A COMPREHENSIVE REVIEW OF THE INDIAN BANKING SYSTEM

Abstract

Indian Banking System is very important in the economic growth of the country as it mobilises savings, makes investment possible, enhances financial inclusion and aids in industrial and agricultural development. The banking industry has gone through many changes over the years because of economic reforms, technological advances, digitalization and regulatory changes. Liberalization policies, financial inclusion programs and digital banking have contributed to making banking more efficient and accessible. This paper is a review paper which discusses the evolution, structure, reforms, digital transformation, challenges and future direction of the Indian banking system. The study compiles all the available information in the literature to give a thorough understanding of the development of the sector and its role in economic growth. The review also highlights new issues like cyber security threats, non-performing assets and competition from FinTech companies. The paper ends with a call to action for the need of innovation, regulatory support and sustainable banking practices to promote the future growth and stability of the Indian banking sector.