Earlier, banks were considered organizations that ac- cepted and safeguarded deposits from the customers and lent money out to those who required it. This is not the case any more. Their range of activities has increased greatly in recent times. If keenly observed, one will see a drastic shift in their working style with the advent of technology. There are significant changes in the way they are working or dealing with their clients. Liberalization, privatization and globalization has opened up new opportunities for banks to improve their operational efficiency. They relinquished their old practices and are banking on new ways to cater the needs of their customer in a better way.

Important initiatives were taken up and many changes were made in the Indian banking sector during the reform phase. Recommendations of the Narasimham Committee (1991) paved the way for the reform phase. Banks have introduced new delivery channels like phone banking, Internet banking, etc., to serve their customers better. There was an increase in the number of foreign banks and the ATM centers. New system has redesigned the entire structure and made it more flexible. To withstand the competition, banks are making changes that help increase their efficiency and productivity. With these kind of changes, it has become easy for both the employees and the customers of the banks. The changes are proving to be not only cost-efficient but also timesaving. And these reforms resulted in consolidation of banking activities. Consolidation is helping them gain strength and also serve their customers better.

Professional Banker Magazine, Global Banking, Indian Banking Sector, Indian Private Banks, Liberalization, Privatization and Globalization, Internet banking, Central Bank of India, CBI, State Bank of India, SBI, Regional Rural Banks, RRBs, Public Sector Banks, PSBs, Virtual Banking, National Electronic Funds Transfer, NEFT, Core Banking, Standard Chartered Bank, Bajaj Allianz.