PARADIGM SHIFT IN INDIAN BANKING SYSTEM –MOVING FROM CASH TO NON CASH AND CHEQUE TO DIGITAL!

CMA Manish Kandpal

Abstract


Indian banking sector is poised with efficacy for robust growth which will play pivotal role in flourishing Indian economy. This was proved by SBI after merging with five associates banks and securing 52nd rank among the banks in world by assets. Indian Banking sector has the potential to become the fifth largest banking industry in the world by 2020 and third largest by 2025 (KPMG-CII report).  The Indian Banking industry is currently worth Rs. 81 trillion (US $ 1.31 trillion) and it is expected to cross US$ 28.5 trillion in FY25. Banks are using latest technologies to provide valuable, cost efficient and timely services to customers. The Prime Minister of India Mr. Narendra Modi addressed Indians on Mann Ki Baat, “Learn how this digital economy works”. Let us bank on bank and join hands to enjoy the digital world and to boost the cashless economy of India!


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