It is now important to keep the momentum in the implementation of the ongoing global initiatives. Effective coordination of all policy initiatives is key for ensuring global consistency and success; but financial stability ultimately depends on the implementation of global initiatives at the local level.
Additionally, retail banking also involves offering of credit cards, depository services and other para-banking products and services viz. insurance products, capital market products etc. to individuals. Thus, retail banking services broadly corresponds to the banking services providing in the intermediate phase of evolution of banking.