The banking industry is the backbone of the Indian financial system and it is plagued by many challenging forces. One such force is the revolution of information technology. The banking sector has experienced a tremendous technological revolution that has paved the way for creating newer, better opportunities for its customers. The impact of technology on the banking industry is manifold and can be witnessed by the speed at which banks operate in the country. Banks in India have invested heavily in technology such as Tele Banking, Mobile Banking, Net Banking, ATMs, Credit Cards, Debit Cards, Electronic Payment Systems, and Data Warehousing and Data Mining Solutions, to bring improvements in the quality of customer services and the fast processing of banking operations. Heavy investments in IT have been made by the banks in the expectation of improvement in their performance.