The Role of Digital Banking in Transforming India’s Financial Landscape
Author(s): Dr Manoj Kumar Sharma
Publication #: 2501080
Date of Publication: 15.06.2018
Country: India
Pages: 1-9
Published In: Volume 4 Issue 3 June-2018
DOI: https://doi.org/10.5281/zenodo.14710400
Abstract
This paper explores the transformative role of digital banking in reshaping India's financial landscape. It examines how technological innovations, government initiatives, and financial inclusion efforts are driving the growth of digital banking in the country. The study highlights key factors such as the rise of mobile banking, digital payment systems, and the adoption of platforms like Unified Payments Interface (UPI), which have enhanced accessibility and convenience for millions of Indian citizens. The paper also delves into the challenges faced by the sector, including cybersecurity risks, infrastructure gaps, and digital literacy issues, particularly in rural areas. Furthermore, it discusses the impact of digital banking on financial inclusion, allowing underserved populations to access banking services more efficiently. With a focus on the future, the research explores how emerging technologies like artificial intelligence, blockchain, and digital currencies are set to further transform the banking sector in India. The findings suggest that while challenges remain, the continued evolution of digital banking, driven by supportive policies and technological advancements, will be pivotal in fostering an inclusive and secure financial ecosystem. This paper provides valuable insights into the potential and future direction of digital banking in India, offering a roadmap for policymakers, financial institutions, and technology providers to accelerate digital banking adoption.
Keywords: Digital banking, Financial inclusion, Mobile banking, UPI, Digital payments, Blockchain, Financial technology, Artificial intelligence, Cybersecurity, India.
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