The banking industry has undergone immense changes with the introduction of information technology (IT). Electronic banking products and services have become increasingly popular in the past three decades as the banking industry operating in a complex and competitive environment has experienced the awareness to serve its customers electronically. The results show that e-banking has increased the profitability of banks, it has enabled the banks to meet their costs and earn profits even in the

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... rt span of time. For banks, the main motive to adopt e-banking is to increase their clients and to retain their customers. This paper aims at examining the effect of e-banking on the banking industry and the impact of demonetization in the banking industry and the role of e-banking services in digitization and it will also show the economic and social relations of e-banking and challenges faced by banking industry while using e-banking.