Importance of Banks in Cashless Transactions under Digitalization System

Banking sector plays an important role in economic development of India, huge changes in digitalization system and new techniques in technology have changed the entire banking system. Basically Indians are slow in nature to adjust the modern techniques from the traditional methods. Union government of India forced Indian citizens to switch to the cashless transaction by taking bold decisions of demonetization. After note ban decision people of the nation depressed the system of note ban, but due to the digitalization system faster changes has taken place in the distribution and circulation of rupees notes. Effect of digitalization, net banking, mobile banking, debit card, credit card, e-services, and e-payments number of changes has been taken in banks. Sweden is the first nation to adopt cashless transaction in the world. 10-15 of Indian population and up to 40 of Brezile and Chaina's population has adopted cashless transaction. But recently in India more than 30 of Indian citizens are using cashless transaction. A common man can transact his banking business by using electronic apps easily. Even in rural area's banks are also started to adopted digital system to provide faster service to their customer. By using digitalization services profits can be easily access through good services. There are number of problems may disturbed after by using the system but these can be manageable if we aware about the threats of technology. Today's cashless transaction shows the remarkable changes have been took place in the mind of costumers. In present scenario, Indian economic sector have been identified faster progress in the world even in suffering serious diseases like black money, terrorism, illegal propriety etc, and also hope that these can be manageable by the legal cell the country. Mr. S S Halemani "Importance of Banks in Cashless Transactions under Digitalization System" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Special Issue | International Conference on Digital Economy and its Impact on Business and Industry , October 2018, URL: http://www.ijtsrd.com/papers/ijtsrd18702.pdf