QUESTION PAPER BANK
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PASSAGE:-Despite the economic crunch worldwide that saw pulverization of some of the largest banking and finance giants, Indian banking houses have managed to show positive growth this quarter. Some of India's leading national banks have posted a net profit rise of more than 40% over the last quarter amid global turmoil. This would come as a big shot in the arm for the investors and consumers of these banks even though apprehension is mounting on other banking and broking firms worldwide. One of the main reasons behind the success of these banks this quarter would be their direct banking by the Government of India. People take solace in their investments in public sector watching the bailout packages being cashed out by governments all over the world to save big business houses.
Other private banks in India have also reported a substantial net profit over the last quarter. Given the international and domestic scenario, one cannot put this down as a mundane achievement. While others are on a cost-cutting spree and firing employees, Indian companies are actually working on boosting staffing in banking and broking sectors. This can be seen as a big boon in the days to come when the current recession ease and the economy gradually comes back on the fast track. The finance minister has assured Indian public about the second health of the Indian banks. This could also be evident from the fact that there have been no mergers and takeovers in Indian banking sectors in a contrast to world scenario where finance houses are looking for mergers to cut costs on operations. We definitely are not looking to thrive. rather we are looking for growth. It is just that the pace of growth is a little show now as compared to a year or two before. These are hard times to test the hard. The weak in business and career will be weeded out and it is sometimes very beneficial for business in the long run.
What, according to the author, is the reason for the success of Indian national banks in this quarter?
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