Page 30 - Banking Finance October 017

COVER STORY

CHANGING

CONTOURS OF

BANKING-

"WHO CARES

PAWN"

S ince the advent of banking in India, social welfare regulatory and monitoring angle RBI Act 1934 and Banking

has been prime motive so that masses at large can
Regulation Act 1949 has been building blocks for the banking
industry what we deal with today and time to time same
be brought under mainstream and the basic
principal of economic development can be achieved
through the channelization of earning to saving to was diversified as a result of changing market intricacies and
dynamism.
investment to capital which further can be invested for
economic growth and generation of employment. Various institutions were consolidated and couple of them
was nationalized for fulfilling the objective of social welfare
In India, Journey of banking in organized form has started and lending a great hand to government for execution of
with the formation of Bank of Hindustan in the year 1770 drafted plans across the economy and across the all section
later Imperial bank of India, (a consolidated entity of Bank of society.
of Bengal, Bank of Bombay and Bank of Madras) which
became State Bank of India in the year 1955. From the Over the decades during sea changing economic scenario
Public Sector Banks have always been instrumental in the
About the author fulfillment of government's drafted plan whether it's for
revival of MSME (Micro Small and Medium Enterprises) or

Praveen Kumar Srivastava supplying credit to state and Central government through
dated securities or providing the basic banking facilities to
Senior Manager & Financial Analyst (Faculty)
SPBT College unbanked people through FI (Financial inclusion). Bankers'
Dena Bank, Mumbai alacrity for accepting new challenges, new vistas and their
over the years diversifying role has been commendable. Even

BANKING FINANCE | OCTOBER | 2017 | 29

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