With years, banks are also adding services to their customers. The Indian banking industry is passing through a phase of customers market. The customers have more choices in choosing their banks. A competition has been established within the banks operating in India.
With stiff competition and advancement of technology, the services provided by banks has become more easy and convenient. The past days are witness to an hour wait before withdrawing cash from accounts or a cheque from north of the country being cleared in one month in the south.
This section of banking deals with the latest discovery in the banking instruments along with the polished version of their old systems.
| Economy of India | |
 |
|
| Currency | 1 Indian Rupee (INR) (₨) = 100 Paise |
|---|---|
| Fiscal year | April 1–March 31 |
| Trade organisations | WTO, SAFTA |
| Statistics | |
| GDP (PPP) | $5.21 trillion (PPP) (2008 est.) (3rd) |
| GDP growth | 9.6% (2006/07) |
| GDP per capita | $978 (nominal); $2,659 (PPP) [7] |
| GDP by sector | agriculture: 19.9%, industry: 19.3%, services: 60.7% (2006 est.) |
| Inflation (CPI) | 12.01% (26 July 2008)[1] |
| Population below poverty line | 25% (2002 est.) [8] |
| Labour force | 509.3 million (2006 est.) |
| Labour force by occupation | agriculture: 60%, industry: 12%, services: 28% (2003) |
| Unemployment | 7.8% (2006 est.) |
| Main industries | textiles, chemicals, food processing, steel, transportation equipment, cement, mining, petroleum, machinery, software, services |
| External | |
| Exports | $125 billion (Financial Year 2006-2007) |
| Export goods | textile goods, gems and jewelry, engineering goods, chemicals, leather manufactures, services |
| Main export partners | US 18%, the People's Republic of China 8.9%, UAE 8.4%, UK 4.7%, Hong Kong 4.2% (2005) |
| Imports | $187.9 billion f.o.b. (2006 est.) |
| Import goods | crude oil, machinery, gems, fertilizer, chemicals |
| Main import partners | the People's Republic of China 7.2%, US 6.4%, Belgium 5.1%, Singapore 4.7%, Australia 4.2%, Germany 4.2%, UK 4.1% (2005) |
| Public finances | |
| Public debt | $132.1 billion (2006 est.) |
| Revenues | $109.4 billion (2006 est.) |
| Expenses | $143.8 billion; including capital expenditures of $15 billion (2006 est.) |
| Economic aid | donor: $17.3 million (2006) |
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