Digital Banking – A New Frontier in Indian Business

Banking has taken a paradigm shift in India now even though it has a historical legacy for over two
centuries. Definition of Banking has taken a different meaning with technologybecoming a cutting edge
in business. A major revolution is taking place in Banking Sector due to the Economic and Banking Sector
eforms going on since !""!. #ew private
and foreign banks gave a threat and challenge to Indian $ubic Sector Banks as an outcome of %iberali&
ation' $rivati&ation and (lobali&ation )%$(* measures by the (overnment of India.Stand+alone branches
have taken a new ,avatar- due to ore Banking facilities. Banks aredifferentiating from each other in
rendering best customer service through digital banking tohandle large volumes of business and meeting
the /inancial Inclusion goals set by
the government. omputerisation and A01s made the life of customers easy for processing of their cash
transactions and retail banking needs. 2nline Banking made the job
further simplified in all kinds of transactions. 3ith the advent of mobile technology and smart phones' 1+
Banking is now the order of the day making the traditional banks as ,virtual-
. Interestingly' $SBs in India withstood the onslaught to give tough competition to their counterparts
using technology' after a time tuning of two decades. 0echnology in Banking Sector made the banks to
also think about %ean and (reen 1anagement. Digital 1arketing became a strategy to attract (en+4
customers even in Banking Sector. 0he authors havetaken secondary data and analysed the Indian
Banking System on how 0echnology supported in the development of the Banking Business in recent
years.

.e+ 0ords' Bank, Business, Digital Banking, Indian Banks, 1echnolog+, 2tilit+ Ser/ices

#-Introduction#-# 3istor+ o% Banking in India

$ndian &an in System comprisin of ommercial, De!elopmental and entral&an in ( &$" 'itnessed
se!eral t'ists and turns for o!er t'o centuries)
3heseinclude r anisational chan es, perations and 5eo raphical Spread, e al and3echnolo ical
inter!entions and fferin of !arious types of products and ser!ices bythe Public, Pri!ate, Forei n and
ooperati!e Sector &an s) &roadly, the functionin of ban s can be di!ided into three phases !i7), (i"
prior to 1+6+ - first nationalisation,(ii" bet'een 1+6+ to 1++0 - ro'th period and (iii" after 1++1 -
consolidation 'ith
theintroduction of 8conomic eforms throu h iberalisation, Pri!atisation and5lobalisation ( P5")3he $3
re!olution durin mid-1+ 0s had a reat impact on the $ndian &an in system)9se of computers
for bac -office reconciliation e:tended to front-office operations indue course leadin
to introduction of nline &an in ) Se!eral inno!ations andcomputerisation increased their business
many-fold as the country;s ban in sector reached lobal standards) 3he domestic ban s 'ere findin it
difficult to compete'ith their international counterparts in terms of customer ser!ice 'ithout the use
of $nformation 3echnolo y) 3he ne' 'a!e ushered in a modern outloo and tech-sa!!ymethods of 'or in
for traditional ban s to offer top class customer ser!ice at all
2

le!els) #ll this led to the etail &an in boom in $ndia by turn of the t'enty-firstcentury)

#-4 e%or(s in Banking Sector with %ocus on 1echnolog+

&$ formed se!eral <or in 5roups and 8:pert ommittees on %echanisation

= omputerisation in the &an in $ndustry as i!en in 3able-
1) %a>or recommendations of these 5roups = ommittees 'ere to introducin %$ 3echnolo y, use
of standardi7ed che?ue forms=encoders, settlement operations in the learin @ouses, computerisation
of branches by increasin their connecti!ity, $ssuesrelatin to Payments System, he?ue learin for
Securities Settlement,
8lectronicFunds 3ransfer (8F3" System, 8lectronic &an in , ADoin &an in by 9sin 3echnolo iesB
li e -
internet and net'or in , so as to increase efficiency, ?uic ser!ice, producti!ity and transparency) 3hese
initiati!es brou ht in remar ablechan es in the 'or in of ban in system e!entually as is e:perienced
today)

1a*le #' Co((ittees o% BI %or 1echnolog+ in Banks

S-No-5earNa(e o% the Co((itteeChair6erson

11+ 2<or in 5roup to consider feasibility of introducin %$ = 3echnolo y for processin of

he?uesDr C & Damle, #d!isor,%ana ement Ser!icesDept),
&$21+ 4 ommittee on %echani7ation in the &an in $ndustryDr) ) an ara>an, Deputy5o!ernor,
&$/1+ . ommittee on ommunication et'or for &an sand S<$F3
implementationSri) 3 # $yer, 8:ecuti!eDirector, &$41+ ommittee on omputerisation in &an sDr )
an ara>an, Deputy5o!ernor, &$ 1++4 ommittee on 3echnolo y $ssues relatin toPayments Systems,
he?ue learin and Securitiessystem in the &an in industrySri) < S Saraf, 8:ecuti!eDirector,
&$61++ ommittee on Proposin 8lectronic Funds3ransfer and 8lectronic PaymentsSmt) E S Shere,
Principal e al #d!iser,
&$.1+++ ommittee on $ F$ 83Sri) asude!an &$ 8:pert 2001 ommittee on e al #spects of &an Fr
audsDr) %itra+2002<or in 5roup on 8lectronic %oney%s) Garir ama &$10200/<or in 5roup on he
?ue 3runcation and e- he?uesDr) & &arman, 8:ecuti!eDirector, eser!e
&an 112011<or in 5roup on $nformation Security,8lectronic &an in , 3echnolo y is
%ana ementand yber FraudsShri 5 5opala rishna, &$12201/ ommittee on omprehensi!e Financial
Ser!icesfor Small &usinesses and o' $ncome @ouseholds(formation of Payment
&an s"Dr) achi et %or, &$&oard %emberSourceH arious eports of &$

<hat be an 'ith usa e of #d!anced ed er Postin %achines (# P%s" for ser!iceo!er the counter durin
se!enties, reached todayBs most sophisticated le!els of %obileand et'or ban in ) $n the process,
se!eral products and ser!ices li e clearin of che?ues, reconciliation of accounts, offerin of ser!ices li e
redit = Debit = Smart

ards, Eisan = S%8 ards, Dematerialisation, ore &an in Solutions, ross Sellin ,faster remittance of
funds throu h 35S = 8 S = 8F3 = S8F3 = S<$F3, he?ue3runcation, etc), are bein offered by all
ban s) 9sa e of $ 83, $- 83, #&% ,&# E 83, $ F$ 83, &$ 83, DS, SF%S ha!e become the order
of the day)Similarly, compliance to prudential norms li e # , , S , P#, EC , # %and is
%ana ement has become smooth) &enefits of $nterest ate Dere ulation is bein e:tended to
customers efficiently) obust %$S mechanisms are 'ithstandin theonslau ht and %ana ement of
Disasters, yber rimes, %oney aunderin , Phishin ,Pharmin , @ac in , ishin , S immin , Smishin ,
3ro>an, etc)

