REGULATORY FRAMEWORK AND COMPLIANCE CHALLENGES IN DIGITAL PAYMENT:A CASE STUDY ON PAYTM

REGULATORY FRAMEWORK AND COMPLIANCE CHALLENGES IN DIGITAL PAYMENT:A CASE STUDY ON PAYTM

Utkarsh Vershney, Prof Sameeksha Madan

Galgotias University

INTRODUCTION

India is not only the world's largest independent democracy, but it is also a rapidly growing economic powerhouse. No country can have a stable economy without a sound and efficient banking system. Banks play a critical role in a country's economic growth. They collect people's unused savings and make them eligible for investment. They're in the process of granting loans and purchasing investment securities, new demand deposits are also established. Accepting and discounting bills of exchange allows for trade both within and outside the country. Banks also help to improve capital mobility. India's banking system has a long list of notable accomplishments over the last three decades. It is no longer limited to the cities, but has spread to even the most remote parts of the world. This is one of the factors behind India's development. The banking industry is now one of India's most important service industries. The availability of high-quality services is critical to the economy's success. Banks' attention has turned away from customer acquisition to customer retention.

The introduction of Information Technology into the banking sector has changed the way people work. The banking sector's policy has undergone radical transformations, various customer-oriented products, such as internet banking, are available. Customer’s workload has been reduced mainly because of ATM providers, telebanking, and electronic payments. The internet's convenience Banking allows a customer to access and manage his bank account without 7 having to go to the bank. 'The Customer's options have been revolutionized by the availability of ATMs and credit/debit cards.