Page 36 - Banking Finance March 2021

ARTICLE

secure and improved payment systems such as biometrics transactions is rising exponentially, as merchants and
and cryptography through which customers won't have to consumers find ease in digital payments. Financial
pay anything in person, but it will be automated and hence, institutions must now not only design processes and systems
invisible. that incorporate cutting-edge technology and innovations
but it is also required to meet higher customer
Conclusion: expectations. We can easily say that financial services,
including banking services, are at the cusp of a revolutionary
To conclude, India has been through a very healthy evolution
change driven by technological and digital innovations.
of payment systems over the time. In looking back, one can
easily admit that it had actually been a revolution, without
being so realising. Today our payment systems are not only References:
comparable to any systems, anywhere in the world, but our ) Payment & Settlement Systems in India: Vision-2021
systems also setting standards and good practices for the (by RBI)
world to follow. With the ever changing scenarios in the ) RBI's Annual Report on Payment and Settlement
information and communication technology, world over, Systems.
different kinds of payment instruments and systems are ) https://en.wikipedia.org/wiki/
evolving. It is happening in India too. Today we can boast of
Payment_and_settlement_systems _in_India
a strong retail payments framework existing in the country
comparable to that of any advanced country. Our payment ) RBI Report of the working Group on FinTech and
framework is even better than some of them in terms of Digital Banking.
the variety and efficiency. ) http://www.worldofcoins.eu/forum/index.php

Financial technology or Fintech as it is called is evolving at a Disclaimer :
pace, which is unthinkable. There is a lot of potential and The views and opinions expressed in the article are that of
scope in the Indian finance sector. The number of digital the Author and not of the Bank. T

FORM IV (SEE RULE 8)

1. Place Kolkata
2. Periodicity of Publication Monthly
3. Printer’s Name Satyajug Employees Co-operative Industrial
Society Ltd.
(Whether citizen of India?) Yes
(If foreigner, state the country of origin) No
Address 13, Prafulla Sarkar Street, Kolkata - 700 072
4. Publisher’s Name Sushil Kumar Agarwala
(Whether citizen of India?) Yes
(If foreigner, state the country of origin) No
5. Editor’s Name CA Rakesh Agarwal
(Whether citizen of India?) Yes
(If foreigner, state the country of origin) No
Address 25/1, Baranashi Ghosh Street, P.S. Girish Park,
Kolkata - 700 007
6. Name and address of individuals who own the Sushil Kumar Agarwala
newspaper and partners or shareholders holding Proprietor
more than one percent of the total capital 31/1,Sadananda Road, P.S. Kalighat, Kolkata - 700 026

36 | 2021 | MARCH | BANKING FINANCE