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BFSI forms the cornerstone for the economy, thus forming the basis for the development of an economy by altering and regulating its activities. However, many recent developments and recurring trends and crucial banking trends like NPAs, RBI's Recapitalisation, Fraud Detection, Corporate Governance, Policy Environment, Digital Payments, Cooperative banking, diversification of revenue stream, the rise of retail credit, and continuing narrative from NBFCs, makes it imperative to categorizes the different forces at play and warrants in-depth research and analysis on how they imply for Banking as a whole in Financial Year 2020. Further, the Global environment of US Presidential elections, trade tensions, and recession also gives reason for the Indian Banking System to anticipate various layers of complexity and a series of outcomes under different circumstances. India today has a Digital payment ecosystem, which is unique in itself for innovative population-scale payment systems. Therefore, as part of this paper, we will use empirical research in the light of the above-mentioned defining trends to comprehensively quantify and extensively evaluate the growth and penetration of Digital payments in various regions of India. [ABSTRACT FROM AUTHOR]