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Digital Services by Indian Commercial Banks: An Evaluation
Subject area: Science,Engineering and Technology · Area of research: Digital Services in Banks
DOI: https://doi.org/10.64388/IREV9I7-1717589
Abstract
Recent banking Revolution has become a game-changer for the Indian economy. The Unified Payments Interface (UPI) has transformed India’s digital payment ecosystem since its launch in 2016 by the National Payments Corporation of India (NPCI). It enables instant bank-to-bank transfers through mobile applications, promoting fast, secure, and convenient transactions. UPI has experienced exponential growth, recording billions of transactions monthly and becoming the backbone of India’s digital economy. It has strengthened financial inclusion, reduced cash dependency, and encouraged digital banking and fintech innovation. The Government’s initiatives and RBI policies have encouraged the UPI to continue to expand across sectors. Despite challenges such as cybersecurity risks and technical issues, UPI is expected to drive India’s future digital financial transformation. Nowadays, the Government is working hard for its global acceptance, and as a result, the Indian UPI system is being used in more than 7 countries.
References
[1] Reserve Bank of India (RBI) Annual Reports
[2] Dev, Dharam. (2024). The Impact of UPI on Indian Banking System. Shanlax International Journal of Management. 11. 17 -25. 10.34293/management. v11iS1-Mar.8076.
[3] Choudhury, A., & Mukherjee, A. (2018). Transforming Indian Banking: The Rise of UPI.
[4] Journal of Finance and Banking, 12(3), 45-58.
[5] Shukla, S., & Agrawal, P. (2021). Ushering a New Era: The Impact of UPI on the Banking
[6] Ecosystem. Banking Trends, 19(2), 89-104.
[7] Gupta, Sonia. (2024). Revolution of Digital Payment in India. 10. 29-37.
[8] ANKITA, ANKITA & RANJAN, DR. (2025). Impact of UPI and Digital Payments on Traditional Banking. INTERNATIONAL JOURNAL OF SCIENTIFIC RESEARCH IN ENGINEERING AND MANAGEMENT. 09. 1-9. 10.55041/IJSREM52683.
[9] Kumar, Rakhi. (2025). Unified Payment Interface (UPI) and the Digital Banking Revolution: Opportunities and Challenges. International Journal on Research and Development - A Management Review. 14. 287-303. 10.65521/ijrdmr.v14i1.1281.
[10] Balasundaram, Elamurugan & Vadivel, Anandavel & Navalgund, Nagaraj & P., Aranganathan & Hanji, Sanjay. (2025). The impact of digital public infrastructure on financial inclusion and economic growth in rural India: evidence from the UPI revolution. Indian Growth and Development Review. 1-18. 10.1108/IGDR-12-2024-0213.
How to cite this paper
@article{1717589,
author = {Prof. Dr. Awadhesh Kumar Gupta},
title = {Digital Services by Indian Commercial Banks: An Evaluation},
journal = {Iconic Research And Engineering Journals},
year = {2026},
volume = {9},
number = {7},
pages = {2968-2970},
issn = {2456-8880},
url = {https://www.irejournals.com/formatedpaper/1717589.pdf},
abstract = {Recent banking Revolution has become a game-changer for the Indian economy. The Unified Payments Interface (UPI) has transformed India’s digital payment ecosystem since its launch in 2016 by the National Payments Corporation of India (NPCI). It enables instant bank-to-bank transfers through mobile applications, promoting fast, secure, and convenient transactions. UPI has experienced exponential growth, recording billions of transactions monthly and becoming the backbone of India’s digital economy. It has strengthened financial inclusion, reduced cash dependency, and encouraged digital banking and fintech innovation. The Government’s initiatives and RBI policies have encouraged the UPI to continue to expand across sectors. Despite challenges such as cybersecurity risks and technical issues, UPI is expected to drive India’s future digital financial transformation. Nowadays, the Government is working hard for its global acceptance, and as a result, the Indian UPI system is being used in more than 7 countries.},
month = {January},
doi = {https://doi.org/10.64388/IREV9I7-1717589}
}