In this paper, we discuss the introduction of various emerging technologies and its effects on the Indian Banking sector in detail. The banking sector in India has undergone dynamic changes in the last two decades in terms of moving away from traditional concepts of banking operations towards digitally driven methodology. Digitization and artificial intelligence has helped the banks in reducing turnaround time for various services and human interference in every day operations thereby reducing scope of errors and increasing operational efficiency. While the technological transformation has helped the banks to come up with cost effective ways of reducing carbon foot print, front-line labor costs in various stages of its operations, it has also given way to various challenges like cyber-crime, regulatory compliance risk, credit risk modelling, availability of technologically skilled man power, increased risk of managing complex data bases to avoid data leakage. The objective of this research paper is to study & analyze the fundamental changes in banking operations brought by introduction of these technologies. growth of the country introducing specialized platforms to drive enterprise growth, profitability and sustainability by covering customer’s in rural India, improving customer selection, reduction of operating costs and optimization of the business processes. The study is based upon references from books, employee experiences, research journals, blogs etc.