Authors:
S. Balakrishnan, P. Maheswari, M. S. Loganthan

Addresses:
Department of Commerce, SRM Institute of Science and Technology, Ramapuram, Chennai, Tamil Nadu, India. Department of Commerce with Computer Applications, Hindusthan College of Arts and Science, Coimbatore, Tamil Nadu, India.

Abstract:

The bank is the mainstay of the financial economy. It mobilises the public's financial resources and grants various types of credit to account holders, industries, and entrepreneurs, among others. The banking sector has experienced tremendous growth in recent times and is now competing with the broader financial services industry. The banking sector in India was established in the early 18th century. After independence, the first and second nationalisations of the bank were part of the country's innovation. In the post-reform period, the banking sector has undergone numerous changes, including the introduction of new technologies, methods, and innovations. These innovations have enabled the banking sector to offer services such as credit cards, debit cards, ATMs, and internet banking. Digital banking refers to the transfer of money through electronic devices, such as computers and mobile phones. The present study has the following objectives: i) to examine the digital banking innovations in the Indian banking sector; ii) to analyse the performance of digital banking innovations in India. The present study is based on secondary data. The required data have been collected from various sources, including the Ministry of Finance, Reserve Bank of India, National Payment Corporation of India, NITI Aayog, as well as working papers and discussion papers. Innovation in digital banking is an urgent need of the hour for the Indian banking sector. 

Keywords: Digital Banking; Credit Card; Digital Transactions; Debit Cards; Internet Banking; Reserve Bank of India; National Payment Corporation of India; Financial Services; Banking Sector.

Received on: 10/07/2024, Revised on: 24/09/2024, Accepted on: 30/11/2024, Published on: 05/03/2025

DOI: 10.69888/FTSML.2025.000402

FMDB Transactions on Sustainable Management Letters, 2025 Vol. 3 No. 1, Pages: 34-42

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