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Retail banking is otherwise known as personal banking. The name itself suggests that the banking services are provided to the individual consumer rather than a business.
Retail banking can be defined as the concept of providing basic banking services directly to consumers. Although this has been practised for ages, the concept as such is new. This concept holds many advantages, especially to the consumers, including the ease in use and handling of money and assets. The services offered may include managing their savings accounts, personal loans, mortgages, savings policies, etc.
Future of Retail Banking in India
Today, almost one-third of the population benefits from retail banking regularly. The concept of retail banking provides the customers with the ability to manage their finances on their own, i.e., without the involvement of other businesses. It gives one a personal banking experience.
Retail banks can be either local community banks or the branches or divisions of larger commercial banks. They provide services including personal loans, mortgages, credit and debit cards, etc. The goal here is to provide all these services in one platform, thus making the consumer’s work easier.
The Functions of Retail Banking
The functions of Retail banking are quite simple. They can be summarised into the following three primary functions.
- The banks offer to deposit money for various saving schemes, for example, a savings account or a fixed or recurring deposit account for the consumer
- The bank can then offer credit in terms of interest earned on saving money and the loans availed
- The third primary function is that the bank offers to assist customers in handling their money through various methods of retail banking
Sources of Retail Banking
Retail banking services may be offered by various organisations, which include Post Offices and different kinds of banks, including Commercial banks, Rural banks, private banks, etc.
The Future of Retail Banking In India
In India, the advent of banking technology has taken on a great transformation. India experienced a great surge in retail banking in the year 1992. It is one of the major contributors to the overall growth of the banking sector in India.
An Objective Assessment of Retail banking in India
An objective assessment of this concept shows that the following are the requirements for retail bankers to flourish in India.
Accelerated Customer Services
One of the main objectives of retail banking is to accelerate consumer needs. The Banks that promise customised and accelerated customer support will continue to grow and flourish.
Distribution
An innovative distribution infrastructure will help to get to know the various challenges and also aid in developing the trust of the customer by creating innovative solutions at the earliest.
Customer-centric
This is the main objective. The key is to create a customer-centric network where the customer can handle their money and assets directly with the banking technology rather than going through other business or corporate parties. A customer-centric network model requires that the banker understands the needs of the customer and is ready to provide the required services.
These are some of the requirements that need to be taken care of:
- To gain trust, mistakes should be avoided as much as possible
- The more important point here is that if mistakes are made, they should be corrected as quickly as possible
- ATMs and branches should be easy to reach
- Digital banking is the key to the future
- It is a fast-growing sector
- More than one-third of the population of bankers make use of digital banking It has become the need of the hour
- The charges for services should be low, thus providing access to people of all economic sectors
Pandemic
The pandemic has caused a lot of changes in the attitude of the customers towards retail banking policies. Today almost one-third of the population depend on retail banking for their everyday transactions and banking service requirements. Retail banking has been a boon to most people during the pandemic. It has helped retail banks to improvise and expand their present modes of operation to digital platforms and other available platforms.
Challenges and Opportunities of Retail Banking in India
In a growing economy like India, the retail banking industry has an opportunity for massive growth. The anti-poverty policies have resulted in the use of retail banking technology by customers from lower-middle-income Indian households as well. Thus the possibility of this sector flourishing is great in India. Moreover, the younger population of India is more comfortable with this banking technology and prefers to use retail banking. This provides a door of opportunity to this sector.
While this sector offers various opportunities, there are also certain challenges like,
- The need to find ways to distribute financial services and retail banking products and awareness
- The ability to cater to the needs of the customer and the ability to sort out issues, if any, as soon as possible
- Provide a customised banking experience for the customer
- Rising indebtedness is also a huge challenge
Conclusion
Banks need to be prepared to develop their strategies according to the growth of technology. They need to get their priorities straight. The priorities for the future of Retail Banking in India include:
(I) Providing a customer-centric business model.
(II) Be aware of the impact of Social media on the mindset of the customer. It will be the main source of connection to understand customers’ behaviour.
(III) Maintaining a good customer relationship.
(IV) Cybersecurity is vital to maintaining a cordial customer relationship.
Many governments across the world are now considering retail marketing as the key to achieving complete financial inclusion. Retail banking organisations need to be well aware of the customer needs and work to provide for these needs so that they can secure a successful future in the industry.
