Future Trends In The Indian Banking System
Abstract
"A bank is an entity that provides people with secure and necessary advances of money and to which people entrust money when they do not need it," Kinley explained.
According to the Banking Regulation Act of 1949, "banking" in India is "the receiving for the purpose of lending or investing deposits of money from the Public, repayable on demand or otherwise and withdrawable by check, draft, order, or otherwise."
There have been many shifts in India's banking industry throughout the years. In an effort to provide more value to their consumers, most banks have started to innovate. Debit and credit cards, retail banking, ATMs, NEFT, and many more innovations have resulted from this in the banking and financial industries. Financial institutions are making significant investments in R&D, bringing cutting-edge ideas and technology to bear in response to India's growing liberalization, privatization, and globalization. Traditional methods of dealing with funds have been transformed by the convergence of cutting-edge financial technology with banking services. Some of the most prominent instances of new developments in the banking industry are the proliferation of fintech companies, online banking, and mobile banking.
