PARADIGM SHIFT TOWARDS DIGITALLY-DRIVEN BANKINGECOSYSTEM IN INDIA

Abstract

The article delves into the transformative journey of India's banking sector towards a digitally-driven ecosystem. It analyzes recent trends, initiatives, and the paradigm shift observed, emphasizing technological advancements and customer-centric approaches. Highlighting notable suggestions, the article outlines key strategies for both banks and the government. For banks, recommendations encompass technology investment, customer-centricity, cybersecurity strengthening, financial literacy drives, and collaborative alliances. Similarly, government-centric suggestions revolve around regulatory support, digital infrastructure development, inclusive financial initiatives, robust cybersecurity regulations, and fostering collaborative efforts. The conclusion underscores the pivotal role of these strategies in shaping a resilient and inclusive financial landscape. These recommendations form a comprehensive framework poised to sustain and advance India's banking sector in the digital era, ensuring innovation, accessibility, and security for all stakeholders involved.