GROWTH IN USE OF DIGITAL BANKING IN INDIA

Abstract

The Digital India initiative is a government-led initiative with the goal of transforming India into a digitally empowered society and learning economy. Digital banking in India has emerged as the preferred banking channel. However, challenges facing expansion of banks' digital footprint in India are formidable. India, with an unbanked population in the order of 190 million adults, has a staggering number of people without access to credit. The Computerized India initiative aims to emphasise self-government while also transforming India into a more active community. The Government of India has launched the Digital India initiative in order to change the entire environment of open organisations using information development and advanced economy. The goal is to transform India into a carefully drew in the public sight and data economy. Digital banking has revolutionised the way we bank in today's society. With Digital Banking, we can transact more quickly, effortlessly, and simply. The phrase "digital banking" refers to banking that is done fully online, without the need of paper documents like checks, pay-in slips, or Demand Drafts. Without needing to physically visit a bank office, digital banking allows users to access and perform all routine banking activities 24 hours a day, seven days a week. Digital banking can be done on a laptop, tablet, or smartphone.