Retail banking or Consumer Banking is another feature provided by the banks to its customers in managing their finances. Retail banking in India is not a new process. It has always been prevalent in India in various forms. For the last few years, it has become synonymous with mainstream banking for many banks.
Some of the services provided under retail banking are:-
- Checking and savings account
- Personal loans
- Credit cards
- Certificate of deposits
TOP RETAIL BANKS IN INDIA
- HDFC Bank
- ICICI Bank
- Axis Bank
- Kotak Mahindra
- Induslnd Bank
- Yes Bank
SERVICES GIVEN BY RETAIL BANKS
- Home loan facilities– This facility is provided at competitive interest rates.
- Short-term investment facility – Banks provide Certificate of Deposit. It is a money market instrument.
- Savings Account– Customers can park their money and get interest on their savings quarterly.
- Current Account– It is provided only to business houses which allows smooth flow of daily transactions.
- Credit card facility– Banks have allowed people to go cashless. Just a swipe of cards and payments can be made quickly. Moreover, one can withdraw more than the existing balance in their account.
- Fixed deposit facility– It has allowed customers to invest their money in fixed deposits. These funds get locked for 1 to 10 years.
Retail banking has played an important role in the development of the Indian Economy. This has allowed people to trust banks. The changing technology has brought more efficiency in this sector. It has resulted in new sources of revenue for banks. Therefore, it can be said that retail banking is the future.
IPB offers Post Graduate Certificate in Retail Banking (PGCRB) program which is the flagship course for fresh graduates & postgraduates to make them “Smart Banker” by undergoing an intensive training program of 350 hours by bankers having domain specialization.