It is in the world’s poorest countries – especially in Africa and Latin America – that additional participation in global markets has the highest priority. Only by embracing global markets can developing countries raise living standards. 16 Trade liberalization has a critical role to play in economic growth by directly stimulating domestic firms to become more productive.
Today, banking has broken all geographical barriers and demand from customers relates to ‘anywhere and anytime banking’. Currently, IT based offerings such as Internet and Mobile Banking have provided customers with the means for meeting the requirement of being able to perform banking transactions from anywhere. The death of distances have also necessitated that banks in India do not merely look inward.