Impact of Globalization on Scheduled Commercial Banks with Reference to Agriculture Sector

Abstract

Globalization in India is generally taken to mean ‘integrating’ the economy of the country with the world economy. The real thrust to the globalization process was provided by the new economic policy introduced by the Government of India in July 1991. The Indian banking sector has emerged as one of the strongest drivers of India’s economic growth. The Indian banking industry (US$ 1.22 trillion) has made an outstanding advancement in last few years, even during the times when the rest of the world was struggling with financial meltdown. India's economic development and financial sector liberalization have led to a transformation of the Indian banking sector over the past two decades. The Indian banking sector plays a key role in the economic development of nation. It has Rs.82,994 billion as total assets/liabilities. It collected deposits Rs.64,537 billion and sanctioned loans and advances Rs.50,346 billion in the year march 2012. The scheduled commercial banks were playing a key role in the economic development of India. The objectives of the research paper are to assess the Impact of globalization on scheduled commercial banks with reference to agriculture sector. The period for the analysis of the data has been taken for three decades i.e., from 1981-81 to 2010-11. Based on the secondary information it is analysed and concluded with suggestions.