.........In the past, the apex bank’s stated objective for granting new licences was to infuse competition into the banking sector, which was largely dominated by public sector banks. Consequently, new private-sector banks have brought about a paradigm shift by increasing the efficiency of the domestic banking system, and introducing newer and more sophisticated financial services like mobile banking. This time, the buzz word is financial inclusion — the process of providing access to the financial products and services needed by weaker sections and low-income groups at affordable cost in a fair and transparent manner...........
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