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Last few decades witnessed the proliferation of financial reforms, liberalization and globalization of Indian economy coupled with rapid revolution in information technology (IT). The business applications of various tools of IT have bought a paradigm shift in banking sector around the globe. India has risen as one of the quickly developing economies of the world, having recorded a yearly development rate of 8% amid the most recent four years. Notwithstanding amid the turbulent times, the Indian economy recorded an unassuming development rate of 6.7% in the year FY2015.
India, with a populace of more than a billion and rising per- capita income, gives a tremendous chance to the BFSI organizations to grow by presenting of new items, utilizing innovation, sending creative systems and sloping up circulation system. Banking sector is now no more confined to the narrower territory of a particular region, state or a country. Introduction of Internet or Electronic Banking has bought a new concept of click banking. Indian banking industry, the backbone of Indian economy, is the second largest spender to the IT which is unquestionably in the line of current requirements for enhanced effectiveness and efficiency. The application of IT in BFSI sector gives colossal advantages to the banks and in addition its consumers.
But the flip side of this has changed the financial landscape from brick banks to click banks; the traditional banking risks have also been exacerbated. In this reference, the present study carefully endeavors to bestow the evolution of computerization of BFSI segment in India. It analyses some of the recent IT applications and associated risks with such applications.