Innovations in the Banking Industry in India |
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"With new opportunities unfolding themselves before us we should see India emerging as a global power in banking services in the next two decade." - Cherian Varghese, Chairman and Managing Director of Corporation Bank in 2004.1 "We will see lot of consolidations in the banking sector. If we want to survive globally, then economies of scale will be an important factor," - S S Kohli, Chairman of Punjab National Bank in 2004.2 Breakthrough in Funds Transfer
The first RTGS transaction took place when Standard Chartered Bank (SCB) executed a deal for Hindustan Lever Ltd (HLL)3 with State Bank of India (SBI) being the receiving bank. The amount transferred to SBI was Rs 100 million. Several commercial banks in India had been involved in the phased implementation of RTGS for several preceding months.
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1] "Indian banks must become significant players abroad", Business Line, February 17, 2004. |
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