#-7 Digital Banking

$nternet has brou ht in the bi est chan e in the 'ay 'e ha!e been ban in for centuries) Di ital
&an in is the present trend in ban in ) $t is not only merely usin the internet and is much more,
based on the S%# (Social, %obile, #nalytics and loud" model, 'hich puts customer first and cuts costs
associated 'ith ban in )S%# ma es ban in business more a ile and customer centric 'hich contributes
tothe buildin of the Di ital &an in ) 3here are other elements such as &i Data anduser-e:perience
that also contribute to the concept)

4- e/iew o% 8iterature4-# Articles %ro( esearch 9ournals

E)S) Srini!asa ao and 9) ama ao (1++ " discussed on the issues and challen es of the utility ser!ices
offered by &an s usin technolo y proposed by <S Saraf asP9S@P# System) ho'dari Prasad and E)S)
Srini!asa ao (2004" analysed the Performance of
PublicSector &an s and compared them 'ith their counterparts and indicated ho'technolo y 'ould be
ta in a cuttin ed e for the future ban in business)E)S) Srini!asa ao and ho'dari Prasad (2006"
studied on the sustainability of Forei n &an s operatin in $ndia in-spite of their 3echnolo y
ad!anta e)#n it 5upta (2010" studied on the %obile &an in adoption in rural $ndia as
casestudy) arala shmi #, ho'dari Prasad and E)S) Srini!asa ao (201/" created a'areness on ean and
5reen &an in and su ested ho' technolo y in &an in can reduce'asta e)#nshu 3ya i and Smitha
hitranshi (201 " ha!e studied the relationship bet'een8lectronic &an in and ustomer Satisfaction in
a select $ndian ban ) Da!inder Eumar and &hubanes'ar Sharma (201 " ha!e discussed about ho' !irtual
circuits'ill become permanent in ma in %-&an in applications a success) 3hey focussedon the issues
of cost effecti!e plannin of net'or and location mana ement bet'een#3%s and <#3%s (<hite abelled
#3%s")

5omathy 3hya ara>an (201 " has studied more on issues related to %obile &an in
in$ndia) %uhammed Iuman &E and I) hristopher (201 " ha!e indicated that e-&an in in $ndia is still in
e!olution sta e e!enthou h 5o!ernment of $ndia and &$ha!e ta en se!eral initiati!es) Eamales'ar &oro
(201 " has studied on the prospectsand challen es of technolo ical inno!ations in $ndian ban s !i7)
#3%s, redit ards,Debit ards, $nternet &an in , %obile &an in , 8 S, 35S, and %obile <allet in orth
8astern $ndia)S a ara>u and atha Parthiban (201 " ha!e discussed about the ad!anta es of
loud3echnolo ies and mentioned about issues li e data security and pri!acy) 3hey
ha!e presented a multi-
factor authentication scheme usin biometric fin er prints as a ey parameter for
online ban in systems) 3han om #run and a>ala:mi Eamath (201 "ha!e opined that Financial
$nclusion is the ey enabler for de!elopment) 3he macrodata analysed by them
throu h round table discussions, a!e different re ional perspecti!es on the policies and practices of
financial inclusion in $ndia, South #fricaand #ustralia) ) arala shmi (201 " has described about the
attac s on P$ entry and secure #3%transaction methods used to reduce physical and electronic thefts
in #3%s) C aoand Srini!asa ao &udde (201 " ha!e studied on the de!elopment in
$nformation3echnolo y 'hich enables ban s in ma in !alue-added ser!ices to be more effecti!ein
satisfyin customer needs by adoptin inno!ati!e solutions in ban in ser!ices) )Srini!asan and %)
Subramanian (201 " ha!e demystified about Payment &an s andho' they are oin to support in Di ital
&an in re!olution)#boa ye %ichael sei et al), (2016" ha!e su ested throu h a sur!ey findin s
onho' to redefine the S8 -J9$ dimensions and constructs 'hile applyin to8lectronic &an in )

4-4 e6orts o% Consulting Co(6anies on Digital Banking

In%os+s"4$#4' Branch Bank o% the Future" 1rans%or(ing to Sta+ ele/ant

$nfosys belie!es that technolo y, inno!ation and channel inte ration 'ill playa ey role in re-en ineerin
and re-ener i7in the ban branch as one of the preferred mode of ban in )

Mc.inse+ : Co(6an+ "4$#7' etail Banking in Asia Actiona*le insights%or new o66ortunities

etail &an in in #sia is on the cusp of a ne' eraKan era of ama7in ro'thand opportunities but also an
era that 'ill see do'n'ard pressure on returns)#sia 'ill reach o!er 9SD +00 billion in retail ban in re!enue
by 2020, ro'in at about 14 percent per year from 2010) $t is e:pected to be thesecond lar est 'ealth
mana ement re ion lobally after the 9nited States,'ith more personal financial assets residin here in
#sia than 8urope by 201 )3his is also a mar et 'here they are seein and 'ill continue to see
rapidshifts in three consumer beha!ioursKhei htenin demands on frontlineser!ices, fast adoption of ne'
mobile platforms, and increasin need for credit

and a lar er !ariety of products alon side ro'th of the middle class andurbani7ation, amon st others)

0I O and E%(a"4$#7' 1he !lo*al etail Banking Digital Marketing

3his study 'as based on lobal sur!eys of ban s co!erin mar etin anddi ital channels, and is also based
on inter!ie's 'ith ban s from all re ions of the 'orld) Di ital %ar etin apability $nde: sho's that only a
fe' ban scan consider themsel!es to be 'orld class 'hen it comes to Di ital %ar etin )3he potential for
impro!ement at most ban s is hu e) Social media alsointroduces lots of ne' issues for ban s in their
Di ital %ar etin acti!ities)
India Brand E;uit+ Foundation <IBEF="4$#7' 1he Indian BankingSector' ecent De/elo6(ents, !rowth
and ros6ects

3hou h the 5o!ernment is 'or in hard to control inflation rates, the

industrye:pects full implementation of &asel $$$ (currently ban s in $ndia arefollo'in &asel $$" norms
by %arch 201 ) 3his 'ill re?uire a considerablecredit raise, especially for public sector ban sL ho'e!er,
an assessment of theassets of pri!ate sector ban s such as $ $ $ and Eota %ahindra re!eals thatthey
already ha!e sufficient capital, and 'ill sail throu h this chan e)

