Question

Public sector banks are true backbone of indian rural economy since private sector banks only focus on profit maximization

Answer 1

Since the 1960's the banking sector has been an integral part of India's economic sector. Many banks in India were nationalized keeping in mind the target of economic growth.

Public banks are crucial for development however, private banks are more technologically advanced than public banks so they have services like Internet banking, mobile banking, phone banking, ATMs.

The public sector is more inclined towards helping the rural economy but the employees of public banks are less skilled than those of private banks. Private banks are working towards their own self interest and focus on profits while public banks focus on customer satisfaction and helping the less fortunate start their own small scale businesses.

Answer 2

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Since the 1960's the banking sector has been an integral part of India's economic sector. Many banks in India were nationalized keeping in mind the target of economic growth.

Public banks are crucial for development however, private banks are more technologically advanced than public banks so they have services like Internet banking, mobile banking, phone banking, ATMs.

The public sector is more inclined towards helping the rural economy but the employees of public banks are less skilled than those of private banks. Private banks are working towards their own self interest and focus on profits while public banks focus on customer satisfaction and helping the less fortunate start their own small scale businesses.