Technology In Banks: A Study on E-Banking Channels and Formats

Commercial banks in India have occupied pivotal position in accelerating the growth of economy in general and inclusive growth in particular. They are instrumental for capital formation, promotion of trade and industry, and development of agriculture. All along, Indian banking has undergone a rapid transformation especially after initiation of the financial sector reforms. Entry of private players has heightened the competition. Technology has come to the rescue of the banks in facing the challenges of stiff competition and meeting the varied expectations of the customers. Technology has changed the face of Indian banking. It is impossible to think of banking operations today without technology. Against this backdrop, this paper highlights the significance of technology in banking operations. The paper discusses the evolution of technology in Indian banking and the progress made by the Indian banks in different E- banking channels like ATM, RTGS, ECS, EFT and card payments.