Vulnerability of the Indian Banking System

Indian banks are one of the slowest and inefficient bones of the Indian financial system. All the nationalised banks in India have the following issues which are the following:

1.     Poor management structure: 

    There is no organised management system with the banking system in India, and each bank seems to be independently working inefficiently without proper checks for the leakages.

2.     Interest Rates: 

    The interest rates in India is comparatively better within the domestic framework, but this seems to be fluctuating as the economy. When compared with the rest of the world, the interest rates are still high adding burden to the growing middle-class society.

3.     Out dated and vulnerable tech support: 

    As long as the Indian banks are using more paper works to file investments and saving multiple security documents as hard copies, it would be fine, but as it has started getting digital it has started becoming more vulnerable due to backward software uses and no in time updating of these techs.

4.     Improper Time Management: 

    Indian bank become more insufficient due to the time frame taken by it to process. They still are in the vicious cycle of insufficient laws and improper time management of work.

5.     Zero or no Innovation: 

   There is no innovative plans brought forward by the banks to improve its current working, the banks function almost similar to how they used to work a decade back.

Indian banking system has to be innovated and has to go a long way before its completely ready to support the current working of financial environment.