A Study on Digital Banking in India
Dr. Komal gupta
Assistant Professor, faculty of Commerce
concept of electronic banking includes doing financial transactions entirely
online without using paper documents like demand draughts, pay-in slips, or
checks. It denotes the accessibility of all banking functions online. Without
needing to physically visit a bank branch, online banking allows you the
convenience of conducting all standard banking tasks whenever you want, without
restriction. You can conduct digital banking on a laptop, tablet, or
smartphone. This is the main goal of digital banking in India. Here are a few
of its benefits.
the most important benefits of digital banking is having the capacity of
transferring money. There is no need to deal with the trouble of issuing
Request Drawings or checks.
India, Covid-19 has effectively added a new dimension to the development of
digital banking. During that time, digital adoption in India grew rapidly. At
the micro level, change was made possible by the advent of emerging digital
participation from other financial firms. According to a Mastercard global
poll, Indians are the most open to adopting novel methods of electronic payment
in the Asia Pacific region. In addition, the study paper from Boston Consulting
Group (BCG) notes that India’s digital growth is due to a “surplus of
capital, maturing infrastructure, and beneficial underlying customer
demographics.” Indian banking is serving as a “model banking of the
future,” paving the way for the adoption of QR codes and UPI payments. The
oversight of data and lending both have to use this strategy.
Statement: Account holders don’t need to visit their
bank’s branch in order to get their notebooks updated; instead, they are able
to review or download the bank records for any time period.
banking: Online banking via a smartphone or tablet app
is referred to as mobile banking. These apps enable users to see balances on
their accounts, send and receive payments, invest in fixed deposits, and more
Transfer: With the help of digital banks, it is no
longer necessary to use checks and visit a bank to transfer money thanks to
services like NEFT, IMPS, RTGS, and UPI.
of Bills: The auto-debit option enables users to set
up automatic payments for bills so they never forget to pay one.
Finance: Through online banking, an account user may make
investments, obtain loans, and open fixed-income accounts.
component of the financial ecosystem — Customers, Financial Institutions, Banks,
Governments, and Businesses – has profited from digital banking.
and Effectiveness: Businesses can now access all the offerings
they require at all times and are not anymore restricted to the bank’s business
hours. This functionality is useful, particularly when transactional activity
Usability: Customers are able to open accounts from the
comfort of their homes thanks to the linked KYC and AML features. In addition,
banks can conveniently and swiftly serve clients through online ID verification
innovations and risk evaluation procedures.
By reducing the stages and employees needed
for routine transactions, digital banking systems lowers the possibility of
expensive financial mistakes.
Cooperation with Banks: An opportunity to
connect and fortify banking relationships is being observed as more firms have
become open to working with banks.
possibilities, learning materials, and interactive tools are among the
informative and entertaining content that digital banks provide their
Features: Customers of digital banks can invest in
cryptocurrencies, gold, or stock markets using their bank’s mobile app, and
this is something that an established bank cannot do.
Kalinga Plus is an initiative by Kalinga University, Raipur. The main objective of this to disseminate knowledge and guide students & working professionals.
This platform will guide pre – post university level students.
Pre University Level – IX –XII grade students when they decide streams and choose their career
Post University level – when A student joins corporate & needs to handle the workplace challenges effectively.
We are hopeful that you will find lot of knowledgeable & interesting information here.