Understanding the Working of Banking System in India and with a Shift towards Digital Economy and the Rise of Private Banks


  • Sumanta Bhattacharya Research Scholar and Policy Analyst, Department of Development Studies, Maulana Abul Kalam Azad University of Technology, Howrah, India
  • Bhavneet Kaur Sachdev Student, Department of Development Studies, Calcutta University, Howrah, India


Banking Policy, Public and Private Banks, Loans, UPI, Bank literacy, investment, Rural banking


The Banking Policy has a lot of influence on our saving and expenditure pattern and structure of loan system of a country. Indian Banking system has grown and emerged over the years providing new schemes for the people to become financial stable and have a  better lifestyle through investment and keeping their fund safe. The Banking system of India has both Public and Private banks with their own provisions of the people, where the loans and insurance policy differs from bank to bank and so it in providing services. With advancement in technology and the coming up of the UPI system, which is the greatest achievement of India and a big gateway towards digital economy. Rural Banking system is also growing and today a majority of the population in the rural region have access to a bank account and bank services where as it is still necessary to digitally educated people on banking services and provide bank literacy to the old age people and rural population , in particular in the pandemic period with everything going digital ,  the banking system has also changed and brought in new provisions , we need to introduce better housing loans , gold loans schemes for the poor to uplift their standard of living and  make banking and transaction easy and simple of citizens.


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How to Cite

S. Bhattacharya and B. Kaur Sachdev, “Understanding the Working of Banking System in India and with a Shift towards Digital Economy and the Rise of Private Banks”, IJRAMT, vol. 2, no. 11, pp. 121–124, Nov. 2021.




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