The banking industry has a direct impact on the economy and growth of the nation. A bank is now one of the most important aspects of modern life. In order to conduct financial activities, customers and banks have a strong interaction. Retail banking is one of the significant current phenomena among the several advantages provided by the banking industry to the customers. Typically, the common masses are the intended consumer for retail banking services, and they gradually advance to a stage known as "class retail banking." 'Mass retail banking' refers to the phase in which the bank offers its clients standardized banking goods and services. During this period, the banks make an effort to develop a sizable enough customer base that can act as a reliable source of finance. On the other hand, "class retail banking" refers to the phase in which the bank provides specialized goods and services geared towards a certain customer group, high net worth individuals. Private banking is another name for retail banking that targets a specific market sector