THE IMPLICATION OF ELECTRONIC BANKING ON INDIAN BANKING SECTOR

Currently, India is the nation that is developing at the quickest rate in the globe, and since the demonetization of the country in 2016, there has been a spike in the e-banking industry of India. In the modern, digitalized world, electronic banking has become an essential component. The purpose of this study was to collect data regarding the history of electronic banking in India, analyze the current state of electronic banking in India through the use of surveys, and attempt to forecast the future of the electronic banking industry in India. In this study, we investigated seven distinct aspects that are associated with electronic banking in India. Alternative methods of conducting business Quantity of users Innovative technological developments in online banking the sum of all funds sent through electronic banking Policies of the government Educating the general audience about the various services that are provided via online banking In order to obtain the necessary information, we first carried out a survey in the city of Pune and its surrounding areas. Subsequently, we examined the data and attempted to make predictions regarding the future. Throughout the survey, we inquired about a variety of topics, including the respondents’ preferred banking method and the number of transactions they completed on a weekly basis. After that, we put the information that we had gathered from the survey and the RBI through an analysis, and based on the findings of that study, we attempted to make a prediction about the future in two stages.