Deloitte Consulting /t- 8td" 4$#>' Digital 1ransaction Banking'O66ortunities : Challenges

$n this study, Deloitte e:plores in-depth the di ital phenomenon de!elopin inthe transaction ban in
landscape by identifyin ey lobal technolo y trendsand chan es to the end-clientsB ecosystem, as 'ell
as the different de rees of trend pre!alence and maturity across ey industries) Deloitte then
e:aminedthe current state of the incumbents and alternati!e ser!ice pro!iders in theindustry, and finally,
ta es a limpse into the road ahead)

0C e6ort 4$#>' roducti/it+ in Indian Banking

3he report deals 'ith Di ital &an in M pportunity for 8:traordinary 5ainsin each, Ser!ice, and
Producti!ity in ne:t years as 'ell as its Disrupti!ePotential)

3a66iest Minds 1echnologies /t- 8td- – 4$#>' Digital 1rans%or(ation inBanking – 1he Future o%
Banking

3odayBs demand of ban in is Aanytime any'here ban in B) 3his re?uiresinno!ati!e, robust, secure,
optimi7ed and ready to meet the e:pectations of empo'ered and tech-sa!!y customers) Di ital
3ransformation is far beyond >ust mo!in from traditional ban in to a di ital 'orld) $t is a !ital
chan e inho' ban s and other financial institutions learn about, interact 'ith and
satisfycustomers) #n efficacious Di ital 3ransformation be ins 'ith anunderstandin of di ital customer
beha!ior, preferences, choices, li es,

6
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disli es, stated as 'ell as unstated needs, aspirations etc) #nd thistransformation leads to the ma>or
chan es in the or ani7ations, from product-centric to customer-centric !ie')

Cogni?ant <4$#>=' Digital Banking' Enhancing Custo(er E@6erience !enerating 8ong"1er( 8o+alt+

3o stay profitable and ro' in the ne' di ital economy, ban s need to adopt acustomer-centric business
model, di!ersify online deli!ery of products andser!ices channels, and be in ma in meanin from
!aluable trails of di italinformation) Di ital moderni7ation i!es traditional ban s a second
chance) #smart, enterprise-'ide approach positions them to deepen customer satisfaction and loyalty,
dri!in lon -term relationships and profitability)

E5 and IBA <4$#>=' Banking on 1echnolog+ ers6ecti/es on the IndianBanking Industr+

espondin to &asel norms and a more a ressi!e super!isory re ime, ban sha!e underta en ris and
compliance mana ement system implementations)$nformation %ana ement and #nalytics are in focus
as ban s ha!e built outlar e data 'arehouses in an attempt to le!era e their data assets to
better understand, sell and ser!e their customers) #ll this points to a flourishin industry, focused on
technolo ical inno!ation) @o'e!er, 'hile there has beensi nificant action, considerable amount remains
to be done) 3he ne:t fe'years are critical as ban s focus on Ns'eatin O their technolo y in!estments
toincrease their eturn on $n!estment)

BC! and IAMAI e6ort – 4$# ' India Digital-Bharat – creating a 4$$*illion Internet econo(+

3he &oston onsultin 5roup and $nternet and %obile #ssociation of $ndiaen!isa e that $ndian
economy 'ill create a 200 billion business for mobile ban in shortly)

Mc.inse+ : Co(6an+ "4$# ' Digital Banking in Asia' 0hat doconsu(ers reall+ want
#sian consumers are mo!in ?uic ly into Di ital &an in , %cEinseyBs
latestresearch sho's) $ncumbents and ne' entrants ali e should plan for theimplications)

DBS !rou6 esearch E;uit+ 4$# ' egional Industr+ Focus" ASEANBanks

&an s ha!e started to in!est in di iti7ation 'hich includes ey areas such as bac -office automation,
di iti7ation of document mana ement and automationof credit decisions) D&S stated in its 201/ #nnual
eport that it plans to in!estS 200m a year o!er three years in Di ital &an in ) #s per the
%cEinsey #siaPersonal Financial Ser!ices Sur!ey, 201 L e:tracted from Di ital &an in in

#siaH <hat do consumers really 'antQ, it 'as noticed that $ndia has
1 R penetration out of other se!eral #sian countries, in 'hich South Eorea and#ustralia ot hi hest
penetration (+6R" 'ith a least penetration in Philippines(1/R")

0C" ASSOC3AM India"4$# ' 8ogging into Digital Banking, Creatingaccess and trans%or(ing li/es

#SS @#% and P' present this no'led e paper 'ith the ob>ecti!e
of contemplatin the issues and challen es bein faced by $3 and telecomcompanies in pro!idin a
platform for ta in ban in to the unban ed masses)

7- BI !uidelines on 1echnolog+7-#Cor6orate !o/ernance o% Banks in India

$3 5o!ernance is an inte ral part of the orporate 5o!ernance that constitutesaccountability frame'or
of a ban ) $t in!ol!es leadership support, or ani7ationalstructure and processes to ensure that a ban Bs
$3 sustains and e:tends businessstrate ies and ob>ecti!es) 8ffecti!e $3 5o!ernance is the responsibility
of the &oard of Directors and 8:ecuti!e %ana ement) #ccess to reliable information has become
anindispensable component of conductin business, indeed, in a ro'in number
of ban s, information is business) 3oday, almost e!ery commercial ban branch is atsome sta e of tech
nolo y adoptionH ore &an in Solution ( &S", or alternatedeli!ery channels such as internet ban in ,
mobile ban in , phone ban in and#3%s)

7-4 eser/e Bank o% India, De6art(ent o% a+(ent : Settle(ent S+ste(s, a+(entSettle(ents in India
" Vision 4$#4"#
5ision Statement6 0o proactively encourage electronic payment systems for ushering in a less+cash
society in India and to ensure payment and settlement systems in
thecountry are safe' efficient' interoperable' authorised' accessible' inclusive and compliant with
international standards

