Today banking is known as pioneering banking. India is having a well developed banking system with different classes of banks: public sector banks, foreign banks, private sector banks, regional rural banks, co-operative banks. The use of technology has brought a revolution in the working style of the banks. Information Technology has had a positive impact on substitutes for traditional services. With networking and interconnection new challenges are arising related to security privacy and confidentiality to transactions .The study identifies challenges and opportunities for Indian banking The RBI's most important goal is to maintain monetary stability. Reducing inflation has been one of the most important goals for some time. There has been considerable innovation and diversification in the business of major banks. Some of them have engaged in the areas of consumer credit, credit cards, merchant banking, internet and phone banking, leasing, mutual funds etc. With the emergence of Privatization, Globalization and Liberalization in India, Banks are focusing on Research and Development and applying various innovative ideas and technology. There is a close relationship between the development of banking sector and the new innovations in technology and Electronic data processing. The present article focuses on the benefits and challenges of changing Banking trends and to study the performance of existing technology based products and services being offered by banks. KEYWORDS: Banking Innovation, Technology, Internet, Services
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