A Study on Strategic Management Practices in Private and Public Sector Banks with Special Reference to Chennai City.

Abstract

Strategic management practices plays a pivotal role in Banking industry because many events such as deregulation of deposit rates, the fall of geographic barriers, an economic downturn, and increasing non‐bank competition, have affected its efficiency. Management of people and management of risks are two key challenges facing by banks. Hence, for efficient functioning of banks, Strategic management is essential in present scenario. Strategic management is a continuous process of formulating strategies for the organisation that brings profit to the organisation. It brings about amicability among the organisation and its environment. It records the contemporary strengths of the organisation for the accomplishment of its objectives, weaknesses that may hinder in achieving its goals, opportunities that can be exploited in goodwill and threats that are present in the internal and external environment which is called as SWOT analysis. The present article aims to study the factors of strategic management practises in various dimensions that are practised in banking sector.