Page 32 - BANKING FINANCE MARCH 2024

ARTICLE

EVOLVING "INDIAN

BANKING"

LANDSCAPE :

TRENDS,

OPPORTUNITY &

CHALLENGES

I ndia has witnessed a "Digital Revolution" that has

profoundly impacted the banking industry. The
government's push towards a digital economy through
initiatives like "Digital India" and "Demonetization"
has accelerated the adoption of digital banking services.
"Covid - Pandemic" led situations also had its fair impact on
aiding the "mindset - shift" towards digital transactions.

Consumers are now increasingly comfortable with
conducting financial transactions through online platforms
and mobile applications. This has led to a surge in digital
payment volumes, mobile banking registrations, and
internet banking users.
Chart - 1
It is evident from the below given Charts 1 to 6, regarding
trend of UPI , Mobile Banking, & RTGS Transactions over
the past few years (Source RBI & NPCI)

Chart - 2

BANKING FINANCE | MARCH | 2024 | 29