- By: SIMON CRERAR
If we have close look at the scenario of Banking services in India, we would be amazed to know that the entrepreneurs, willing to invest their money in India, have been encouraged to every extent by low current account interest rates. The market trends are also same for the banking segment, especially for the high interest saving accounts.
One cannot deny the fact that the Indian economy has benefited from favourable market trends since the day the Indian government started its journey towards economic reforms. Nowadays, it is very easy for an entrepreneur to get a current account to fulfil his immediate financial needs for his existing or new business with low current account interest rates. The business start-up loans, a term used to denote loans for a new business, have also been in demand since the last few years.
The low interest rates associated with current accounts have helped people to take command as entrepreneurs and help themselves and thousand others to earn a living and make a contribution towards overall economy growth.
With many banking and financial institutions such as HDFC Bank, Punjab National Bank and State Bank of India etc. to name a few projects and start implementing guidelines to appease their customers and enhance profit margins, the stage is well set for the economy to withstand the fallout of any world economy. It would be a delight for every Indian to be aware of the fact that India has transformed itself from a debtor to a creditor with the International Monetary Fund (IMF).
In the earlier years, the foreign investors were somehow reluctant to invest in India due to lack of organised economic reforms and laid down attitude of the Indian government and companies. But, now things have changed for their delight. With more and more Indian companies being able to appear in the list of Fortune 500 companies and government finally paying a heed to economic prosperity, investors are now standing in long queues to kick-start their businesses in India.
The advent of Internet and Online banking services has helped the banking and financial sectors to groom themselves and stand tall amidst market fluctuations. One can deny the fact the banking services with help of the Internet such as balance enquiry, statement request, cheque book request, funds transfer, e-cheque, demand draft and Online applications for all types of loans, fixed deposit schemes and high interest saving accounts are possible these days. Things that used to consume a lot of time are now handled with a high degree of sophistication, speed and reliability these days with the help of Online banking services.
With banks striving hard to create and maintain a niche for themselves, the Indian banking customers cannot have asked for anything more. Low current account interest rates being the norms for the present day market have stimulated overall prospects of the Indian economy. One thing that cannot be just left out of the discussions is the supremacy of the Indian rupee against the United States Dollar, a dream that saw the ray of light after some positive acclaims by the world markets and entrepreneurs.