Technology solutions for efficient monetary transactions with rural/urban unbanked poor in India

Abstract

Indian banks are very important part of financial sector and economy. Over the period of time, Indian banking systems went through many changes. After independence, 14 major banks are nationalized in 1969 which is targeted towards transforming class banking into mass bankingi . With the technology evolution, the banking system updated itself to provide the features of customer friendliness and convenience. The banking system has changed from the inception to the extent of one bank satisfying all the banking needs from retail services to corporate and industrial services. The Banks in India can be categorized into non-scheduled banks and scheduled banks.