ISSUES IN BANKING INDUSTRY

Ethical and social issues in banking industry

Abstract

Financial and banking system of any country determines the economic and growth performance. In business environment of today's world, finance and banking play a leading and dominant role in structuring policies related to public (Goyal,A,K. & Joshi,V., 2011, Pp.50-56). This article emphasizes in ethical and social issues like ethical banking, social banking, global banking, green banking, agri-banking and rural banking. All these features help in enhancing and improving the development of finance and banking. In order to realize it, researchers have under gone many development processes that are producing its effect in current banking or business scenario (Goyal,A,K. & Joshi,V., 2011, Pp.50-56).Ethical and social issues in banking industry

Introduction

The oldest and important industry of the whole world is banking industry. With the passage of time, we adopt and recognize the alterations that are occurring surrounding us. We continue assessing effects of modifications on us (Goyal,A,K. & Joshi,V., 2011, Pp.50-56). It has always been found that technology plays a vital role in changing and modifying human being's life styles. In the development of modernization, globalization and industrialization, human beings are having some issues related to environmental concerns, ethical and social issues and global warming (Goyal,A,K. & Joshi,V., 2011, Pp.50-56). These concerns and issues do not come out immediately rather it require many years of gradual and continuous change. As we all know that every action produces some reactions in the end. Thus, the endless industrialization has been considerably intimidating to our nature, society and also the life of humans. This is also because of technology that has assisted scientists to unveil a variety of bad effects of modernism and innovations. This time is the peak time for us to cheer up realization of our culture and society regarding blind modernization and industrialization and also improve worth of life (Goyal,A,K. & Joshi,V., 2011, Pp.50-56). A bank plays a dominant and leading role A Bank among industries, human beings, countries and societies. Each and every person has some relationships and is interconnected with banks whether indirectly or directly. In our daily activities of life, banks play a leading and direct role which cannot be denied (Goyal,A,K. & Joshi,V., 2011, Pp.50-56). As all of us are being acquainted with the common knowledge that a bank is an institution of finance, thus whether it is private organization, an ordinary person or government organization, each and every one has some dealings with the banks. Consequently, the accountability of banks augments and hence every one requires understand or realize the function of banks in the worldwide financial system and economy of this century (Goyal,A,K. & Joshi,V., 2011, Pp.50-56).

Historical background of banking industry

The oldest and important industry of the whole world is banking industry. The initial evidence of activity of banking can be outlined from the history in 2000 BC in Babylonia and Assyria while merchants or businessmen of early world provided loans to traders and farmers (Goyal,A,K. & Joshi,V., 2011, Pp.50-56). These traders anfd farmers used to transport ...