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Research Article Open Access

The Electronic Banking Revolution in India


Retail electronic payment system has progressed in the recent years in various countries. We find that India is no exception .Reserve Bank in its Vision statement has set the objective to proactively promote electronic payments with an objective towards less cash society. The formation of National Payments Corporation (NPCI) in the year 2009 has set the stage for development of retail electronic payments which offers enormous opportunity to move towards cashless and less cash society. Using T test, with an objective to assess the contribution of NPCI, we find that significant difference exist in products such as electronic clearing, ECS (Debit), National Electronic Funds Transfer (NEFT), and Card Products when we compare the period after formation of NPCI and before formation of NPCI. Various innovative products, such as Immediate Payment Services (IMPS), National Automated Clearing House (NACH) and Prepaid Instruments (PPI), were launched after the formation of NPCI. There is enormous opportunity since the ratio of retail electronic clearing to systematically important payments such as Real Time Gross Settlement and CCIL grew from 1 percent in the year 2005-06 to 3 percent in the year 2013-14.

Dhananjay B and Suresh Chandra B

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