Electronic Banking in Nigeria: Problems and Prospectsks in Nigeria
1330 Words6 Pages
Managing Challenges in Banking Industry
Dr. Sudhindra Bhat
MBA, MFM, ACS, M.Phil, PGDS&MM, PGDIR&PM, PhD**
Management Faculty, Consultant and Corporate Trainer
Acharya Institute of Management and Sciences
1st Cross, 1st stage, Peenya industrial Area, Bangalore-560 058
Financial System is the most important institutional and functional vehicle for economic transformation of any country. Banking sector is reckoned as a hub and barometer of the financial system. As a pillar of the economy, this sector plays a predominant role in the economic development of the country. The geographical pervasiveness of the bank coupled with the range and depth of their services make the system an indispensable…show more content… They also have to make a disclosure of total investments made in equity shares, units of mutual funds, bonds and debentures and aggregate advances against shares in their notes to balance sheet.
Efforts are on to set up a credit information bureau to collect and share information on borrowers and improve the credit appraisal of banks and financial institutions.
Adopting International Standards
The fallout of Asian crisis and the impetus given to the strengthening of domestic financial systems has resulted in a more by the regulators to set up universally acceptable standards and codes for benchmarking financial systems. RBI has also set-up an advisory group to draw a road map for implementation of appropriate standards and codes in light of existing levels of compliance, cross country experience and the existing legal and institutional infrastructure. In view of the vast diversity in the size, an asset liability profiles of the banks it becomes very difficult for a few of them to meet the new benchmark of global standards. Each bank has to draw it own strategy to move towards this direction.
Innovation in technology and world-wide revolution in information and communication technology are perceived to be the catalyst of