authors
Anjali Devi and Ram Kishan

abstract
Digital transformation has fundamentally altered India’s financial sector, reshaping payments, banking and inclusion. Between 2019 and 2024, rapid adoption of mobile platforms, expansion of fintech and government-led initiatives such as Jan Dhan, Aadhaar and UPI accelerated the shift from cash to digital transactions. UPI alone processed over 13,000 crore transactions in FY 2023–24, reflecting its role as a global benchmark in real-time payments. Financial inclusion indicators improved, with nearly 78% of adults holding bank accounts by 2021 and direct benefit transfers increasingly digitized. Fintech investment and innovation redefined credit, insurance and savings, while traditional banks adapted to hybrid digital models.