• Dr.Jai Prakash Mishra
• Dr.Preeti Mishra

The economic reforms initiated by the Government of India about two decades ago have altered the landscape of numerous sectors of the Indian economy. The Indian banking sector is not exclusion. This sector is going throughout major challenges as a significance of economic reforms. The role of banking industry is very essential as one of the leading service sector. India as largest economy in the world has more than 125 crore population. Today, in India the service sector is causative half of the banking and Indian GDP is most popular service sector in India. The considerable position of banking industry is essential to speed up social economic development. Banks play a main role in the economic development of countries. Economic development includes speculation in various areas of the economy. The economic reforms have generated powerful and new customers (huge Indian middle class) and new mix of players (public sector units, private banks, and foreign banks). The promising competition has lead to emergence of new expectations from the original and existing customers. There is an imperative need to introduce innovative products. Existing products require to be delivered in a cost-effective and novel way by taking full benefit of budding technologies.. The Indian consumer now seeks to fulfil his lifestyle aspirations at a younger age with an optimal combination of equity and debt to finance consumption and asset creation. This is leading to a growing demand for competitive, sophisticated retail banking services. The biggest opportunity for the Indian banking system today is the Indian consumer. Demographic shifts in terms of income levels and cultural shifts in terms of lifestyle aspirations are changing the profile of the Indian consumer. This paper explains the altering banking scenario, the collision of economic reforms and analyses the challenges and opportunities of state and commercial banks.

: E-Banking, Customer Retention, Economic Reforms, Information Technology, lifestyle, GDP, CRM

"Indian Banking Sector - Challenges and Opportunities", International Journal of Emerging Technologies and Innovative Research (www.jetir.org), ISSN:2349-5162, Vol.6, Issue 2, page no.624-626, February-2019, Available :http://www.jetir.org/papers/JETIR1902784.pdf

"Indian Banking Sector - Challenges and Opportunities", International Journal of Emerging Technologies and Innovative Research (www.jetir.org | UGC and issn Approved), ISSN:2349-5162, Vol.6, Issue 2, page no. pp624-626, February-2019, Available at : http://www.jetir.org/papers/JETIR1902784.pdf