High-tech of the Banking Industry: An Experimental Examination of Indian Banks

Abstract

The present study is exclusive in nature in terms of technological aspects and advancements of the banking industry. Banking industry in India is swiftly growing with the 13% year on year growth and is expected to be $ 1.96 billion industry by 2021. As per the reserve bank of India, bank credit was noted at Rs. 109.56 trillion (US$ 1.48 trillion), for the date September 24, 2021. Credit to non-food industries were at Rs. 155.95 trillion (US$ 2.11 trillion), for the September 24, 2021. As of October 10, 2021, the ‘Pradhan Mantri Jan Dhan Yojana (PMJDY)’—reached 43.57 crore and deposits in the Jan Dhan bank accounts totaled Rs. 1.45 trillion (US$ 19.46 billion). The present paper has the objective to analyze the usage of technological advancement of the banking industry and also to study the impact of this technological advancement on its customers. The paper conclude that around many industries have implemented the technology for the certainty of the sector, however it has its boon and bane which needs to be discussed thoroughly . The limitation of the study is that a large part of the population is still not migrated to digital banking and hence completely unaware of Technology enhancements of the banking industry