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Financial crisis is the major paradigm of fluctuations and volatility in the market and the economy. The first major impact of any financial crisis would be on the backbone of the economy which is banking sector. It has been observed that there was a contagion impact on the economies and banking sector of the world due to the subsequent financial crisis that has occurred since 2007, due to globalisation and inter trade networks. This review paper explores the financial, economic, structural, and behavioural changes in the banking sector of the world corresponding to the global financial crisis, Russian financial crisis, Greece crisis, European sovereign debt crisis and the undergoing COVID 19 financial crises. BRICS as the emerging nations of the world has a mixed impact of above-mentioned crisis where India and China stood still against the fluctuations while Russia, Brazil and South Africa faced severe turmoil till now. The interesting facts regarding the domino impact, systemic risk, interest rate fluctuations, monetary policy behaviour paradigms, fiscal deficit public debt leverage, global trade deficit etc. came into limelight while reviewing the entire literature.
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