What are the major Challenges in Banking sector in India? (other than 1. NPAs, 2. Basic Banking ser

What are the major Challenges in Banking sector in India? (other than 1. NPAs, 2. Basic Banking services to all & 3. Digitization of Banking services)

 

Hi Neha.. You have mentioned three challenges faced by banks.The other major difficulties that banks face are:1. Fake currency (Ofcourse they are destroyed, but still there is a lot of these in the pool)2. KYC Guidelines - Many of the oldest customers still haven't updated these details.3. A host of other challenges faced by banks remain as complex complaints with the Banking Ombudsman. Phishing, money laundering practices, depositing of cash into Jan Dhan accounts.

 

Dude u r brilliant. you've got everything covered.. KYC and Money laundering.. Vital points.. appreciate this. (Y)

 

I can think of one more challenge to banking industry is Cyber (Financial) Crimes.. since digitization is taking huge and rapid strides, the security is of utmost importance.. according to a recent finding PSU Banks are more vulnerable to cyber crimes than Pvt. banks. That is why SBI recently changed its web domain to "bank.sbi".. which is the highest domain protocol known as generic top level domain (gTLD).

 

Exactly Neha. I have read about this. SBI and few other banks were in the limelight for their vulnerability.Good catch. Keep it up.