Digital Banking: A Roadmap to Curb the Cancer of Corruption

Abstract

Living in the technological era, we see that traditional banking is driving us towards the cancer of corruption and it is incomprehensible. Corruption in the Indian banking system has slightly lowered since the launching of the Digital India Campaign. When the government of India made its first move (i.e., demonetization) to curb corruption the outcome was it disrupted the lives of innocent people, as a positive consequence it gave an immediate boost to e-transactions. In the present scenario, people are extensively using e-transaction because of the benefits/returns that they derive from them. In this context, banks must stimulate their customers to use digital banking systems. Thus in India, Digital banking could be a roadmap that curbs corruption to a certain measure.

In this research paper, we have attempted to find out as to how Digital Banking helps to curb Corruption in India. The paper also highlights the objectives and functions of Digital Banking and how it contributes to the development of the nation. This research paper further explores the issues and the challenges faced in e-transactions. Finally, the paper examines and draws out a conclusion.

Keywords: Digital banking, corruption, e-banking services, India

JEL Classification: G20, L86, D73