Acceleration of Digital Banking in India

Abstract

Post Independence of India in 1947, Digital Banking in India was straggled behind many developing nations. The major reasons behind this was increased use of legacy systems, huge costs of running branches, and outmoded technology that could not be upgraded. Since then, India witnessed gradual yet strong growth in Digital banking. Digital banking involves the digitalization of all established banking products, processes, and activities to provide services to the customers using online channels. With the help of digital banking, any bank branch services are available and approachable 24/7 on mobiles, computers, and appropriate smart devices. In this article Researcher have reviewed the digital banking scenario in India and recent developments and upcoming schemes related to digital banking in India.