The Reserve Bank of India has triggered reforms in the banking sector by introducing effective strategies to reduce government monopoly, while improving the working of the banks. Electronic Clearing Service-Credit Clearing facility should be made available to all corporate bodies or Governments institutions for making repetitive low value payment like dividend, interest, refund, salary, pension or commission. In last few years, the Indian banking sector has realized the need of digital technologies and is rapidly moving to embrace digital banking. Globalisation is shrinking the size of the world. Required steps must be taken for sound management of banking technology.
