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Question
Briefly describe the changes that have taken place in the banking sector due to globalization.
Solution
Reduction in entry barriers in the banking sector led to an increase in the number of participants like several new private banks and foreign banks which led to an increase in efficiency and competition in the market.
The government also strengthened the private sector banks by lending its capital to them and also enabling them to raise capital from the public. The functional autonomy of private sector banks was also considerably increased.
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