The Rise of Digital Banking in India: A Boon or a Bane? | Insights by Advocate Prakhar Gupta
The Indian banking sector has undergone a seismic shift, moving from the traditional " Brick and Mortar " model to " Click and Portal ." As an Advocate in Kota, I have seen how this has democratized finance—allowing a vegetable vendor at Sabji Mandi to accept payments via the same UPI interface as a multinational firm in Jaipur. As a practicing Lawyer in Kota, I have observed a significant shift in how we handle finances. From street vendors to large corporations, India has embraced a digital-first economy. However, as Advocate Prakhar Gupta, I often see the darker side of this revolution—the rising tide of digital fraud. The Digital Boom: In the last decade, the relationship between banks and customers has moved from physical ledgers to seamless electronic transfers. Systems like UPI, RTGS, and NEFT have revolutionized convenience. Today, even local hawkers in Kota use QR codes for transactions. India now accounts for nearly 46% of all digital payments globally. W...