The primary role of banks is to provide financial services to their customers, which includes deposit accounts, loans, and credit cards. Banks also play a crucial role in facilitating international trade and investment by providing foreign exchange services. Nationalized banks are an important part of the banking system in India. They are owned by the government and operate with the objective of promoting economic development and financial inclusion. These banks provide a wide range of services to meet the divergent needs of their clients. In India, apart from nationalized banks, private sector as well as foreign banks are also operative. These banks offer innovative products and services and have been instrumental in driving competition and growth in the banking sector. The role of banks is very crucial in mobilization of savings, allocation of capital, and granting of credit both to individuals and corporates as well. Therefore, the state of the financial system that is controlled by the banks directly affects the state of the economy. Out of the number of factors that have an impact on the performance of the banking system, some key factors are the overall economic growth, inflation rate, interest rates, and government policies and regulations. The purpose of the proposed study is to examine and analyze the various banking sector reforms and their effects. Some of the key initiatives that have been taken by banks in India to strengthen their operations include the adoption of technology and innovation, improving customer experience, and enhancing their digital capabilities. Banks have also worked towards increasing financial inclusion by expanding their reach to underserved areas and offering new products and services to meet the needs of a diverse customer base.

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Keywords: Banking, Financial Services, Reforms, Efficiency.