Evaluating the Role of Block chain in Modernizing the Indian Banking Infrastructure

Abstract

This article explains how block chain technology can help improve the Indian banking system. Many banks in India face problems like delays, high costs, fraud, and old technology. Block chain is a new technology that stores data securely and allows people to make safe and fast transactions without needing a middleman. It can help banks work more efficiently, reduce paperwork, and improve trust between customers and banks. The article discusses how banks around the world and in India are starting to use block chain. Examples from Indian banks like ICICI, SBI, and YES Bank show how block chain is being used in areas like KYC, trade finance, and cross-border payments. The benefits of using block chain include better security, faster services, and lower costs. Even though block chain has many advantages, there are some challenges like high setup costs, lack of trained people, and unclear government rules. Still, the future looks positive. With the right support, block chain can make Indian banking faster, safer, and more modern. This article highlights how block chain can play a big role in changing how banks work in India.