A Study of the Readiness of Indian Banks to Absorb COVID-19`s Impact Through New Emerging Technologies and Strategies for Competitive Advantage

Abstract

Digital disruptions and e-collaboration between banks, corporates, and fintech companies are increasing to meet the new challenges posed by COVID-19 across the globe. The Indian economy and the financial ecosystem is undergoing a transformation with the number of reforms introduced by the Government of India and Reserve Bank of India in the last few years. Emerging trends in the Indian economy with new business models being adopted by the banks and financial institutions leading the country to the international standards of the payment system. This chapter focus on the pre-COVID reforms and their impact on banking and finance sector post-COVID 19 in the Indian Economy. The author explains the readiness of Indian banks to meet the challenges and the new emerging technology-based business model being adopted by banks and financial institutions in re-strategizing their operations and have a competitive advantage in the market.

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