SAARJ Journal on Banking & Insurance Research

Indian banking sector tap the lives of millions of people and it is rising at a quick pace. Banking industry in India is confronting number of challenges like varying desires and opinion of customers, new policy from time to time and immense advancement in technologies. The stress of meeting these challenges has forced banks to modify the old methods of conducting business. The paper focuses on how the technology has altered the visage of banking in India. India's banking industry has witnessed a number of key financial innovations in the past decades which showed the way to incredible enhancement in services and operations of banks. A range of advancement in banking and financial segment are Electronic Clearing System, Real Time Gross Settlement, Electronic Fund Transfer, Debit cards and Credit cards, ATMs, mobile banking, online banking and various others. Banks have spent greatly in taking up of these advancements. The need of hour is to design such a system that encourages the efficiency of investment in innovations and widens the gap between revenues and costs involved with reference to technological up gradation.