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The existence of a Banach limit as a translation invariant positive continuous linear functional on the space of bounded scalar sequences which is equal to 1 at the constant sequence (1,1,...,1,...) is proved in a first course on functional analysis as a consequence of the Hahn Banach extension theorem. Whereas its use as an important tool in classical summability theory together with its application in the existence of certain invariant measures on compact (metric) spaces is well known, a renewed interest in the theory of Banach limits has led to certain applications which have opened new vistas in the structure of Banach spaces. The paper is devoted to a discussion of certain developments, both classical and recent, surrounding the theory of Banach limits including the structure of the set of Banach limits with special emphasis on certain aspects of their applications to the existence of certain invariant measures, vector valued analogues of Banach limits, functional equations and in the structure theory of Banach spaces involving the existence of selectors of certain multi-valued mappings into the metric space of non-empty, convex, closed and bounded subsets of a Banach space with respect to the Hausdorff metric. The paper shall conclude with a brief description of some recent results of the author on the study of simultaneous continuous linear operators (linear selections) involving Hahn Banach extensions on spaces of Lipschitz functions on (subspaces of) Banach spaces. Some open problems that naturally arise in the study have also been included.

Banach limits: some new thoughts and perspectives