With the end of the millennium (20th century) the banking sector saw a drastic change in its mechanism of working .The computers were introduced into the banking system and also the concept of CORE banking was introduced and bank in India started following universal banking with the introduction of technology into banking.
From the 21 st century banking sector into came into a phase where the banking industry spread very aggressively ,and as globalization had started to have a impact on the Indian economy the economy needed a very effective and efficient banking system to let business operation take place at rapid rate .This demand of the economy and changing India could only be met by introduction of technology (computer, printers ,ATM’s, CORE banking etc ).As the demand of the economy was of an efficient banking system so was it for the plan of financial inclusion introduced my the government where it wanted to reach out the population through the banking system ,so as the people could be directly benefitted by the government schemes or subsidies that were to be provided to the citizens .Hence the dynamic changes in the economy as well as government policies was the base for the necessity of introduction of technology and the impact on the bancking sector from when it was actually introduced is fairly evident from the fact hat today India is the fastest growing economy and a scheme like PMJDY where banks are able to open about 2 crores new accounts in a single day .
Today with the increase in technology, banking has become one of the most dynamic industries in India and as concepts of internet banking ,mobile banking ,classless economy becomes a reality we will see technology playing a bigger role in the citizens lives as well as the Indian economy .
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