A Bank is a financial institution and a financial intermediary that accepts deposits and channels those deposits into lending activities either directly or through capital markets. A Bank connects customers that have capital deficit to customers with capital surpluses. Banks are the main participants of the financial system in India. Banking in India originated in the last decades of 18th century. Banking industry in our country is fast developing and it has assigned a crucial role in country's economic development. The objective of this research paper is to highlight the growth and development of scheduled commercial banks in India and its role in the economic development of the country. Banking sector needs to explore and adopt developmental and technological aspects to meet the current challenges. The study is both analytical and descriptive in nature and based on secondary data. An attempt is made to show the technological development in Indian banking sector and the significance of technology in the growth and development of banking sector. Technology makes transactions faster and offers unparallel convenience through various delivery channels. The study concludes that there is tremendous growth in the banking sector and its contribution towards economic development is remarkable.
Banking industry, Contribution, Economic Development, Growth, Technology
