During the last five decades since independence from the British, and that too particularly during the process of nationalization the prominent commercial banks have transformed themselves beyond recognition. Their major business before the dawn of self rule was to finance trade and industry. In accordance with the national plans, policies and priorities, banks have now taken up major responsibilities for developing and diversifying the economy. They have come in a big way to help agriculture and the hitherto neglected sectors of the economy.

The nationalization of banks was done through different periods by the national government. First of all, a big banking group and its subsidiaries were nationalized. Thereafter, a few other major private banks were nationalized which were having a deposit base of a few million dollars or more. Lastly, six other banks having deposits of a few hundred dollars or more were also nationalized.

Many other banks were under the control of the private sector even before independence. These banks however did not fall under the criteria fixed for the nationalization of the scheduled commercial banks. These were small banks and most of them were having their main operations in scattered destinations. These banks were popularly known as “Old Private Sector Banks”.

Presently, there are more than 20 old private sector banks in the United States that are older than 50 years. Even during the economic turmoil, they have not shut down their operations. They have more experience and expertise under their belt than the new comers into this industry. They offer more hope for long term investments and investors.

Few banks are able to grow at a faster pace and gain the confidence of their esteemed customers within a short span of time. In today’s liberalized financial sector, opportunities abound, but to prove one’s mark is not that much easy due to the cut throat competition in the banking industry. Even in such a situation, entrepreneurs like rod aycox have proved their mettle like no other.