With comprehensive financial reforms in 1990s, Indian banking sector witnessed several mergers and acquisitions, emergence of financial conglomerates, and wider participation of private and foreign banks. As a result, large and diversified financial entities, called universal banks, started offering traditional banking as well as value-added services including project consultancy, underwriting, investment banking, credit rating and other customized services under one-stop shop model. Complemented by an overall rise in economic activity demand for universal banking services has ...