Finance is the life blood of any economy for growth and development. The financial support required by the economy to grow and develop is supported by strong and sustainable banking system. The Banks in India have started adopting and embracing technology since from 1980s. It was imperative and inevitable to the Indian banks to embrace new innovations to meet the challenges of changing trends in banking sectors and to meet the expectations of the customers. Developments in the field of information technology have contributed to remarkable changes in banking sector. The modern information technology have altered and replaced the traditional ways of banking into digitalization. The demonetization announcement was to restrain the black money, to check the corruption, eliminate the flow of fake currency etc., but, this declaration led to cash less economy and grabbed unbanked community of the nation under the ambit of formal banking services. This paper makes an attempt to study various technologies adopted in banking sector over the decade and its impact on Indian economy. The study is made by making use of secondary information from various resources.