BANKING TECHNOLOGY IN INDIA-A STEPPING STONE FOR FINANCIAL INCLUSION

DR.SURESH CHANDRA BIHARI

Abstract


The Indian banking sector has seen several phases of transformation. However the real growth in the banking sector was observed post introduction of LPG (Liberalization, Privatization and Globalization) in 1991. The opening up of economy witnessed a sudden boost in the level of economic activity. The government and RBI had to take proactive measures to expand the Indian Banking platform so that it was capable of handling the load of the exponentially increasing financial transactions. The RBI was able to foresee that in order to increase the capacity and to bring Indian Banking at par with the Banking practices followed globally; infusion of technology in banking was a pre-requisite.

But the benefits of Banking Technology in India can be reaped truly if it leads to financial Inclusion-the most pronounced objectives of the Government, the Policy makers and Regulators in India. The various features of Banking Technology in India and how it can lead to Financial Inclusion is the purpose of this paper.


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ISSN : 2251-1563