Abstract
The traditional banking industry is thus facing the impact of digital technology. Meanwhile, India today offers a unique architecture for banking. The banking sector plays a vital role in the development of one country’s economy. The growth of banking sector depends upon the service provided by them to the customers in various aspects. The growing trend of banking services is found significant after the new economic reforms in India. Today, India fairly well developed banking system with different classes of banks- public sector banks, foreign banks, a private sector bank, both old and new generations, regional, rural banks and cooperative banks to the Reserve bank of India as the fountain Head of the system. Nowadays banking sector acts as the backbone of India economy, which reflects as a supporter during the period of boom and recession. Since 1991 various trends and developments in the banking sector are credited. It also reflects the various reforms were caused to improve their services to satisfy the customers. The innovations have brought efficiencies, creating a better customer experience through best pricing, speed and convenience. With a brand that represents salience and trust, bankers and banks are a one-stop shop. The researcher will explore and analyze available literature to find issues and challenges and suggest some logical strategies from content available with articles, news and research articles. The goal is to make banking cheaper, more efficient and easier to access for all of the country‟s citizens. Digital banking offers yet another advantage: it allows people and business owners to obtain credit. However, e-wallets such as Paytm, Free charge and MobiKwik have been around for a couple of years. However, things are, rapidly transforming in the digital era. It is as important that the banks remain as transparent, as their customers remain authentic. The main objective behind integrating banking services with technology is, undoubtedly, convenience.
Key Words: Banking sector, recent trends and developments etc.
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