December 21, 2009

If there is an industry which can be indicator of how India has transformed in the last two decades, it has to be banking. It hasn’t long back that you would have to spend hours in a queue to get a draft made. Or, you would make sure that you have enough cash for a day in your wallet.Today, most of the banking happens while you are sipping coffee or taking an important call. ATMs (automated teller machines) are at your doorstep.

There are more plastic cards in your wallet than currency notes. A huge part of this change is due to advent of information technology (IT).However, technology alone cannot make a difference. It needs strategic thinking on the part of top management. Central Bank of India chairman & managing director S Sridhar explains “Given legacy issues in public sector banks (PSBs), we could not start from the scratch.