THE DIGITAL BANKING IN INDIA-RECENT TRENDS, OPPORTUNITIES AND CHALLENGES

Abstract

Digital banking has paved way to another spectrum of banking by allowing the customers to conduct their day-to-day banking activities at their convenience. The Digital banking systems in developing countries like India are growing rapidly due to the penetration of internet and mobile phones. Banking transaction scenario has changed rapidly from typical to convenience banking, which offers enormous opportunity to move towards cashless and less cash society. The government of India has taken numerous steps to enhance and embolden digital banking system with a view to promote 'Digital India'. As part of the initiative, the GoI intends to generate a 'digitally empowered' economy that is 'Faceless, Paperless, and Cashless'. In the last few decades, banking system has undergone some distinct phases of digital transformation. This transformation was boosted by rising competition among public sector, private sector and foreign banks, and the goal is to make banking cheaper and efcient and also to access for all of the country's citizens. The objective of this paper is to examine recent trends in digital banking services, benets, opportunities, hurdles and challenges of Digital Banking System in India. The prime objective behind integrating banking services with technology is undoubtedly convenience; the research article will make a detailed study about the concept and examines the above stated objectives.