Analysis of Current Scenario of E-Banking in India

The e-banking system in India has grown tremendously with both government policies of digitization and the growing trend of smartphones and internet connectivity. Over the past few years, the Government of India's initiatives such as Digital India and Pradhan Mantri Jan Dhan Yojana have encouraged the shift towards a cashless economy and thus fuelled the growth of e-banking. Accelerated adoption online banking users has seen a huge increase in the number of from 76 million to 341 million since 2016 by the end of 2024 in India. Also, adoption online banking users has increased from just 82 million to 470 million during the same period. In 2016-17, upi transactions worth one lakh crore rupees were completed in India. In which there was an increase up to 18 lakh crore rupees by the year 2018-19. Further, by 2021-22, the number of UPI transactions in the country has finally increased to Rs 126 lakh crore.