Digital Banking in India: An Analysis of Trends, Challenges  and Opportunities

Shashi Yadav; Ngawang Paldon

doi:10.21844/mijia.22.1.8

Shashi Yadav Assistant Professor, Faculty of Commerce, Banaras Hindu University
Ngawang Paldon Research Scholar, Faculty of Commerce, Banaras Hindu University

DOI: https://doi.org/10.21844/mijia.22.1.8

Keywords: Accepted Aadhaar Payments Bridge System (APBS), Credit and debit transactions, Digital Banking, Aadhaar Payments Bridge System (APBS), ATM, National Automated Clearing House (NACH), National Electronic Funds Transfer (NEFT), Prepaid Payment Instruments (PPI), Real Time Gross Elements-RTGS, UPI.

Abstract

The banking industry plays a pivotal role of promoting economic development by ensuring seamless transactions and financial within
the various sectors of the economy. A revolutionary development in the field of banking sector was led by the creation of electronic
banking. Fulfillment of dynamic consumer requirements through reliable methods of virtual banking handled financial transactions more
efficiently.
Our study aims to analyse the key trends in e- banking in India, highlighting both the impediments and opportunities that shape its growth.
A firm understanding of the changing environments becomes essential to improve the services provided by financial institutions. Our
study is analytical in nature and relies on secondary data sources to explore the developments in digital banking. We examined various
aspects of digital banking, providing factual understandings into the sector’s efforts to enhance accessibility, security and consumer
experience.
This paper looks into the difficulties faced with cyber attacks, regulation and lack of digital literacy. We also explored the possible
advantages like financial inclusion, technological innovation and government support. By evaluating these aspects, the current study
provides a clear perspective on the future of internet banking in India.