Digital Banking

Digital banking refers to the digitization of traditional banking activities and services, enabling customers to access financial products and perform transactions through electronic platforms such as mobile applications, internet portals, and automated kiosks without the need for physical branch visits.

Why it matters

Enhances financial inclusion by extending banking services to remote and underserved geographical areas.
Reduces operational costs for financial institutions and improves transaction efficiency for consumers.
Facilitates real-time monitoring of financial flows, which strengthens regulatory oversight and transparency.
Promotes a less-cash economy by integrating digital payment ecosystems with formal banking structures.

How it is asked

Focus on the impact of digital banking on financial inclusion initiatives, the associated cybersecurity risks, and the regulatory framework required for data protection and consumer grievance redressal.

In the news

Karur Vysya Bank's branch expansion strategy 1 September

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