A Research Paper on MISAPPROPRIATION OF BANKING IN INDIA.

The Reserve Bank of India, not to be left behind, played its part in this transformational journey, by issuing regulations and recommendations on banking mechanization and computerization. Financial sector in general and banking industry in Particular is the largest spender and beneficiary from information technology. According to John Finnerty, "Financial Innovation involves the design, the development, and the implementation of innovative financial instruments and processes, and the formulation of creative solutions to problems in finance". The various innovations in banking and financial sector are ECS, RTGS, EFT. [ABSTRACT FROM AUTHOR]