Banking Reforms in India with Special Reference to Digital Banking

Abstract

Banking sector is an important part of the financial system of any country. Through this article an attempt is made to focus on the changes that have taken in different phases in the banking sector in India. The article highlights that the banking sector reform was undertaken early in the reform cycle in India. The changes were not driven by any crisis. The reforms have not been an outcome of multilateral aid. The design and detail of the modification were evolved by domestic expertise; though international experience is always kept in view. The banking sector is the lifeline of any modern economy. It is one of the important pillars of the financial system, which plays a vital role in the success/failure of an economy. Banks are one of the oldest financial intermediaries in the financial system. Through this discussion we try to highlight the different functions carried out by the Commercial banks in India. Also we have made an attempt to give an eyes view of the present setup in the Commercial Banking sector in India with special reference to Digital Banking.