Rohini Sakharam Yevale, Ph. D Researcher.Dr.Babasaheb Ambedkar Marathawada University of Aurangabad
Abstract
This research paper highlights the economic analysis of banking Sector. It also examines the contemporary relevance of the economic analysis of bank with reference to India. The study concludes that it has crucial importance in the present India. The study can be useful for the policy makers, researchers and many others people.
Introduction:-In the development country like India Banking sector play important role for development of our economy. Digital Banking facilities have many features and capabilities in word. Digital Banking achieve good place to enhance the delivary of key service and improve customer experiences accross channel. Bank must execute their digital strategy to speed up their functions. Consumers around the world are also accepted digital banking facilities. Digital technology empowers the customer transforming their relationship with bank for providing banking facilities.
Importance of digitalization in banking sectorsIt changes consumer behavior in favour of digitalisation. Consumer can give quick feedback. Bank use digital currencies for transactions. It Reduce workload of manpower.Bank can provide 24 hours services.
Scope of digitalisation in Banking Sectors. It brings revolution changes in banking sectors. New customers engage with them.Future of banking due to digitalisation becomes happiest. Bank can deliver services over the word wide. Reduce paper work & documentation. Easty transfer data from one branch to another. Electronic payment system.
Aims & Objectives of digitalisation in Banking Sectors.
Increase Mobility. Direct contact with customers. Bank pays personal attention on consumer. Quick services through bank.
Protecction to consumer in E – banking.
Research MethodologyA wide range of research methods are used in this research. Different types of instrument that is used in data collection. Choosing the right research method is fundamental to get proper result. A research method is a systematic plan for doing research work. Here primary & secondary data is used a research methodology.
Limitation of digitalization in banking sector
Indian economy grew very slowly which is surprising given that India unexpected demonetization operation which more disruptive mode in India. Prime ministered Modi has used this demonetization which affected mostly on poor people rather than rich. Because he uses the limit to deposit old currency to get new currency but prime ministered Modi don‘t know about many poor people who live below poverty line in India. They don‘t have bank account how they will get change and new currency from Bank. Still our India is not developed and there are many communities which are not developed and educated most of people are living on foot path.
Methods and materials:-This present paper is an attempt to highlight analysis of digitalization in banking sector. The Secondary data collected is the outcome of literature survey and material obtained from internet published papers, books proceedings and speeches of people.
Analysis and DiscussionThe last decade which marks the of liberalization and reforms in economy, has been an eventful one for the banking sector changing the face of industry. Banking today is a flourishing industry, focused on technological innovation. Internet banking has emerged as the biggest focus area in the digital transformation.
Recent reforms in Taxation, Real estate & Banking sectors in India Impact Factor SJIF 2016-6.177
Reforms in Banking Sector due to digitalization: Banking sector today focus area in digital transformation agenda of banking sector. Indian Banks intensive use technology to increase revenue, enhance customers experience, optimize cost structure and manage enterprise risk. Time for reform RBJ Governer Raghuram Rajan. Digital Banking is the digitalization or moving towards online for cashless or online transactions and reduce traditional banking activities and programs that were only available to customers when physically, inside of bank branch This include activities like money deposit, withdrawals, transfers, Checking account and so on. RBI Governor Raghuram Rajan listen to ideas and he promote digitalization for cashless economy in banking sections which reduce frauds of bank and provide efficient services to people Raghuram Rajan encourage digital signature for authentication for customer. He suggested to reserve Banks of India to consider paperless account opening without Specimen Signature (Physically signs) for digitalization he use the method one time password, biometric authentication and digital signature could be used to open such account.
The banking industry observed that online verification of the Customer and capture Adhar card by UIDAI, through KYC Word is done. Demonetization is pushing India towards cashless society and bank prepares to deal with increase electronic transactions.
Suggestions:-Bank should provide training to consumer how to utilize technology in banking sector. Bank should give training to staff how to operate technology.When ATM machines are not working so bank provides alternative solutions.Increase literacy in rural area about digitalisation. Increase connectivity of digitalisation in rural area. Make strict laws for reducing cyber crimes. Increase inters – departmental coordination for improving digitalisation. Proper finance should be given to improve facilities of digitalisation.
Reference
Investment Banking – Pratap G. Subramanyam.
Corporate Governance in Banking Sector – Beena S. Dave Baking theory law & Practice – E. Gordon K. Natarajan Banking & Insurance – O.P. Agarwal.
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Recent reforms in Taxation, Real estate & Banking sectors in India Impact Factor SJIF 2016-6.177
A STUDY ON IMPACT OF DEMONITISATION ON THE BANK CUSTOMERS