The Indian banking industry is in the
21st century—a century of the impossible
becoming the possible. Amidst this swift transition, the industry is steering through
a super-tech dimension triggered by the commission of super events. Now is the right time
to implement macro and micro concepts connected with banking in order to push forward with
better performances in every aspect of domestic
and global banking. Around the world, banks are facing the implications of global
financial imbalances and inequities that intimidate
smooth and safe banking transactions.
Financial stability of banks, a prime factor
for survival, reinforces the necessity of an
inevitable interplay between a growing economy and
an emerging development. Major global financial players can easily upset the applecart of
the economies of many nations. It will be an ever-prevailing monetary crisis for nations which face
a feeble economy. Their constant struggle is to
tackle and tame the inherent ill-effects and
inadequacies of the economy in operation. The
prevailing international inflationary environment is
of serious concern because all nations are
invariably interconnected and are interdependent in
a globalized operation of commerce and trade.
Since there is no global mandatory monitoring of economies of the nations of the world, it
is difficult to sketch an `isobar' of the economies
of developing countries. It may be a possibility within European Union member states, referred
to as Euro 15, wherein, each member state operates within a set of standard conditions which
are under constant scrutiny, control and
correction. Inflation is a constant ally of weak economies.
The adverse effect generated by the turbulences in
such economies are not felt by the developed nations,
in general. However, the malady of recession has gripped the giant US economy and
its repercussions are felt across the earth, heavily
by some and lightly by others. A constant, comprehensive and committed national vigil
alone can avert colossal economic, social and developmental peril. If India does not take
urgent remedial steps the monster called famine is not
far away. The banking industry per se cannot
escape from its direct responsibility when the economy
is slipping into a dubious state. |
