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Indian Banking System: Journey from Traditional to Digital

International Journal of Banking, Risk and Insurance

Volume 5 Issue 2

Published: 2017
Author(s) Name: Meenu Gupta | Author(s) Affiliation: Company Secretary, CA firm, India.
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Abstract

For the economy, banking sector represents its heart. If the heart is clogged, the economy cant return to vitality. As seen in last years, banks ability to support growth itself was limited because of their bad loans and private sector was not being able to bring in kind of investment that was required amid a slowing global economic situation. However, for banks to be successful, it is imperative to increase their customer base, retain their existing customer, and offer customers the products and services which are most beneficial to them. In todays tech-savvy era, it is difficult to escape the word digital in any conversation, or strategy or discourse necessitating banks to follow the route. With the Central Governments move to declare the high currency notes of value worth Rs.1,000 and Rs. 500 (being 85% of total money in circulation, in value terms - Rs. 14 lakh) to be non-legal tender from November 8, 2016, PM Modi has done for Indian banks what would have taken them more than a decade to do, i.e. push the ordinary citizen to use digital modes for payment. Banking sector in India embraced technology right from 1980s through mechanisation of cheque processing to evolution of ATMs, NEFTs, computerisation of branches (in 1990s) to adopting online and tele-banking post-2000, but witnessed a very slow progress on digital adoption by customers. The present research paper aims to focus on technological trends in Indian banking and its future challenges to meet customers financial needs.

Keywords: Plastic Money, Demonetisation, Data Protection, Cyber Attacks, Cashless Phase

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