With the enactment of the Fiscal Responsibility and Budget Management Acts by the Central Government and various State Governments, the fiscal deficit was also brought under control. This period was, perhaps, the “golden period” in India’s growth history and, consequently, sparked off the debate about whether the Indian economy had transformed from an “elephant into a tiger”.3 11.
I believe the timing is right, particularly in the face of increased competition both from bigger and smaller institutions that are also aiming at the same clients. The appropriate positioning of the institution's corporate identity as well as its policies, procedures and practices, is critical. The challenge of attracting new clients and depositors, as well as retaining the existing ones will definitely increase.