A B Debasis Rout, Madhubrata Rayasingh
NATIONAL LAW UNIVERSITY ODISHA, CUTTACK, India​
DOI: https://doi.org/10.31410/EMAN.2018.143



2nd International Scientific Conference – EMAN 2018 – Economics and Management: How to Cope With Disrupted Times, Ljubljana – Slovenia, March 22, 2018, CONFERENCE PROCEEDINGS published by: Association of Economists and Managers of the Balkans, Belgrade, Serbia; Faculty of Management Koper, Slovenia; Doba Business School – Maribor, Slovenia; Integrated Business Faculty – Skopje, Macedonia; Faculty of Management – Zajecar, Serbia, ISBN 978-86-80194-11-0


Abstract​

Today, every nation wants to be fully digitalized and this programme strives to provide equal benefit to the user and service provider. Hence, an attempt has been made in this paper to understand Banking in Digital age – as a campaign where technologies and connectivity will come together to provide impetus to public policy governance and improvisation of living standards of citizens by mobilizing the capability of information technology in ensuring a cashless economy as in the case of Digital India drive the Indian Government aimed at remodeling India into a knowledgeable economy. 
In this regard, Migration from cash to electronic payments as envisioned in the Payment Systems Vision Document of the Reserve bank of India paves way for a digital revolution wherein traditional economy denominated by cash transactions is subsequently being substituted by electronic payment channels like Prepaid Payment Instruments (PPI) which includes mobile wallets, Cheque Truncation System (CTS), Retail electronic clearing, credit and debit card usages, Immediate Payment Service (IMPS) etc. 
Hence an attempt has been made in this manuscript, to analyse the growth in trends of digital transactions in both urban and semi-urban areas with consequent focus on the determinants and challenges guiding the transformational impact of technological innovation in banking ecosystem. For this purpose, secondary data analysis, involving the review of research reports, statistical databases concerning digital payment instruments etc shall be used to address the potential developments, significant challenges in the era of cyber landscape and suggestive measures concerning cyber security as a panacea to counter increasing instances of cybercrimes (cyber frauds) that inevitably influences the behaviour pattern of customers in adopting the digital payments gateway.
This paper also seeks to examine the readiness of Indian economy in terms of infrastructure sustaining framework for the evolving banking system with substantial comparisons with its peer economies. In this regard, this paper mentions the glaring digital divide in India and how it is imperative for a balance between digital literacy and financial inclusion to deal with disruptive shocks like demonetisation in the economy.
This manuscript seeks to draw the attention of the readers towards the dynamics of digital financial transactions during the demonetisation and remonetisation phase in Indian context and how the tabulated data is not conclusive of the popular belief that digital economy would do away with illicit facets of the economy and ensure renewed commitment towards provision of safe, efficient, accessible, inclusive, interoperable and authorised payment and settlement systems in the country. 

Key words

Disruptive shocks; Financial Inclusion; Cyber Security; Remonetisation; Electronic Payment Channels


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