Innovation: The survival mantra for gramya banks (an empirical analysis of innovative initiatives of Gramya banks in Odisha) Dr. Patnaik B. C. M.*, Dr. Satpathy Ipseeta** *Associate Professor, School of Management, KIIT University, Bhubaneswar, Odisha, India **Associate Professor, School of Management, KIIT University, Bhubaneswar, Odisha, India Online published on 21 September, 2017. Abstract It is a stylized fact in the fields of economic growth theory and economic history that innovation is the engine of economic growth. Like the technological innovations, innovations in the banking sector are expected to change all aspects of economic activity, bringing about a greater improvement in the economic performance. Rapid financial innovation as a phenomenon in the past decades has change the array of banking services available to the customers but at the same time, complicated the environment in which Gramya Banks able to handle with new challenges of innovative technologies. Very quickly we have seen the introduction of Debit Cards, ATMs, Phone Banking, Negotiable Order of Withdrawal (NOW) Account, Certificate of Deposits, Mortgages, Automatic Transfer Accounts, Overnight Repurchase Agreements, Eurodollars, Commercial Papers, Money Market, Mutual Funds, Banker Acceptances, Derivatives, Securitization and more importantly IT based payment and settlement system. Some of the areas where the Regional Rural Banks or Gramya Banks face certain challenges and hence need to work further to achieve desire results, particularly with regard to fully leverage the available technology for rendering better banking services to the public at large. Considering this, the present paper tries to explore the scope for improvement for the survival of the Gramya Banks. So the Gramya Banks has only one option and is to keep pace with the technological development and upgrade them accordingly. Innovation is having no meaning unless the benefit of it is reached to the common man. Top Keywords Innovation, Gramya Banks (GBs), Total Score, Ideal Score and Least score. Top |