Changing indian banking strategies for transformation

Technology has become a part of all walks of life and across all business sectors, and even more so in banking. There has been massive use of technology across many areas of banking business in India, both from the asset and the liability side of a bank's balance sheet. Delivery channels have immensely increased the choices offered to the customer to conduct transactions with ease and convenience. Various wholesale and retail payment and settlement systems have enabled faster means of moving the money to settle funds among banks and customers, facilitating improved turnover of commercial and financial transactions.The Reserve Bank has played a pivotal role in this process of transformation of the banking sector with the use of IT. As the central bank, the Reserve Bank has strived to create a conducive environment for promoting technological adoption encompassing the financial sector. Moreover, being an important institution in the financial sector, it too has undergone the process of technological change. Finally, the Reserve Bank has endeavored to streamline technological change in a manner that would help to enhance the inclusiveness of the banking sector.