India, today, is witnessing an upsurge in the financial services sector. The financial institutions, recognizing the key to survival and success, are vying to cultivate strategic partnerships that allow them to be competitive and offer diverse services to consumers all across the globe. Well regulated financial systems are essential for macro economic and financial stability in the world of increased capital flows. The current changes ensuing in the financial service industry are fundamental and the effect is all pervasive into national and global economy.