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| Inaugural address by Dr. KC Chakrabarty, Deputy Governor, Reserve Bank of India at the Bank CEOs Roundtable organised by CAFRAL in Udaipur on October 2, 2013 |
......Before we broach the subject of retail banking, let me begin by elucidating what is banking. You must be wondering why I am getting down to the basics. Believe me this has a purpose. We all understand ‘traditional’ banking as the process of financial intermediation wherein the bank acts as an intermediary between the savers and the borrowers. It accepts deposits for the purpose of making loans to the borrowers as also facilitates payments as part of the country’s payment and settlement systems. The banking industry has, however, undergone a lot of transformation over the last three decades. The banks have become a virtual marketplace offering...........
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