PEARL Multidisciplinary Journal

PEARL Multidisciplinary Journal

Indian Banking: The Post Covid-19 Scenario

Abstract

Covid-19 hit us suddenly and unexpectedly. It spread far and wide very quickly. The world was not prepared for it, and neither were the businesses. Prolonged lockdowns brought the economy to a standstill. Though it is not a banking crisis as such, it naturally affected the banks. Banks, being the forerunners of the economy, had to think fast and undertake major changes to carry on with their businesses and the services that they provide. This meant certain changes to the systems and procedures that were being normally followed. In order to support the sudden changes, technology adaptation was fast paced and technology solution providers came into the picture. The change that was going on at a certain pace was accelerated. The customers also had to somewhat begin adapting to these new modes of banking experience. The competition has now begun in the technological dynamism, amongst the banks. Will these changes be long lasting or will we return to pre pandemic era of banking, is for the future to tell? The changes are dynamic and, at the present moment looks like they are here to stay. This article looks into the changes that have been inflicted upon the banking industry in India due to Covid-19, and what probable changes are here to stay.

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Keywords

COVID-19: Economy, India, Banking Sector, Changes, Technology Adoption

Author Affiliations

Anirban Ghosh¹ , Nirmal Chandra Roy^2*

¹ Department of Management Studies, Salesian College, Siliguri, Darjeeling, India.

² Department of Business Administration (HR), The University of Burdwan, West Bengal, India.

Dates

15 February 2023