• Dr. Vidya Bhat
• Shrihari Karanth

As technology evolves and consumer preferences change, the Indian banking sector is undergoing a significant revolution. The Indian banking sector finds itself at the forefront of a profound transformation, where the convergence of FinTech innovations and digital payments is reshaping the financial landscape and redefining customer experiences. With over 70% of Indian consumers demanding personalized interactions and more than 60% preferring digital channels, the digital transformation in banking is highly relevant today. Government initiatives like Digital India and increased internet and smartphone penetration, projected to reach 800 million users by 2023, have significantly contributed to this shift. The present study evaluates the impact of FinTech innovations and digital payments, focusing on the Digi Dhan scheme and the RBI's Digital Payment Index, which reflect growth and trends in digital transactions. The objectives also include analysing how FinTech promotes a less-cash economy and enhances financial inclusion. The study examines the integration of technologies like AI, blockchain, and cloud computing in banking operations, highlighting their role in fraud detection, customer insights, and process automation.

Digital innovation, Fintech, Digi Dhan, Digital Payment Index.

"THE ROLE OF FINTECH IN TRANSFORMING THE INDIAN BANKING SECTOR: INSIGHTS ON DIGITAL TRANSFORMATION", International Journal of Emerging Technologies and Innovative Research (www.jetir.org), ISSN:2349-5162, Vol.11, Issue 12, page no.h407-h413, December-2024, Available :http://www.jetir.org/papers/JETIR2412747.pdf

"THE ROLE OF FINTECH IN TRANSFORMING THE INDIAN BANKING SECTOR: INSIGHTS ON DIGITAL TRANSFORMATION", International Journal of Emerging Technologies and Innovative Research (www.jetir.org | UGC and issn Approved), ISSN:2349-5162, Vol.11, Issue 12, page no. pph407-h413, December-2024, Available at : http://www.jetir.org/papers/JETIR2412747.pdf