Abstract
Abstract For more than two decades public sector banks managed to stave off competition due mainly to the trust people had in them due to government backing. As the next generation comes in with different attitude, are they equipped to serve them? They need to reinvent to survive. For half a century since bank nationalization, public sector banks dominated the credit flow to the economy with more than four-fifths of the share. In 2019, the golden jubilee year, private lenders accounted for Rs 69 of every Rs 100 loan. The tables are turning. As the economy adjusts to the new reality like technology-driven financial services, a robust bankruptcy law, vanishing ‘phone banking’ and a plethora of competition from unknown quarters, the Goliaths of Indian finance face the formidable task of remaining relevant—and surviving momentous change.
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