Growth of E-Banking Modes in India- A Comparative Study

Financial sector is essential for development of every country. Indian banking sector is also playing a vital role to enhance financial growth and economic development of the country. IT revolution is experienced in every field of operations and banking sector is not an exception to it. Banks are adopting various techniques and electronic modes to facilitate more quality service to their customers. Technology in banking transactions is supported by banks as well as customers. A number of e-banking options such as ATM, Debit/Credit cards, e-wallets, USSD, NEFT, RTGS, IMPS, and UPI and ECS etc. are available to complete the banking transactions very conveniently and promptly. Government of India has taken various effective steps to promote electronic banking. RBI has also set the objectives to raise cashless transactions and use of electric modes of banking in society. The present study is set out to analyze the growth and trend of e-banking modes particularly related to the period of 2015 – 2019.This study has also included challenges faced by Indian banks in adoption of e-banking system and recommendations are given to look out on the problems