Information technology and payment settlement sysytem in Indian banking industry

The Indian banking and financial market have undergone a series of structural transformation and innovations since post independence, beginning from the nationalization of banks to evolution of crypto currency and artificial intelligence. The primary objective behind all innovation in banking sector is financial inclusion of vulnerable section of society so that they can significantly contribute to growth and development of Indian economy. The various instruments like Debit Cards, Credit Cards, kiosk machine, ATM, Adhar enabled PAN, PAYTM, PAYPAL, BHIM APP, and many more plays a role to flourish the economy. The government of India is trying its best to reach marginal sections of society and it would be wrong to deny the fact that innovations in banking sector has set a milestones in India. Due to rapid developments in technology government has fuelled the emergence of integrated payment settlement system with chat bots. The present paper is an attempt to identify recent technological innovations, developments and trends in banking sector to streamline customer protection and win global market.