COMPETITIVE ANALYSIS OF INDIAN BANKS: A COMPARISON OF PUBLIC SECTOR AND PRIVATE SECTOR BANKS IN INDIA
Keywords:
banking sector, financial reforms, regulated banking, competitionAbstract
Thus, the competition in the Indian banking sector has increased since the introduction of the financial reforms in this sector since 1991. The highly controlled and regulated banking system transformed itself into one described by competition, prudence and openness. The competition created by the new private sector banks by the innovation with the technology, new business practices and the new products had undoubtedly re-energized the Indian banking sector as a whole. However, there exists a non-price competition in the banking sector. The banks in the banking industry distinguish their products from the competitors on the basis of non-price attributes like far-reaching distribution, customer oriented approach, simple process, minimum documentation, quicker service and any other non-price competitive advantage. Thus, the use of effective non-pricing competitive strategies and can certainly prove to be helpful in differentiating their product from those of rivals. The paper aims to study and compare the competitive strategies of the public sector and private sector banks in India.
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