RECENT TRENDS OF ONLINE BANKING IN RURAL DEVELOPMENT OF INDIA

ABSTRACT

The development and the increasing progress experienced in the Information & Communication Technology coupled with the expansion of the global economy paved the way for the transformation of the Indian banking system’s role from traditional trade financing to mobilizing and channeling financial resources more effectively in almost all facets of life. Intense competitive environment, changing business environments, globalization and the advancement of ICT are the important factors that have forced Banking and Financial services to change. Customers are also demanding greater convenience and accessibility as reflected in longer branch opening hours and an increase in the choice of delivery mechanism. Therefore, with the passing of the traditional banking sector to electronic banking, new strategies have become necessary in order to attract new and retain existing customers. Banks are the main stimulus of the economic progress to play a vital role in spearheading the economic development of the nation.

Key-Words: ICT, ATM, RBI, PMJDY, NEFT.