ROLE OF INFORMATION TECHNOLOGY IN INDIAN BANKING SECTOR

Revolutions in Information technology had a great impact on the Indian
banking sector. Since economic liberalization in the year 1991, use of computers
has increased many folds because country's banking sector had been exposed to
the world's global market and Indian banks were finding it really very difficult to
compete with the international banks in terms of various services, without the use
of adequate information technology system. Information technology can be
defined as the acquisition, processing, storage and dissemination of all types of
information using computer technology and telecommunication systems. The use
of computers has led to the introduction of online banking in India. With the use
of information technology banks can provides many services to clients like ATMs,
Electronic funds transfers, internet banking etc. Use of information technology in
banking industry will provides numerous business opportunities at less cost, time
and can also place utility. The present paper will focus on the role of Information
technology in Indian banking sector.