Financial technology has significantly contributed to the banking sector of India. It has led the transformation in the way banks operate, interact with customers, and provide various financial services to different sections of society in the country. With the increase in digital payments, online banking, and mobile wallets, there has been better access to financial services even for the rural and underserved people of India. Fintech has positively impacted the Indian banking sector. It has improved customer services and made easy access to banking transactions. Banking has been made user-friendly with full-time availability. Still, some challenges are influencing the fintech adoption in the Indian Banking Sector. There are several issues such as cyber security risks, regulatory challenges, job displacements, lack of financial literacy, etc. The present paper will deal with the impact of fintech in the Indian banking sector. The present study will focus on the chal-lenges and future scope of fintech adoption in the Indian Banking Sector.

Fintech, Banking, Impact, Challenges