Innovations in Indian banking: A study

This paper describes a brief overview of new innovations in Indian banking sector; Information Technology offered by Indian banking sector and achievements of global competitiveness by Indian banks. E-banking (Electronic Banking), is one of the latest approaches to provide comfort to the client regarding monetary transactions. Technology has played a vital role in the evolution of Indian banking sector through speed, accuracy, security, authentication & validation, privacy and efficiency of operation, and reduction in the transaction cost. This paper aims at studying awareness and acceptance Lvels of the customers with respect to the use and effectiveness of the new technologies in banking sector in India. It also aims at studying the adoption of different new technologies used in the Indian banking sector. From reality banking to virtual bankings this industry has occupied a new position in the rapidly changing environment. Today, one of the surest, most comfortable and less risk oriented faced by banking sector is the application of electronic commerce. The financial sector now operates in a more competitive environment than before and accommodates relatively large volume of international financial flows. More and more people are' adapting to this technique and the banking industry is bound to grow. There are some risks and lack of knowledge about, the process which is also one of the factors hampering online banking. The present paper is an effort to insight into various aspects of IT in Indian banking system. Finally, the paper aims to analyze the current and potential trends, and their implications for online banking systems. Now, banks are depending more and more on technology and are gradually moving towards an age of high-tech banking.