The people of Punjab are known to be enthusiastic and lively, and this spirit has been perfectly channelled in sports, especially cricket. This article provides an overview of a few legendary cricketers who hail from the state of Punjab, and have also been a part of Kings xi Punjab.
Renowned Cricketers
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Yuvraj Singh
This left-handed cricketer is known for the ODI world cup, 17 international hundreds, the T20Is, and nine thousand runs in 304 ODIs. His bowling techniques were phenomenal, and his ability to shine the light even when there seemed to be no hope of winning the game was admirable.
- Harbhajan Singh
Harbhajan Singh is known for his bowling and unique spinning techniques. In the 2001 Test series against Australia, Singh was responsible for taking down 32 wickets. Additionally, his presence in the 2007 and 2011 World Cup campaigns, along with 417 Test wickets and his 269 ODI wickets, are some of his finest achievements. He also played in the Punjab cricket association stadium from 2002 to 2011.
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Mohinder Amarnath
Amarnath, throughout his career achieved great feats in the ODIs with two thousand runs and 46 wickets in 85 matches. His Test hundreds and his hopeful gusto during tough games were admirable.
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Navjot Singh Sidhu
Sidhu grew famous particularly due to batting technique. The eight sixes he scored against Sri Lanka, and the 1996 World Cup win with four fifties; are his most well known achievements.
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Lala Amarnath
In 24 Tests, Amarnath scored 878 runs and took 45 wickets. After his spectacular century in his debut Test, he became India’s captain. He went on to play 23 more Tests, but no more centuries were scored.
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Dinesh Mongia
Mongia had an average of 27.9 and 14 wickets in the Internationals. His finest achievement was his play in the ODI series against Zimbabwe in 2002. He had scored 159 runs.
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Harvinder Singh
Harvinder became a part of India’s Test team in 1998 after his domestic achievements. He failed to make a dent in the Tests but was efficient. Unfortunately, he was still dropped from the team. He only played three Tests and 16 one-day internationals. He got another chance in ODIs but failed again. His most well known contribution to cricket was the record he delivered in the ODI of the Sahara Cup against the Pakistan team in three wicket overs. He wasn’t in the kings XI Punjab.
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Sarandeep Singh
Singh’s ODI career was fleeting, and he only featured in five ODIs. He played other roles like becoming India’s national team’s selector. He was known for his off-spins, which led him to bag 300 wickets. However, in the four-Test innings, he could only take ten wickets.
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Gurkeerat Singh Mann
Mann is known to be the jack of all trades. He is a proficient batsman with strong strokes and was selected for the 2016 ODI team play against Australia. His off-spin is another admirable aspect. He is currently a member of the Punjab cricket team, the King’s XI Punjab.
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VRV Singh
VRV carved his name in his first domestic and had a vigour unique to him. Despite his occasional accuracy fails, he made heads turn and even went on further to be recruited in the 2006 team to play against West Indies. He later became a domestic circuit. He was also in the five Tests picking up wickets and playing ODIs. He had played for the Punjab cricket team, the King’s XI Punjab.
Conclusion
Here we discussed the top ten Punjabi cricketers like Yuvraj Singh, Harbhajan Singh, Mohinder Amarnath, Navjot Sidhu, Lala Amarnath, Dinesh Mongia, Harvinder Singh, Sarandeep Singh, Gurkeerat Singh Mann and VRV Singh and their achievements.
The economy of China has come a long way from poverty and economic stagnation to prosperity and economic transformation. This transformation started in late 1970. China is the world’s largest economy (PPP) and second-largest economy(nominal), just behind the US to grab the second spot.
The People’s republic of China has seen several economic reforms, especially under Deng Xiaoping’s rule. The economy of China is going to overtake that of the US in some decades, to some estimates. According to reports, China is slowly turning towards a slow growth phase because of the transition from a developing country to a more developed and mature economy.
Economic policy
China is a prime example of economic success. Since adopting market-oriented economic reforms, it has successfully transitioned into a prospering and booming economy.
China has clocked around 9 per cent real growth since 1979. China has been in this transition for decades now, which took it from a poverty-stricken and backward economy to one of the fastest-growing economies in the world. It was inspired by the soviet-style economy and adopted heavy industrialization, and became a centrally planned economy for some time. Still, later it went on with becoming a market-oriented economy.
