India @ 2047: Amrit Kaal Needs Reforms in Banking Sector

Banking sector is one of the important sectors for sustainable development of any country. Banking is the way ahead for undeveloped countries to developed countries. Countries like India, which is one of the growing country producing pin to space satellite for reaching India@2047. The Bank of Bengal and Central Bank of India was established in Calcutta in 1785. Since 1785 to till date considerable changes and development has undertaken in banking sector. The banking sector has contributed before independence, i.e. up to 1947, 1948 to 1970, 1971 to 1990, 1991 to 2000 and 2001 onwards. In this period considerable reforms has been undertaken. From Barter exchange to E-banking reforms has undertaken. Indian population size is about second largest in the world where sufficient and effective banking services are required. It has observed that in 2009 there were only 17% population was using banking services in India and now it has reached over 80%. It means, in India over 80% peoples are using banking services directly and indirectly. Over 945 million ATM cards are currently active in India which is good sign for overall development. India is moving barter exchange to online transactions and reaching India@2047. Banking sector is basic sector that boost to all other sectors. Considering the world and Indian population and their activities, this requires banking services. The world economy is 80 Trillion $ form which India has $ 2.6 T economy. The world people have classified in different sectors where various facilities and services are required and these facilities are available from the banks directly and indirectly, where reforms in banking sector is required. The world largest public companies are depending on banking sector. The researcher has covered population of countries, classification of world population, world economy, individual wealth, and world people in 100, world largest public companies. The reforms of banking sector, one has to use skill India, make in India, stand-up India, made in India etc.