or investment of deposits of money from thepublic, repayable on demand or otherwise and withdraw able by cheques, draft, and orderor otherwi se."

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