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India's Banking System gets more digital friendly

Fintech is where opportunities lie today and where the Indian banking and payment systems will be in the future, as per the SBI MD

Fintech-Financial technology describes new technology that works towards enhancing and automating the delivery and use of financial services. Paytm, PhonePe and GooglePay are popular Indian Fintech companies which thrived during Covid pandemic

As more and more banking-related processes are getting digitalised, Fintech is projected to become the future of the Indian banking sector and payments infrastructure.

The State Bank of India is just one example of how the fintech sector offers significant growth potential and business opportunities, says its managing director Ashwani Bhatia.

Currently, the SBI uses technology to carry out 91% of its activities.Bhatia said that the same thing would have been unthinkable some 35 years ago.

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