Effects of Covid-19 Pandemic on Online Banking Services in Indian Context

ABSTRACT

Now a days, after the fear of the COVID-19, instead of exchange of cash currency i.e. rupees and coins, people prefer cashless transaction or online e-transactions. Online banking encompasses a broad range of banking activities that can be carried out online by the consumer. As these online transactions can be done from a distance, contact is not needed and risk of contacting COVID-19 may be minimized. So, this study aims to study the use of online banking before, during and after the pandemic. This is a comparative study of online banking services usage, and benefits availed and factors affecting the usages of online banking by the customers before, during and after the COVID-19. The study is focused on primary data obtained with the aid of questionnaires. Only 50 questionnaires were found completely filled. Secondary data was collected through online articles on economic times, RBI reports, journals, newspapers etc. to review the literatures and understand theoretical backdrop of E-banking in India, Pre COVID-19 (Phase I), during (Phase II) and After COVID-19 (Phase III). This paper suggests that there is a significant difference in the factors affecting the usage of online banking services in different phases at the time of pandemic situation.

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