3he ision Document Payment Systems in $ndia - ision 200+-12 , sou ht to reflectthe chan es in the
entire amut of the payment systems, post-le islation of thePayment and Settlement Systems
#ct, 200.) 3he %ission Statement accordin lyreflected the public policy ob>ecti!es of the eser!e &an

to ensure that all

the payment and settlement systems operating in the country are safe' secure' sound'efficient' accessible
and authorised

and contained both short and medium term plansalon 'ith a sli htly lon er term perspecti!e to
achie!e those oals)3o accomplish the !ision of a less-cash society, if not cashless society, the
eyelements 'hich 'ould impact all our efforts to'ards creation of a modern and'idespread payment
system areH #ccessibility, #!ailability, #'areness, #cceptability,#ffordability, #ssurance and
#ppropriateness (. #Bs") 3he ision Statement 2012-
1 sets out the roadmap to ensure benefits of a structured modern payment andsettlement systems,
includin inno!ati!e products, to reach out beyond the currentlyser!ed tar et roups thereby facilitatin
reater financial inclusion) 3his is to beachie!ed by nurturin a payment system that ade?uately ser!es
the national andinternational transaction needs of the nation)

7-7ID B1, 3+dera*ad

$nstitute for De!elopment and esearch in &an in 3echnolo y 'as set up andfunded by &$
in @yderabad to pro!ide technolo ical and operatin support to ban sand financial institutions) $t is an
autonomous centre for de!elopment and research in ban in technolo y) $t is a A3hin -3an B for
promotion of technolo ical research andconsultancy and pro!ides -Sat based financial net'or
for ban s) $t also is en a edin Data <arehousin and Data %inin and publishes a >ournal on $3 in
&an in )$D &3 offers 'eb-based trainin to all ban e:ecuti!es usin $ndian Financial et'or
($ F$ 83")$D &3 has outlined its plans to launch a Di ital &an in Frame'or in 2016 aimedat ma in
Di ital &an in !ersatile by incorporatin ne' channels of payments) 3heframe'or = platform
bein de!eloped 'ith inputs from ban in sector players,technolo y firms and $D &3 research teams, is
aimed at also meetin the emer in re?uirements in the e- ommerce sector) ecent ad!ances in &i
Data and #nalytics has thro'n up immense possibilities inidentifyin areas of business propositions for
ban s, 'hile meetin choosy demandsof their customers) &i Data has become the mantra for
understandin ne' leads
for ban s, li es and disli es of customers, their beha!ioural analysts and informationsecurity threats,
amon other issues) $D &3 'ill introduce a Post 5raduate Diplomain &an in 3echnolo y (P5D&3"
pro ram be innin Iuly 2016)3able-2 i!es a ist of 3echnolo ical T $nno!ati!e Products and Ser!ices
bein offered by some $ndian &an s and other ne' 'a!e technolo y platforms 'hiche!idence on Di ital
&an in initiati!esH

1a*le 4' 1echnological : Inno/ati/e Digital Banking roducts and Ser/iceso%%ered *+ so(e Banks

S-No-1+6e o% Bank Na(e o% the Bank1echnological : Inno/ati/eDigital Banking roducts and Ser/ices

1Public SectorState &an of $ndia(/). la h touch points,16,41 branches, 6,+/0 roup #3%s
includin %ulti-Function and Self-Ser!ice Eios s and ashDeposit %achines, 2)4 a h P S 3erminalsand
, .1 ustomerSer!ice Points"$n-touch, $n ube (Start-
up &ranch", 8:clusiF(<ealth %ana ement", #3%s, Point of Sale3erminals, ore &an in , $nternet &an in
, State&an #ny'here Smart
%obile &an in , &usiness orrespondents, ustomer Ser!ice Points, &uddy(#nyone, #nytime, #ny'here",
S&$ Juic (%issed all &an in ", Forei n 3ra!el ard, S&$ nline ustomer #c?uisition Solution ( #S"
and S&$ Self Ser!ice Eios s (&an Cour Ser!ice 24:.", e-Smart S%8 (e- ommerce oan", e-auctions and
e- %%obile #3%s, 5reen hannel &an in , S&&I e-

2Public SectorS&&I &&C, $nternet and %obile &an in , e-3rade, e-3a: Payment, e-
emittance, Juic %issed all&an in /Public SectorPan>ab ational &an 8F3, 35S, ash Deposit Eios
, S%S &an in ,$%PS, e-
Statement, 8 S, Fee Portal, %obile&an in , $nternet &an in , 8% Debit ards,3al in #3%s, Doorstep
&an in , redit ards4Public Sector&an of &aroda apid Funds2$ndia, &aroda Flash emit ('ith
9#88:chan e", Speed emittance ('ith 9#8= ulu=#l#nsari 8:chan e", %3SS and
S'ift emittance Public Sector9 &an 9 3ap T Pay (for olle e Students and orporate" and 9 m-
Passboo 6Public Sector#ndhra &an Di ital <allet, Speed Pay, etc.Public Sector 9nion &an of $ndia1)
$%PS throu h branches for etail and orporatecustomers2) %obile Passboo ( % Passboo "/) %issed
all facility for %obile &an in T#ccount balance4) S%S based !alue added ser!ices

&loc in Debit ard

&alance en?uiry of !arious accounts

#adhar $D seedin

8nable=Disable user id of internet ban in

#3% and &ranch

ocator ld Pri!ateSector &an Earnata a &an ore &an in , $nternet &an in , %oney Plant(#3%s",
Juic emit (for $s", %oneyclic , E& #pna#pp and E& m-Pass&oo + ld Pri!ateSector &an Federal
&an Fed&oo (mobile app", o-branded $S# redit ard ('ith S&$", #utomated hat Facility
( irtual elationship fficer", e-Passboo #pp10 e' Pri!ateSector
&an $ $ $ &an ail 3ic et &oo in on <ebsite ($ 3 ", etc11 e' Pri!ateSector
&an @DF &an lic 2ProtectPlus and others12Forei n &an iti &an e-
ore &an in throu h #3%s1/Forei n &an Standard hartered&an Standard hartered &ree7e-%obile
&an in 14 e ional ural &an s( &s"66 5rameen &an ssponsored by ommercial
&an s nline 3ransaction ser!ices from e ional ural&an s, $nternet &an in (non-transactional
ser!ices!ie' only" for 'ea &an s1 ooperati!e&an Saras'at ooperati!e&an td)#3%s, FS et'or , 8-
payments- $S# &illPayment, 5o- echar e, 35S, 8F3, %issed allSer!ice, 5 % -%obile &an in , nline
3radin 16<allet&an in (2004" :i en$nstant %oney 3ransfers anytime any'here usin $%PS, rechar e
your Phone or boo a %o!ie
tic et1.<allet&an in (200+"%obiE'i %obile echar e, D3@ echar e, 9tility &ills, nline
Shoppin 1 <allet&an in (201 "Paytm nline %obile echar in , nline &ill Payments, nline &us 3ra!el,
redit and Debit ard Payments, et &an in , & $ Payments, %obile <allet, etc

