• B.Vijayalaxmi
• Mrs. D.Bhanumathi

In an economy like India, where the population has reached 1200 million and 500 million of these people deal with banks on a daily basis, there was an urgent need to ensure financial inclusion and increased transparency in the banking sector, which was met through the adoption of technology and innovation in bank operations. To facilitate this innovation, the Indian banking sector is undergoing a significant transformation across all of its verticals. This transformation not only results in a dramatic shift in the bank's approach to its customers, but also in a vigorous information and technological transformation of banking products. As far as the evolution of innovation in the Indian banking sector is concerned, it can be traced back to the 1990s with the advent of the LPG policy in India, which completely altered the way banking was conducted. The turn of the twenty-first century saw a tremendous expansion of India's banking system. With the establishment of private and international banks, innovation in the banking sector gained a push, resulting in the activation of technological sophistication in every banking transaction. Technology innovation has resulted in a sea change in the way banks operate in India, both internally and externally, by enabling banks to provide superior customer service. Following the use of technology by the Indian banking sector, India emerged as one of the world's youngest but most powerful countries, attracting FDI from all corners of the globe. Additionally, innovation in banking results in Business Process Re-Engineering, which addresses issues such as how to deliver the best products and services to customers, how to design an appropriate organizational model to fully capture the benefits of technology, what steps can be taken to change the business process, and how to use technology to achieve economies of scale. The primary benefits of using technology resolutions in the banking industry include faster, more accurate and efficient data and information processing, as well as the acceleration of the decision-making process. One of the most recent examples of this IT innovation in banking is ATMs. As a result of these IT innovations, consumers are no longer required to visit branches for routine banking transactions such as cash deposits, withdrawals, cheque collection, and balance inquiry. Additionally, this has resulted in a nearly tenfold reduction in branch banking transaction expenses. The relevance of information technology does not end here. It was critical in consolidating banking networks, as evidenced by the banks coming together. to collaborate on ATM networks. Numerous developments have occurred in the Indian banking business, including ECS, RTGS, EFT, NEFT, ATM, retail banking, debit and credit cards, free advisory services, online banking, and mobile banking, among others.

Innovative Banking, Technological Changes, Indian Banking sector

"A STUDY ON INNOVATION BANKING SECTOR IN INDIA", International Journal of Emerging Technologies and Innovative Research (www.jetir.org), ISSN:2349-5162, Vol.8, Issue 10, page no.c691-c706, October-2021, Available :http://www.jetir.org/papers/JETIR2110289.pdf

"A STUDY ON INNOVATION BANKING SECTOR IN INDIA", International Journal of Emerging Technologies and Innovative Research (www.jetir.org | UGC and issn Approved), ISSN:2349-5162, Vol.8, Issue 10, page no. ppc691-c706, October-2021, Available at : http://www.jetir.org/papers/JETIR2110289.pdf