Assessing the Effectiveness of Digital India Campaign on Performance of Selected Banks and Customer Satisfaction

Abstract

Digital India, with over 4 lakh crore investments and the creation of eighteen lakh job newlineopportunities at its launch, aims to strengthen the foundation of electronic services. newlineDigital India is a comprehensive effort to integrate past and ongoing projects onto a single newlineglobal platform accessible to all citizens. It represents a technological revolution that goes newlinebeyond digital payments, shaping the future of e-governance and inclusive technological newlineprogress in India. The campaign gained momentum with the coinage of the term quotDigital newlineEconomyquot in 2015 and saw increased acceptance following the demonetization in 2016. newlineThe scrapping of high-denomination currency notes led to a surge in digital payments, newlinewith digital wallets becoming a popular alternative. newlineSo this research focuses on the years 2011-2020, which means pre and postdemonetization period is included in that research. Digital transactions impact two things newlinein the country. One is on the banks, as profitability either will increase or decrease with newlinethe digitalization and another is on their customers, which means their satisfaction level newlineof customers from digitalization. May they face any challenge in adopting the new newlinetechnology. Following are the goals of the current study: To assess the preference of customers for digital transactions offered by public sector and private sector banks; To evaluate the newlinecustomer satisfaction levels and also the difficulties faced by the customers while using the digital services offered by various banks; To study the impact of cashless policy newlineimplementation on the financial performance of the banks pre and post-demonetization; newlineTo compare the profitability and performance of banks in both public and private sector newlinebefore and after the campaign from 2011 to 2020. newlineThis study uses exploratory cum descriptive research design in which the first two newlineobjectives are assessed through primary data collection. The third and fourth objectives of the study were assessed through secondary data collection. To evaluate electronic services newlinein ban