Emerging Innovations of Information Technology in Banking Sector in India

Abstract

Digitalization, Liberalization  and  Information  technology  has  attracted  many  foreign  banks  to  India,  thereby opening up new markets, new products and efficient delivery channels for the banking industry. In the development of Indian Economy, Banking sector plays a very important and crucial role. With the use of technology, there had been an increase in penetration, productivity and efficiency. It  has  not  only  increased  the  cost  effectiveness  but  also  has  helped  in  making  small  value transactions  viable.    It also enhances choices, creates new markets, and improves productivity and efficiency. It has been noticed that financial markets have turned into a buyer‘s markets in India. Commercial Banks in India are now becoming a one-stop Supermarket.