The global financial crisis has shaken the foundations of financial service institutions to their core. Industry conditions have changed fundamentally and permanently, and banks need to act quickly to develop comprehensive plansfirst to stabilize their businesses and then to move forward.

Over the past decade, India has emerged as one of the fastestgrowing economies on the globe. The rest of the world has been watching this sustained growth, suitably impressed to see that the reforms initiated in the early 1990s are bearing fruit, more so when the country managed to bypass the financial crisis with aplomb. While there were indications of this crisis spilling over into the real sector, the IIP numbers have also not disappointed. To sustain any country's growth, of course, a strong and dynamic financial sector is essential and more so the banking sector.

The pace of growth of the Indian banking industry, even as the world reels under the global financial meltdown, has been tremendous over the past decade. India's banking sector has been one of the very few to actually maintain its inherent resilience, while continuing to provide further growth opportunities. In fact, there is an ongoing debate on suitable criteria for issuing a set new banking licenses in India to further give a fillip to financial inclusion.

The Analyst Magazine, Global Banking, Global Financial Crisis, Financial Sectors, Indian Banking Industry, Private Sector Banks, Financial Inclusion, Banking Regulatory Frameworks, Globalization, Banking Business, Banking Operations, Innovative Strategies.