Banking system in the country is undergoing momentous change. It is gearing up itself to meet global competitiveness. Indian banking sector comprises of an impressive network of banks, committed to planned economics development within the framework of a mixed economy under a federal political setup. Significant developments have taken place in Indian banking in the post Independence period and especially since the beginning of the reform process in the country.
In modern economy, bankers are to be considered not merely as dealers in money but more realistically the leaders in development. Bank are not just the store house of the country's wealth but are reservoirs of resources necessary for economic development. In the perspective of the history of economic development of developed countries, banking was necessary for development. The new philosophy, at least in our country, regards banking really as a trinity, pre-requisite, requisite and concomitant all taken together, Banking as a tool for development is multi-purpose tool and depending upon the value system of the society, Its uses are capable of wide variations. Economic development of developed as well as underdeveloped countries is based on the process of investment. The banking structure provides simple intermediation in the prices of investment. Banks encourage investment and thereby help capital formation. Banks can stimulate capital formation and promote productivity and trade by providing credit and a more generous supply of money in the form of bank notes deposits, banks are the purveyors of money and credit to the factors of production and they help in the acceleration of growth. Banking when properly organized aids and facilities the growth of trade and industry and hence of the national economy. Today banks are instruments of economic change to maximize social good.
Economic reforms launched by the Government of India since 1991 are designed to accelerate the overall growth and help India realize Its full productive potential. The rapid growth requires a sustained effect at mobilizing savings and resources and deploying these in ways which encourage efficient production. For this, reforms in the financial sector, particularly in the banking system, that has the prime responsibility of mobilizing and allocating financial resources, is a pre-requisite.
The proposed book encompasses all aspects of reforms introduced in the banking and financial sector in India and deals with the problems faced by the banking and financial institutions in view of the reform process. Research papers presented by various authors have focused on identifying the main problems arising out of the changed scenario and provided solutions to overcome the lapses incurred during the transition phase.
ABOUT THE AUTHOR Asha Singh
Prof. (Dr.) Asha Singh is currently Head of the Department of Economics and Coordinator of Commerce Course in Magadh Mahila Colllege, Patna University, Patna. She has wiedly travelled and attended many national and International level Seminars and conferences in India and abroad. Financial sector is the field of her special interest. She has organizes two National Seminars sponsored by the UGC and has completed one Minor Research Project Sponsored by the UGC. As a senior most faculty member of the department, she keeps on organizing Seminars, conferences and workshops on current issues confronting the economy. She is guiding research work on various topics ranging from environment, women’s issues, education and economic development, etc.
ABOUT THE AUTHOR M S Gupta
Dr. M. S. Gupta, M.Com, Ph. D, is a faculty member of Commerce, R.K.D. College (Magadh University), Patna, Bihar, He has also served in post-Graduate Centre of Commerce, college of Commerce, Patna, He has worked as the Principle Investigator in two UGC sponsored minor research projects and has also successfully organized two UGC sponsored seminars on “Impact of WTO on Indian Economy” and “Women Empowerment in 21th Century”. Presently, he is working on a major research project of UGC entitled”Women Empowerment Through Self- Help Groups in Bihar- A- Case Study”. He has contributed a number of articles/research papers in different leading journals of Commerce, Economics and Management. He is life member of several prestigious associations and has also been editor/ associate editor of some leading journals. His recent books are “WTO and Indian Economy, “ Rural Labour-Problems and Prospects” and “Labour and Sustainable Development”.
ABOUT THE AUTHOR Tapan Kumar Shandilya
Dr. T.K. Shandilya, M.A ( Gold Medalist), ph. D. is Lecturer in Post-Graduate Department of Economics, College of Commerce, (Magadh University, Both-Gaya), Patna. He was formerly Assistant Professor of Economics, Baraktullah University, Bhopal ( M.P). His published books include “Central Loans to State under Five Year Plans”, “Centre State Financial Relations in India”’ “Micro Economics”’ “Population Problems”, “Agricultural Credit and NABARD”, “Child Labour: A Global Challenge”, “Child Labour Eradication”, and “Foreign Direct Investment in India”. About two dozen students have been awarded Ph.D. degree under his able guidance. He has attended national and international conferences and contributed a number of articles in leading national and international journals. Presently, he is principal investigator in a UGC research project. He is also editor of a national journals “The Hindustan Review” and Associate Editor of “Indian Economic Journal” of IEA His forthcoming books are “Micro-Finance and Rural Development” and “Fiscal Federalism in India”.
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