Indian Banking: Challenges of Technological Advancement and Innovation

Abstract

India’s banking system has seen major fiscal inventions in the once decade as well as ways to promote fiscal addition, schemes that aim to take banking services to yet- to-be-banked areas. The colorful inventions in the Indian banking sector are ECS, RTGS, EFT, NEFT, ATM, Retail Banking, Debit & Credit Cards, free advisory services, perpetration of standing instructions of guests, payments of mileage bills, fund transfers, internet banking, telephone banking, mobile banking, dealing insurance products, issue of free cheque books, rubberneck’s cheques and numerous further value-added services. The major fiscal invention has been the globalization of fiscal systems, deregulation, and great advances in technologies. This paper studies fiscal invention in banking in India. It also highlights the technological advancement of Indian banking and also innovative banking trends. Banks boost technology investment spending explosively to address the profit, cost, and competitiveness of enterprises. The purpose of the present study is to dissect similar goods of recent trends in technological changes and inventions in the Indian banking sector