The banking sector in India is undergoing structural changes even as it plays a key role in growth and development process, says R.K. Dubey, CMD, Canara Bank. Addressing the Federation of Karnataka Chambers of Commerce and Industry, on ‘Capacity building and scope for advancement in career and entrepreneurship’ at the Bangalore University, Dubey, said the structural changes are in terms of technology adoption, business process reengineering, customer care and innovation in services and products offerings. Consequently, there has been a paradigm shift from traditional mode of delivery to fast and technology driven delivery of products/services, he added.
Dubey said the availability of alternate delivery channels is facilitating branchless-banking while banks are expanding their footprint globally. The sector is set to experience fast growth in the current decade as deposits, which are at Rs 75 lakh crore, will see a steady growth of 15-18%, credit, which is at Rs 58 lakh crore, and forms about 55% of the GDP, is also set to grow 15-18% for several years, he said.
