The electronic banking revolution in India

1Citations
Citations of this article
6Readers
Mendeley users who have this article in their library.

Abstract

© 2015 Dhananjay B, et al. Retail electronic payment system has progressed in the recent years in various countries. We find that India is no exception .Reserve Bank in its Vision statement has set the objective to proactively promote electronic payments with an objective towards less cash society. The formation of National Payments Corporation (NPCI) in the year 2009 has set the stage for development of retail electronic payments which offers enormous opportunity to move towards cashless and less cash society. Using T test, with an objective to assess the contribution of NPCI, we find that significant difference exist in products such as electronic clearing, ECS (Debit), National Electronic Funds Transfer (NEFT), and Card Products when we compare the period after formation of NPCI and before formation of NPCI. Various innovative products, such as Immediate Payment Services (IMPS), National Automated Clearing House (NACH) and Prepaid Instruments (PPI), were launched after the formation of NPCI. There is enormous opportunity since the ratio of retail electronic clearing to systematically important payments such as Real Time Gross Settlement and CCIL grew from 1 percent in the year 2005-06 to 3 percent in the year 2013-14.

Cite

CITATION STYLE

APA

Dhananjay, B., & Suresh Chandra, B. (2015). The electronic banking revolution in India. Journal of Internet Banking and Commerce, 20(2). https://doi.org/10.4172/1204-5357.1000110

Register to see more suggestions

Mendeley helps you to discover research relevant for your work.

Already have an account?

Save time finding and organizing research with Mendeley

Sign up for free