10
1+Payment&an (201 "F$ Pay
3echDeposits, ash %ana ement, %anpo'er and3echnolo y (partnerin 'ith $ $ $ &an ", echar es for
%obiles, 9tility &ill Payments, 3ic et&oo in , $nsurance Distribution, and #ssisted nline
Shoppin 20Payment&an (201 "3ech %ahindra M%obo %oney# first of its ind N3ap PayO,
ontactless Di italPayment Solution ( ear Field ommunication"SourceH $nformation ta en
from !arious 'ebsites, e'spaper eports and #d!ertisements

>-O* ecti/es o% the esearch Stud+'

&y understandin the 'ay 3echnolo y is enterin into the ban in system in $ndia
bydesi n throu h the re ulatory body, the researchers ha!e ta en the follo'in ob>ecti!es for the
studyH1"3o understand the importance of Di ital &an in in $ndian &an in System as per the ision
document of &$ on Payment Systems2"3o analyse the &an in business usin
$&# data/"3o understand the ad!anta es of Di ital &an in for the Sta eholdersincludin
intermediaries usin &i Data of &$ on Payments4"3o understand the importance of S%# as
a competiti!e Strate y for Di ital%ar etin "3o create #'areness of 3hreats and hallen es of Di ital
&an in in terms of yber rimes

- esearch Methodolog+'

#fter doin the iterature sur!ey, an interest 'as de!eloped to 'or on the status of Di ital &an in 'ith
reference to $ndian &an s) 3ype of esearch is of 8:ploratorymainly as the concept is still at the e!ol!in
sta e in $ndia) n se!eral parameters of Financial and 3echnolo ical stren ths of &an s, the research
is of descripti!e nature)3he 'or is more on Secondary Data 'hich 'as collected from !arious sources
of &an <ebsites, e'spaper #d!ertisements, and $nformation throu h Press eleases)3he ob>ecti!es of
the esearch 'ere !erified throu h the information a!ailable but nottested by any hypothesis)

G-8i(itations o% the Stud+

3he concept of Di ital &an in is at the primiti!e sta e and o!ernment is also ta in lot of initiati!es to
promote assessin the situation time to time) 3his limited theauthors to confine to descripti!e analysis
rather predicti!e)

H-Anal+sis

# &an interested to do a ne' initiate should ma e their financial stren ths in order)#s Di ital &an in is
a ne' initiate, all ban s are competin and tryin to rab themar et) 3he Descripti!e #nalysis done based
on the data ta en from $&# 'ebsite onthe core financial aspects li e Deposits, #d!ances, $n!estments,
3otal #ssets, 3otal$ncome, 3otal 8:penditure, et Profit, and et P# for the periods of 201/-1 and i!en
in 3able M / (a" to / (d")

11
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1a*le' 7 <a= – Status o% Aggregate De6osits and Ad/ances o% Banks in India

1+6es o% Banks 5earDe6osits < s- Crores=Ad/ances < s- Crores=4$#74$#>4$# 4$#74$#>4$# u*lic

SectorBanks

,.4 ,6+.(..)/"6, +,020 (..)2".,1+ ,4 0(.6)6"4,4.2, 4 (.6)1" ,101,142(. )." ,4.6,2 0(.4) "

ri/ate SectorBanks

1,/+ , /6(1 ) "1, +1,6+4 (1 )."1,. .,.61(1+)0"1,14/,24+ (1+)4"1,/42,+/ (1+)+"1, 4/,+1.(21)0"

Foreign Banks

2 ,144(/)+"/ 2,4 +(4)1"414,441(4)4"26/,6 0(4) "2+1,142(4)/"/2.,61 (4) "

1otal

.,42+,6..(100)0" , //,1./ (100)0"+,/+.,6 2(100)0" , .+,../ (100)0"6,./ ,21+(100)0".,/4.,. 1(100)0" oteH

Fi ures in &rac ets indicate Percenta e to 3otalSourceH $&# 'ebsite

#ll ban s are in steadily mo!in in terms of # re ate Deposits and #d!ances but for Public Sector
&an s, there is a sli ht do'nfall in terms of #d!ances o!er the period of 201/-1 ) $nterestin ly, e!en
thou h the actual numbers are different across ban s, interms of Percenta e o!er 3otal Deposits and
#d!ances, all ban s are oin on thesame pace by facin the competition)
1a*le' 7 <*= – Status o% In/est(ents and 1otal Assets o% Banks in India

1+6es o% Banks 5earIn/est(ents < s- Crores=1otal Assets < s-

Crores=4$#74$#>4$# 4$#74$#>4$# u*lic SectorBanks

1,. +,0 6(..)/"1,+.4,1 +(..)2"2,16 , 2(.6)6"6,+61,+ (.6)1".,+6 ,416 (. )." ,6. ,..0 (.4) "

ri/ateSector Banks

62 ,+/1(1 ) "64 ,6+ (1 ).".2.,++ (1+)0"1,+ +,.+.(1+)4"2,2 , 10 (1+)+"2, /4, (21)0"

ForeignBanks

22 ,06/(/)+"260,4 6(4)1"2 4,020(4)4"6/., +4(4) ".4 , 0+(4)/". 4,/ 6(4) "

1otal

2,61/,0 1(100)0"2, /,/44(100)0"/,1 0, .1(100)0"+, +,6.+(100)0"10,+.6,0/ (100)0"11,+6.,6 4(100)0"

oteH Fi ures in &rac ets indicate Percenta e to 3otal SourceH $&# 'ebsite

#ll ban s are in steadily mo!in in terms of $n!estments and 3otal #ssets but for Public Sector &an s,
there is a sli ht do'nfall both in terms of $n!estments and 3otal#ssets o!er the period of 201/-
1 ) $nterestin ly, e!en thou h the actual numbers aredifferent across ban s, in terms of Percenta e
o!er $n!estments and 3otal #ssets, all ban s are oin on the same pace by facin the competition)

1a*le' 7 <c= – Status o% 1otal Inco(e and 1otal E@6enditure o% Banks in India

1+6es o% Banks 5ear1otal Inco(e < s- Crores=1otal E@6enditure < s-

Crores=4$#74$#>4$# 4$#74$#>4$# u*lic SectorBanks

611,6 6(.1)0"6 ,/ (.0).". 1,. 2(.0) "4 +, 1+(./)1" .,.0 (./)4"61/,6 (./) "

ri/ate SectorBanks

1+6,2.+(22) "224,610(2/)2"24+,226(2/)4"14.,62/(22)0"16 ,/ 4(21) "1 0, 24(21)."

