The Banking sector is the primary factor that decides the country growth. The number of people participating in the banking operation will result in providing the government with more money to invest in the country development. Therefore, making the financial system a Cashless Economy helps the banking sector more favored when it comes to the developing countries like India. Demonetization is one such move by Modi government where Rs.500 and 1000 were discontinued overnight which results in massive black money busted. At the same time, it also increased the use of the New Banking Tech a digital means of payment. Mobile Banking and Net Banking are used more and people realized what is the need of the Modern banking technology. After that day, there are huge numbers of Payment Bank Savings Account opened which provide 24X7@365 Days Banking Service with out requirement of the account holder to visit the bank branch. The following are the service offered by the modern banking-
· Online Fund transfer using NEFT, RTGS and IMPS
· Online Statement
· Balance Check
· Cash less transactions
· Standing instruction to automate the payment
· Digital wallet payment using the Payments bank
· various offers from vender when used the digital wallet for payment
Check my other article on-Bank Holiday 2019
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