Technological Innovation in Indian Banking Sector: Some Recent Developments

The banking system and financial institutions are crucial components of any economy. Their development can significantly influence a country's growth. In the "Digital India" era, India's banking and financial services have experienced substantial evolution, a trend that is ongoing. This transformation can be attributed to factors such as new regulatory policies and changing customer expectations. However, the most significant driver has been technological advancement. Technology plays a key role in the economic system, especially evident during the COVID-19 pandemic, which has drastically altered the functioning of various sectors. The banking sector faced major challenges during the pandemic, but technology provided solutions to meet people's needs. Banks introduced new and effective services, and the use of mobile and internet banking surged. Intense competition among banks has led to the introduction of innovative services and improved efficiency of existing ones.