Foreign Banks

/,460(6)2" +,2 (6)1"6 ,//2(6)1"/2,+4 (4)+"/6, .1(4) "40,0 (4) "

1otal

61,/+ +6+,2261,066,/41 (100)0"6.0,/ .. +,6/0 /4, +.

12
(100)0"(100)0"(100)0"(100)0"(100)0" oteH Fi ures in &rac ets indicate Percenta e to 3otal SourceH
$&# 'ebsite

#ll ban s are in steadily mo!in in terms of 3otal $ncome and 3otal 8:penditure butfor Public Sector
&an s and Forei n &an s, there is a sli ht do'nfall in terms of 3otal$ncome o!er the period of 201/-
1 ) $n case of Forei n &an s, there is
a sli htdo'nfall e!en in terms of 3otal 8:penditure o!er the period of 201/-1 )$nterestin ly, e!en thou h
the actual numbers are different across ban s, in terms of Percenta e o!er 3otal $ncome and 3otal
8:penditure, all ban s are oin on the same pace by facin the competition)

1a*le' 7 <d= – Status o% Net ro%it and Net N A o% Banks in India

1+6es o% Banks 5earNet ro%it < s- Crores=Net N A < s- Crores=4$#74$#>4$# 4$#74$#>4$# u*lic
SectorBanks

0, /( ) "/.,01+(4 ) "/., 20(42)6" +,+ 0(+1)2"1/0,/60(+1)6"1 +,+./(+1)2"

ri/ate SectorBanks

2 ,++ (/1) "//,. (41)."/ ,21+(4/)0" ,++4(6)1" , 62(6)2"1/,6 0(.) "

Foreign Banks

11, 6(12)."10,1/2(12) "12, 02(14)4"2,661(2)."/,160(2)2"1,.61(1)0"

1otal

+1,16 (100)0" 0,+06(100)0" , 42(100)0"+ ,606(100)0"142,/ 1(100)0"1. ,414(100)0" oteH Fi ures in

&rac ets indicate Percenta e to 3otal SourceH $&# 'ebsite

#ll ban s are in steadily mo!in in terms of et Profit and et P# but for PublicSector &an s and
Forei n &an s, there is a sli ht do'nfall in terms of et Profit o!er the period of 201/-1 ) $n case of
Forei n &an s, there is a sli ht do'nfall e!en interms of et P# o!er the period of 201/-
1 ) $nterestin ly, e!en thou h the actualnumbers are different across ban s, in terms of Percenta e
o!er 3otal $ncome and3otal 8:penditure, all ban s are oin on the same pace by facin the
competition)#nne:ure-$ i!es about &i Data on Di ital &an in ) &$ has ta en data from!arious
aspects of 3echnolo ies li e 35S, $ E, 8lectronic learin , ards, PP$s,%obile &an in , and also
Paper learin ) 3his &i Data i!es a clarity ho' in factthe Di ital &an in concept is 'or in )

J-Digital Marketing

ne should see the ey issues in Di ital %ar etin for ban s and other financialser!ices firms, ta in
a truly lobal perspecti!e) nline and %obile &an in are at or near the top of the ban s a endas)
<hat ser!ices to introduce, ho' to en a ecustomers, and ho' to use customer information to personalise
mar etin are typical?uestions) 3here is a hi h de ree of uncertainty because ban s are still learnin
andthe di ital en!ironment is constantly chan in ) $t 'as not a surprise to find that ban s

13
in countries as different as $ndia) Sin apore, 9nited States and S'eden are allthin in about the same iss
ues 'hen it comes to di ital channels and Di ital%ar etin ) Perhaps more surprisin is the time itBs
ta in for ban s to de!elop really'orld class Di ital %ar etin capabilities) %ost ban s ha!e some form of
presenceon Social media but ho' far should they de!elop transactional capability and
ho'deep should they ma e customer en a ement 'ill depend on ho' they brandthemsel!es)

K-C+*er isks to Banks

@uman ris is a bi problem for $ndian financial institutions and ban s need to
start proacti!ely educatin their employees and customers to pre!ent cyber threats from persistin ) &an
s should 'or on impro!in

awareness

of the different threats thatcurrently e:ist, includin e-mail fraud,

hishing, Vishing, S(ishing, Ski((ing,3acking, and 1ro an

) &an s need to 'or on ho' to ha!e effecti!e customer a'areness pro rams as far as cyber fraud and
ban in fraud are concerned)

#$-Financial Inclusion

Financial inclusion or inclusi!e financin is the deli!ery of

financial ser!ices ataffordable costs to sections of disad!anta ed and lo'-income se ments of

society, incontrast to financial e:clusion 'here those ser!ices are not a!ailable or affordable) #nestimated
2 billion 'or in -a e adults lobally ha!e no access to the types of formalfinancial ser!ices deli!ered by
re ulated financial institutions)

##-India Digital Banking throughFinancial Inclusion

New &A/atar) o% A1Ms

#3% (

Auto(ated 1eller Machines=

is also no'n as an #utomated &an in %achine (#&%", cash machine, cashpoint, cashline, miniban , ban
omat or collo?uially Ahole in the 'allB in some countries) $t is an electronictelecommunications de!ice
that enables the customers of afinancial institution to performfinancial transactions, particularly cash
'ithdra'al, 'ithout the need for ahumancashier , cler or ban teller )$n $ndia, #3% facility 'as first
introduced in 1+ in %umbai) !er a period, thereare a !ariety of #3%s bein offered by all types of
&an s, on-&an in Financial ompanies, $ndia Post ffices and others) 3hese are n-site, ff-site,
Solar-based,&io-metric, Floatin , %obile, %icro, <hile-labelled, &ro'n-labelled and e!en3al in
#3%s) 5 $ is en!isa in to allo' more free #3% transactions for certaintypes of accounts as part of its
dri!e to deepen financial inclusion throu h spread of cash !endin machines) ery soon, 1) la h Post
ffices across $ndia 'ill also ha!e#3%s, in combination 'ith third parties in order to le!era e electronic
ban in for financial inclusion)#3%s 'ill soon become as ood as ban branches) ustomers 'ill be able to
applyfor credit cards and a!ail of loans usin these self-ser!icin machines) 3here are o!er 1)+0 la h
#3%s across $ndia) $n Ianuary 2016, &$ allo'ed ban s to e:tend all
their ban in products and ser!ices throu h their #3%s pro!ided their technolo y allo's

