Service Sector Essay

The service sector, also called tertiary sector, is the third of the three traditional economic sectors. The other two are the primary sector, which covers areas such as farming, mining and fishing; and the secondary sector which covers manufacturing and making things. It provides a service, which is an abstract form rather than a physical form. Activities that are taken in account as services include retail, banks, hotels, real estate, education, health, social work, computer services, recreation, media, communications, electricity, gas and water supply.

The service sector is an important part of the economy. In India, there has been a huge growth in service sector businesses which made up 55% of India's GDP in 2006—2007. Increasingly service sector businesses limelight on what is now being called the “knowledge economy”. They need to keep ahead of

By the end of the 19th century it had branches at Jhansi, Kanpur, Lucknow, Bareilly, Nainital, Calcutta, and Delhi.

20th century

In the initial 20th century, with the start of Swadeshi movement, Allahabad Bank viewed a spurt in deposits. In 1920, P & O Banking Corporation acquired Allahabad Bank with a bid price of Rs.436 (US$6.50) per share. In 1923 the bank relocated its head office and the registered office to Calcutta for explanations of both operational convenience and business opportunities. Then in 1927 Chartered Bank of India, Australia and China (Chartered Bank) acquired P&O Bank. However, Chartered Bank continued to operate Allahabad Bank as a distinct entity.

Allahabad Bank opened a branch in Rangoon (Yangon). At some point Chartered Bank merged Allahabad Bank's branch in Rangoon with its own. In 1963 the revolutionary government in Burma nationalised the Chartered Bank's processes there, which became People's Bank No. 2.

On 19 July 1969, the Indian Government nationalised Allahabad Bank, together with 13 other