To buttress the point around increasing reliance on technology in the banking sector in India, let me reel out some statistics. As per the latest RBI Annual Report, the share of electronic transactions in total transactions in volume terms has moved up to 84.4 per cent from 74.6 per cent in the previous year.
Production of electronic components and devices had been thriving in the affected areas, and there were more than a few parts manufacturers producing unique products with dominant global market share.