14
it) 3ill recently, ban s could pro!ide ser!ices on #3%s li e deposits and 'ithdra'als,P$ chan e, che?ue
boo re?uisition, statement of account, balance en?uiry, fundstransfer, bill payments and purchase
of rail'ay tic ets) o', e!en ehicle $nsurancefacility can be a!ailed throu h #3%s) Se!eral studies in $ndia
and abroad ha!eindicated that the cost per transaction to the ban is economical throu h #3%s
or nline &an in !is-U-!is 'hen a customer !isits the branch)$n !ie' of lo' penetration of #3%s in rural
and semi-urban centres, a panel of &$has recommended that the s) 2,000 crore Financial $nclusion
Fund (F$F" should beutilised to encoura e installation of #3%s in these centres) 3he &$ ommittee
on%edium-term path on financial inclusion obser!ed that as of 2014, there 'ere only 1 #3%s per
one la h adult population in $ndia a ainst 6 in South #frica and o!er 1 0in ussia) 3he ob>ecti!e of F$F
'hich is mana ed by #&# D is to
supportAde!elopmental and promotional acti!itiesB includin creatin financial inclusioninfrastructure a
cross the country, capacity buildin of sta eholders, creatin a'areness to address demand-side
issues) 3he ommittee headed by Shri Deepa %ohanty, 8D of &$, is of the !ie' that installin of more
#3%s in rural and semi-urban centres 'ill create more touch points for customers) %icro #3%s can be
used by the &an in orrespondents)

!o/ern(ent)s Initiati/e' M9D5

Pradhan %antri Ian-

Dhan Co>ana (Prime %inister;s People %oney Scheme" is ational %ission for Financial $nclusion to ensu
re access to financial ser!ices,namely &an in Sa!in s T Deposit #ccounts, emittance, redit,
$nsurance, andPension in an affordable manner) 3his financial inclusion campai n 'as
launched bythe Prime %inister Shri) arendra %odi on 2 #u ust 2014 for 'hich theannouncement
'as made on $ndependence Day speech on 1 #u ust 2014) un by Department of Financial Ser!ices,
%inistry of Finance, on the inau uration day,1) rore (1 million" ban accounts 'ere opened under this
scheme) $t
'asinformed by $ndian Finance %inister Shri) #run Iaitley that increased ban in penetration and use of t
echnolo y in payments 'ill reduce the pre!alence of unaccounted money) P%; s Ian Dhan Co>ana - a
pro ram to pro!ide ban accounts toall K 'ith a ame plan to di iti7e most payments and throu h Di ital
&an in moremoney in ta: net)

!o/ern(ent)s Initiati/e' e"N S

e- PS is a scheme of o!ernment throu h online portal (httpsH==enps)nsdl)com

" of ational Pension Scheme ( PS" 3rust 'herein a subscriber can re ister andcontribute under PS
online) 3hrou h e- PS, a subscriber can re ister, enerate
aPermanent etirement #ccount umber (P # " and contribute his=her accountthrou h use of et
&an in = Debit ard or redit ard)

egulator+ Bod+ Initiati/e' u6a+

15
 uPay is an $ndian domestic card scheme concei!ed and launched by the ationalPayments orporation
of $ndia ( P $") $t 'as created to fulfill the eser!e &an of $ndiaBs desire to ha!e a domestic, open
loop, and multilateral system of
paymentsin $ndia) uPay facilitates electronic payment at all $ndian ban s and financialinstitutions, and
competes 'ith %aster ard and isa in $ndia) P $ maintains ties'ith Disco!er Financial to enable the card
scheme to ain international acceptance)

egulator+ Bod+ Initiati/e' a+(ent Banks

3he term NPayment &an sO is ne' and seems to ha!e been in!ented in $ndianconte:t) $n September
201/, a N ommittee on omprehensi!e Financial Ser!ices for Small &usinesses and o'
$ncome @ouseholdsO, headed by achi et %or, 'asformed by the &$) &y Ianuary 2014, the achi et
%or committee submitted itsfinal report and one of its recommendations 'as the formation of a ne'
cate ory of ban called payments ban s) ut of 41 applicants in the race, on 1+ #u ust 201 , &$ a!e
in-principle licences to follo'in ele!en entities to launch payments ban sH-

1#ditya &irla u!o2#irtel % ommerce Ser!ices/ holamandalam Distribution

Ser!ices4Department of Posts F$ Pay3ech6 ational Securities Depository. eliance $ndustries Dilip
Shan h!i, (founder of Sun
Pharmaceuticals"+ i>ay She har Sharma, ( 8 of Paytm"103ech %ahindra11 odafone %-Pesa

egulator+ Bod+ Initiati/e' 0allet Banks

#s the technolo y ad!ents from 3echnolo y &an in in terms of 9sa e of #3%s, nline &an in usin
$nternet to %obile &an in , Payment &an s became the order of the day) 3he usa e of %-&an in in
$ndia is increasin day by day as $ndia as a ountry ha!in lar est youn er 5eneration) 3he olume and
alue of the %obile&an in &usiness (year 2011-201/" is i!en in the follo'in dia ramH

16
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<allet &an s are special type of %obile &an in systems 'here money can betransferred from %obile to
%obile and can be used for the se!eral 9tility ser!icesincludin &an in ) 3he follo'in information i!es
more details of <allet &an sH(a"%obiE'i 'as founded by &ipin Preet Sin h and 9pasana 3a u in 200+)
!er the years, %obiE'i e:tended their ser!ice on mobile apps) 3hey tied up
'ith!arious online merchants such as e&ay $ndia, &oo %ySho',Dominos$ndia, Shop lues and Snapdeal t
o pro!ide accessibility of their 'allet as a payment option on e-commerce sites)
%oreo!er %obi 'i also introduced thefeature of sendin and recei!in money !ia %obiE'i mobile app)
%obi 'i raised under million in its Series # fundin from an unnamed 9S-based firm in 201/ and is
e:pected to et another /0 million in the comin year) (b" :i en Ser!ices $ndia P!t) td 'as founded in
Iuly 2004, out of a !ision of an$ndian professional entrepreneur -
%r) Pramod Sa:ena in partnership 'ith the&lue abel 3elecom, a South #frican company 'ith an ob>ecti!e
to reach ser!icesto the masses of $ndia, throu h a !irtual net'or for Payments and Ser!ices) $n ashort
span of 10 years, :i en has become a leadin payment solutions pro!ider 'ith a retail footprint of 1,
/0,000 * outlets pan $ndia and more than / milliontransactions on a monthly basis) :i en is the first
!irtual 'allet in $ndia, to beinte rated 'ith P $ ( ational Payments orporation of $ndia" that allo's
for $nstant %oney 3ransfers anytime, any'here usin $%PS) :i en <allet is secure)3his

