EVOLUTION OF ELECTRONIC BANKING: TRACING THE JOURNEY FROM TRADITIONAL BANKING TO DIGITAL BANKING SYSTEM

Abstract

Despite these limitations, traditional banking played a foundational role in economic development by fostering trust, enabling savings, and facilitating credit flow. It laid the groundwork for regulated financial systems under institutions like the Reserve Bank of India (RBI). However, with increasing financial inclusion goals and the growth of digital infrastructure, the need for faster, scalable, and user-friendly banking solutions catalyzed the transition toward electronic and digital banking models (RBI, 2022; KPMG, 2021).