Analyzing The Influence Of Rbi Digital Transformation Initiatives On The Indian Banking Industry

Bade Ashutosh Adinath, GNLU (2023-24)

ABSTRACT

In the last 10 years Indian economy has been one of the fastest-growing economy. Over time, industries started developing themselves to the current business conditions. The same level of development is observed in banking industry also. India is leading towards “Digital India” so for economy growth it is necessary to digitalised banking sector. Digital transformation means transformation of traditional banking to digital banking and not using traditional payment methods. Digital transformation is need of an hour and in banking industry we can see there is huge digital development. Banking sector in India adopted technology from 1980’s by mechanization of cheque processing to development of ATMs, NEFTs, computerization of branches (in 1990s) to opting online and tele-banking post 2000, but seen a very slow progress on digital adoption by customers. Demonetization was declared by PM Narendra Modi on 8th November 2016 and by this decision ordinary citizen was impelled to use digital modes for payment and in that period can see various initiatives were taken by RBI. The present research paper aims to focus on influence of RBI in digital transformation initiatives and its effect explained with help of advantages and disadvantages.

Keywords: Economy, digital India, banking sector, ATM, RBI.