In India the banking and financial sector reforms were initiated during
the last decade of the 20th century as a part of general economic reforms with a
view to improving the soundness of the public sector banks and other financial
institutions. Public sector banks achieved spectacular success during the post
nationalization period but such spectacular progress was witnessed in the
spread of branch network of banks, mobilization of savings and in creating
employment opportunities rather than in the improvement of the services to the
customers.