Vol. 1, Issue 9, Part C (2015)

Abstract
Traditional banking systems in India are undergoing a major transformation because to fintech developments. Everyday transactions have been transformed by the rise of digital payment services like Paytm and PhonePe which have increased financial inclusion and decreased the need for cash. Peer-to-peer lending websites like Lendbox and Faircent provide speedier access to funds and frequently better conditions than traditional bank loans. Blockchain technology is being incorporated to address trust and fraud issues and provide more transparent and safe transactions. Traditional banks\' mobile banking apps incorporate fintech capabilities and provide smooth user experiences akin to those of fintech firms. Fintech\'s data analytics skills also make it possible to provide more individualised financial services and products, which raises client happiness and loyalty. Even though these innovations present challenges for traditional banks, many of them are forming alliances with fintech companies to remain competitive, which is leading to a convergence of traditional and modern banking practices in India.