Digital Transformation in India's Banking Industry
Year: 2025
Type: article
Abstract: This research paper examines the rapid digital transformation of India's banking sector, focusing on its impact, drivers, barriers, and future implications. The study highlights the significant growth in digital banking services, driven by increasing smartphone penetration, improved internet access, and government initiatives like the "Digital India" campaign. Findings reveal widespread adoption of mobile banking apps, digital wallets, and the Unified Payments Interface (UPI) for various financial transactions, leading to enhanced financial inclusion and improved customer experiences. The research notes significant operational efficiencies and cost reductions for banks through digital channels, as well as the emergence of fintech companies and neo-banks reshaping the competitive landscape. While acknowledging challenges such as cyber security concerns, digital literacy issues, and infrastructure limitations in some regions, the paper concludes that digital transformation is fundamentally altering India's banking landscape, contributing to broader economic modernization efforts. This study provides valuable insights for stakeholders navigating the digital revolution in India's banking sector.
Author: Nitin Somnath Rokade
Language: English
Domain: Social Sciences
Open Access status: green
OpenAlex ID: W6930787854
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