Trade structure
The economic rise of China is mainly linked to the ever-flourishing trade that this country does with the rest of the world. Trade forms an integral part of China’s economy. This trade of China is resilient to any outside pressures, which was evident in the trade war with the US and a drastic fall in relationships with the EU.
A significant part of Chinese imports includes apparatus like computers, semiconductors, office machines and other commodities like fuels and chemicals. Taiwan, Japan, Australia, the US, and the EU are the major import partners of the People’s republic of China. Almost half of what the People’s republic of China imports comes from Southeast and East Asia.
China’s export mainly consists of manufactured products like electronic and electrical equipment and textiles, footwear, and clothing. The People’s Republic of China also exports significant amounts of fuels, chemicals and agricultural products. The major export destinations of China include South Korea, Japan, Hong Kong, the US, and the EU.
China’s Exports
The People’s republic of China enjoys a favourable overall trade surplus. Its large trade surplus makes it the world’s largest exporter. China is also likely to remain the world’s largest exporter for quite some time. Electrical equipment and electronic equipment, nuclear reactors, furniture, prefabricated buildings, medical apparatus, textiles, plastics and boilers are the main things that the People’s republic of China exports. The major export destinations of China include Japan, South Korea, the US, the EU, and Hong Kong. The country has also signed the RCEP (regional comprehensive economic partnership), a free trade agreement that includes 14 other Indo-Pacific nations. This trade deal is the largest in history and covers around 30% of the global economy. Trade is a very significant part of the Chinese economy and has been used as leverage to modernise its economy to a greater extent.
According to the World trade organisation report, the overall exports of goods were around USD 2590.2 billion in 2020. Meanwhile, the exports of the services touched USD 278 billion during the same period. The People’s republic of China is fully reaping all the benefits of globalisation and is reporting significant increases in its exports.
Fiscal Policy
It was only after the opening up of the economy and the reforms that China started to adopt a fiscal policy in an absolute sense. There was a fiscal policy in The People’s republic of China before opening up, but in some other form, than that of a market-oriented economy. Its fiscal revenue and fiscal expenditure were planned very strictly when it was a planned economy. There was no independence in this fiscal policy, and it was only under the control of the state. Simply put, fiscal revenues and fiscal expenditures had to follow the state’s plan strictly.
After 2012 the People’s republic of China saw uninterrupted and unprecedented proactive fiscal policy implementation, and it has been in place since 2008. There have been several operational adjustments, like the tax cuts in 2008 that turned to fee and tax cuts in 2018 and emphasis was laid on enhancing and strengthening the effectiveness in 2019. The market plays a decisive role in allocating resources in the Socialist market economy, and we also see most of the functions within the market law.
Conclusion
The People’s republic of China has come from a poverty-stricken country to one of the fastest-growing economies in the world. Its exports are increasing and so import.
The country is a part of several key trade deals. Its economy is flexible and can handle outside shocks like a trade war with the US or deteriorating relationships with the EU or quad members. It mainly exports electronic equipment, nuclear reactors, textiles, etc.
The major export destinations of China include Japan, the US, the EU and Hong Kong.
The imports of China come from countries like Australia, the US, Taiwan, Japan, South Korea, and the EU.
Prime Minister Narendra Modi visited Ireland on September 23, 2015. It was the second time an Indian Prime Minister had visited Ireland. The first being Jawaharlal Nehru’s visit in 1956. Ireland is an island nation located in Northwestern Europe and surrounded by the North Atlantic Ocean.
The Prime Minister of Ireland, Enda Kenny, had hosted PM Modi during his visit. The PM was attended by other dignitaries such as the Minister of Foreign Affairs and Trade, Charles Flanagan, and Ireland’s Ambassador to India, Feilim McLaughlin. The main aim of the visit was to create stronger ties and improve trade and cultural relations. Described below is the impact of the PM’s Ireland visit.
Impact on trade and commerce
India and Ireland have strong bilateral trade and business relations. Before the PM’s visit, trades with Ireland were valued at €650 million in business in 2014. This included exports worth €248m and imports worth €402 million.
The indigenous exports increased from €32 million in 2012 to €55 million in 2014. In 2019, the total bilateral trade was around €1.2 billion. The exports and the imports have also increased to €636 million and €480 million respectively. Currently, the total trade between India and Ireland is valued at €4.2 billion. This resulted from improved bilateral ties between the two nations, owing to Prime Minister Modi’s visit to Ireland.
