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It is significant to study the role of foreign banks with application of specific business practices, for allocation of credit to various sectors including priority sector and technological developments in comparison to Indian banks. This is mainly because of importance of sectoral credit allocation and technological developments in scheduled commercial banks play a decisive role in transformation of a country. Today, the Indian Government is making a big push via demonetization, for online and card-based transactions in the country to achieve its target of becoming a largely cashless economy. The introduction of electronic banking, online transactions and mobile banking in India has already paved way for a new era of development wherein the foreign banks are also playing a key role with the application of specific business practices and the use or demand for physical cash is gradually declining. In the future development of financial services, industry, and especially banking, the new information technology is becoming an important factor leading to cashless economy. The results of this study point out that along with Indian banks, foreign banks have rendered successfully, services related to sectoral credit allocation with technological developments. E-banking serves several advantages to Indian banking sector, involving technological developments in scheduled commercial banks covering development through transformation by appropriate sectoral credit allocation supported with growth in automated teller machines (ATMs), population group-wise distribution of ATMs, geographical distribution of ATMs, off-site ATMs, White label ATMs, Debit cards and credit cards, prepaid payment instruments. [ABSTRACT FROM AUTHOR]