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Global financial markets witnessed turbulent conditions during the most part of 2007-08 as losses on US sub-prime mortgage loans escalated into widespread financial stress, raising fears about stability of banks and other financial institutions. According to estimates of the International Monetary Fund (IMF), global GDP is expected to decelerate from 5.0 per cent in 2007 to 4.1 per cent in 2008 and further to 3.9 per cent in 2009.

According to a study conducted by FICCI, the penetration of banking services stands at 35% in India, which is much lesser than other countries. Thus, with the background of lower penetration level when compared to other developing/developed nations, India has a significant potential for improvement given the vibrant economy.

Banking & Financial system of the country plays a substantial role in promoting the long term growth of the economy. The major segments of the Industry are Banking, Insurance and Mutual Funds.Banking and Insurance sector contributed 6% of GDP during the year ended 2008. Sector’s contribution to GDP during the period 2001 to 2008 has grown at a CAGR of 11.5% in real terms.