SOCIO-ECONOMIC CONTRIBUTION OF DIGITAL RETAIL BANKING- AN EMPIRICAL STUDY IN WEST BENGAL

Abstract

Banking as a part of society always provides a positive contribution to the economic development. Digital retail banking in India has immensely contributed to overall socio-economic development. The present study imparts a primary data based empirical analysis from 170 respondents in West Bengal on this issue and used five constructs such as Easy Access to Money (EAM); High Quality of Life (HQL); Poverty Reduction (PR); Facilitating Emerging Digital Economy (FEDE); Covid-19 Protective Security (C-19PS) to judge the socio-economic contribution of digital retail banking in West Bengal. The study has found after applying descriptive statistics and Pearson’s correlation test that all five constructs are internally consistent and digital retail banking has very high impact on all the five socio-economic constructs. Digital retail banking has also highly impacted all 17 attributes or statements under these five constructs