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IMPACT OF DIGITAL BANKING SERVICE POST DEMONETIZATION
Author Name

A. Soundarya. S. Sharvani. and R. Meena

Abstract

Banks are primary part of any country. They channelize the cash for the smooth working of various areas. Careful strike on black money called 'demonetization' acquired huge changes every one of the divisions of the economy (Dr.S.Vinoth, and Dr.D.Dilip). At the period of traditional Banking it was a time-consuming process. Customers had to keep a track of transactions or banking history through physical documents. However, digitalization has now allowed everyone to experience paperless banking and eliminates the customer’s need to visit the branch. The technological expansion has been a major reason behind the growth of the banking sector in India. With increasing customer expectations, banks developed innovative services to ensure customer’s satisfaction, smoothly transactions with high speed, accuracy and convenience. Digitalization has redefined banking operations, products and services. The term demonetization refers to the act of removing a currency unit of its status as legal tender. It occurred whenever there is a change of national currency. The process of demonetization is pulled out the old currency from circulation and replaced by the new currency. Recently in India, the Indian Prime Minister Mr. NarendraModi announced the demonetization of high value currency on 8th November 2016 such as Rs. 500 and Rs.1000 notes would no longer will be recognized as legal currency in India. Further, the new currency notes such as Rs. 500 and Rs.2000 notes were replaced for circulation after the demonetization. There are several reason are existing why the nations demonetize their local units of currency. The foremost reason is to combat inflation, corruption, to facilitate trade,to stop funding of terrorism, to reduce the circulation of fake currency, to make black money worthless. However, After implementation of demonetization of high value currency there is an enormous changes in all the sectors in India especially in banking sector. The demand for e-banking services of banks have enhanced by the customers. At the same time, demonetization made the bank employees to work under unconditional stress in extending working hours of a day(RamilaDuraiarasan D). Hence, the present study is made to attempts figure out the influence of demonetization on banking sector. It showcases post demonetization effects on banks and its operations.



Published On :
2022-06-02

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