(o*ile wallet

technolo y is built usin multiple layers of security and isdesi ned 'ith anti-hac in codes) 3he 'ebsite is
secured usin 12 bit
SS encryption) $t uses authentication tools to protect your account from anyunauthori7ed access)
3hereby you limit chances of any fraud)

#4-Conclusion

3he pro nosis for $ndian ban s is positi!e 'ith the domestic credit as a percenta e of the 5DP ha!in
ro'n substantially o!er the last decade) 3his 'as primarily because

17
the con!entional policies of the &$ ha!e 'or ed 'ell to limit $ndiaBs e:posure to thesub-
prime crisis of 200 , 'hich stemmed 'hen re ulators eased their rip onfinancial corporations, thereby
leadin to the hi h ris le!era in of assets) !er the last decade, technolo y has transformed the
landscape of $ndian ban in )$mplementation of core ban in platform has automated basic processes,
enabled themo!ement to a sin le customer !ie' and allo'ed for optimi7ation of 'or
across branch and hub net'or ) ore ban in platform ha!e also i!en ban s a stron launch pad to offer
di ital channel capabilities K almost all ban s today arefe!erishly buildin out their online and mobile
channel offerin s) #3% deploymentsand technolo y-enabled business correspondent (& " net'or ha!e
allo'ed ban s toser!ice lar e parts of the $ndian hinterland)3he strate ic use of technolo y to
implement a differentiated business model, atransformed customer e:perience and an optimi7ed cost
structure 'ill separate theleaders from the la ards in the industry) #ccordin to %cEinseyBs analysis
(201 ",dependin on the startin point, ban s that adopt and implement Di ital &an in systems could
see a /0- 0R impact on net profits) #bout t'o-thirds of the ains aree:pected to come from cost sa!in s
and the rest from ne' products and mar et share ains) n the other hand, inaction could possibly result
in ban s losin bet'een 2+-/6R of bottom line) 3hey are not able to ?uantify this at this
>uncture)$nformation 3echnolo y ($3" today has become an important tool for an
efficient ban in system, and $ndian &an s ha!e put in place a fairly stron infrastructure tole!era e its
benefits) $t has made a !isible difference in the functionin of ban s andconduct of ban in operations)
$3 is one of the most important facilitators for thetransformation of the $ndian &an in industry in
terms of its transactions processin as 'ell as for !arious other internal systems and processes)<ith the
ad!ent of mobile technolo y and smart phones, %-&an in is no' the order of the day ma in the
traditional ban s as A!irtualB) $nterestin ly, PS&s
in $ndia'ithstood the onslau ht to i!e tou h competition to their counterparts usin technolo y, after a
time tunin of t'o decades) 3echnolo y in &an in Sector madethe ban s to also thin about ean and
5reen %ana ement) Di ital %ar etin becamea strate y to attract 5en-C customers e!en in &an in
Sector)

#7-Sco6e %or %urther esearch

#s the &an s are able to enerate both !olume and !alue in business, there is a scoreof 'or in on time-
series fluctuations for the data related to ne' initiati!es li e %-&an in , <-&an in etc) ne can 'or on
the data usin %ulti!ariate #nalysis
oncea ood amount of data is captured o!er a period of time) #lso, the customer perception to'ards Di i
tal &an in can be studies by collectin primary data across!erticals and across different types of ban s)

#>-Bi*liogra6h+

1"#boa ye %ichael sei et) al) (2016", N edefinin Ser!ice Juality Dimensions$n 8lectronic &an in
from 8:tant 3heoriesO, &ritish Iournal of 8conomics, %ana ement T3rade, ol) 11 (/", pp)1-22

18

2"#n it 5upta (2010", %obile &an in #doption in ural $ndia, P5D% e-&usiness, <elin ar $nstitute of
%ana ement De!elopment T esearch/"#nshu 3ya i and Smitha hitranshi (201 ", N ustomer
Satisfaction %easurement of $nternet&an in O, $nternational Iournal of 8ducation and
Science esearch e!ie', ol) 2 (/", pp)10-1/4" ho'dari Prasad and Srini!asa ao ES (2004", N an Public
Sector &an s compete 'ithForei n = Pri!ate &an sQ # Statistical #nalysisO, 3he $ F#$ Iournal of &an
%ana ement, ol$$$, umber 1 "Da!inder Eumar and &hubanes'ar Sharma (201 ", N irtual ircuit that
may be ApermanentBto ma e %-&an in applications as a success band'idth mana ement is an
important issue for analysin !ariable si7ed pac ets and framesO, $nternational Iournal of #d!ances in
Scientific esearch, ol)1(10", pp)/.6-
/..6"5omathy 3hya ara>an (201 ", N%obile &an in M # e!ie'O, $nternational Iournal of %ana ement
and Social Science esearch e!ie', ol)1 (14", pp)1.4-1 1."Eamales'ar &oro (201 ", NProspects and
hallen es of 3echnolo ical $nno!ation in &an in $ndustry of orth 8ast $ndiaO, Iournal if $nternet
&an in and ommerce, ol) 20 (/", pp) 1-6 "E)S) Srini!asa ao and ho'dari Prasad, NSustainability of
Forei n &an s <or in in $ndia M # Statistical #nalysisO, #d!ances in esearch in &usiness and Finance,
200 , ol)$$$, &an in and $nsurance, the $ F#$ 9ni!ersity Press, @yderabad, 2006, pp) 4-
1/1+"E)S) Srini!asa ao and 9) ama ao, N# ote on P9S@P# SystemO,
S# E# P#, 3heIournal for %ana ement De!elopment T #pplication, Department of &usiness#dministrati
on, 9t al 9ni!ersity, &hubanes'ar, rissa, ol) $, o)1,

9an"9une, #KKJ

, pp)11 -11+10"%uhammed Iuman &E and I) hristopher (201 ", N3he 8!aluation of 8-&an in H
hallen esand pportunities in $ndiaO, $nternational Iournal of esearch Science T %ana ement, ol)
2(12", pp)11-2211" ) Srini!asan and %) Subramanian (201 ", NPayment &an s in $ndia M DemystifiedO,
SS 5$nternational Iournal of 8conomics and %ana ement Studies, ol) 2 (6", o!-Dec, $SS H2/+/-+12 ,
pp)1-412"Sabout a ara>u and atha Parthiban (201 ", N# Secure #uthentication and
#uthori7ationScheme for nline &an in Systems in loudO, $nternational Iournal of #pplied
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