New products such as retail banking gained prominence. Banks have sought to grow, not just in terms of balance sheet size, but also in terms of greater penetration of banking services to the hitherto unbanked segments of the population.
It is reasonable to say that banks have succeeded in rising up to the challenges posed by the unique needs of a  BIS central bankers’ speeches  1  transforming economy and have, in no small measure, contributed to the nation’s economic progress during this period.