Indian Companies in Ireland
Many Indian companies carry out trade and commerce in Ireland. They provide services to Irish markets and consumers across various industries. Pharmaceutical giants such as Reliance Genemedix and Amneal Pharmaceuticals operate in Ireland. Major IT companies such as Wipro, Infosys, TCS, and HCL also have a strong presence in the country. The trade relations were bolstered after Indian Prime Minister Narendra Modi visited Ireland.
Other companies like Crompton Greaves, Deepak Fasteners, Jain irrigation systems, and Shapoorji Pallonji provide consumer goods and services. Likewise, many Irish companies conduct their business in the Indian market. These companies include pharmaceutical and nutrition players like ICON and Glanbia, IT firms like Globoforce and other companies like Keventer, CRH Taxback Group, and Connolly Red Mills.
Impact on Education
Ireland has been a coveted destination for higher education for Indian students. Over 5000 Indian students have enrolled for higher studies in various institutions in Ireland. The students are admitted to engineering, technology, medicine and management colleges. More than 30 research agreements have been signed between the two nations that allow institutes in both countries to collaborate.
Many reputed institutes like Trinity College, Dublin, and Thapar University, Patiala, have signed MOUs for engineering and science disciplines programmes. Thus, Ireland is an essential collaborator in graduate and doctoral research. This collaboration is also considered an impact of the PM’s Ireland visit.
Indian Community in Ireland
Ireland is diplomatically significant for India also due to the large number of Indian citizens residing there. The Indian origin population is approximately 45,000 people, of whom 18,500 are Non-Resident Indians (NRI), and others are Persons of Indian Origin (PIO). The majority of the residents are working professionals employed in engineering, healthcare and management positions.
It has helped in establishing many policies for the Indian origin population. Two such policies in practice are wearing hijab as a part of the police uniform and the non-requirement of obtaining an additional work permit for the spouse or the partner of Critical Skill Employment Permit holders.
Cultural Impact
As a result of a large population of Indian origin citizens in Ireland and the relationship between the two nations, Ireland promotes Indian culture in various forms. One such example is the celebration of Diwali in Ireland since 2008. The event is organised every year in collaboration with Irish and Indian committees.
Further, an annual contemporary film festival is also a part of the celebration of Indian culture. The promotion of such events indicates the importance of cultural exchange between the two nations. The Irish communities also take a keen interest in conventional practices such as cultivating and consuming Indian herbs and spices. This connects the agricultural practices between the two nations. The cultural ties between the countries were strong, and Prime Minister Modi’s visit to Ireland helped strengthen them further.
Another significant practice is the celebration of International Yoga Day in Ireland. The Irish communities have accepted Yoga as a form of a healthy lifestyle. The practice is similar to the Indian tradition.
Tourism
India attracts around 44,000 Irish tourists every year. Indian tourists too visit Ireland in similar numbers. This was facilitated by the introduction of the common British-Irish visa scheme. This scheme allows the tourists to visit the U.K. and Ireland under one visa, rather than applying for two separate visas. It is valid for short stays. India also extended its Electronic Tourist Visa facility to Ireland to digitally facilitate visa approval and generation. The impact of the PM’s Ireland visit was such that it has also helped establish the tourism sector in both countries.
Conclusion
The diplomatic ties between Ireland and India have been impacted positively after Prime Minister Modi visited Ireland in 2015. It was an essential step toward strengthening the bilateral relationship between these two nations. India and Ireland have been important to each other since the 1900s.
In 2010 and 2017, two honorary consulates were established in Chennai and Kolkata. Later in 2019, a formal and fully functional consulate general in Mumbai. Ireland and India have also shown their allegiance to fighting terrorism after the Pulwama attack. India has also hosted several Irish dignitaries on various occasions. These visits were directed toward engagement in business, education, health and tourism.
Further, many agreements were signed to provide opportunities for employment to people of both countries. Prime Minister Modi’s visit to Ireland helped revive relatively stagnant relations between these two nations. Several cultural and historically similar instances bind these two nations. From Yeats and Tagore to cricket and Diwali, the cultural semblance between these two nations has helped create a strong tie between them.
