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

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.