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Volume:7, Issue :2
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Journal of European Economic History
2026, Volume:7, Issue :2 : 150-170 doi: https://doi.org/10.61336/JEEH/26-2-14
Research Article
Actor-Network Theory (ANT) to Explore Influence of Central Bank, Digital Public Infrastructure, Emerging Technology in Digital Transformation of Indian Banks
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1
Associate Professor, National Institute of Bank Management, Pune, India
2
Senior Consultant, Tata Consultancy Services, India
3
Professor, Symbiosis School of Banking and Finance, Symbiosis International (Deemed University), Pune
4
Senior Researcher, University of South Florida, USA
Abstract

Digital transformation(DT) of banks and financial sectors among developing countries is more explored from the perspective of application of information and communication technologies (ICT). There is limited focus on social theories that needs to be leveraged for analysis of information systems driven transformation of organizations, banks, and wider financial sector, economy and governance. This exploration uses Actor-Network Theory (ANT) to understand  DT among Indian banks – with specific focus on the central bank, availability of digital public infrastructure(DPI) and technology. ANT is a promising vehicle in inter-organizational strategic information systems planning (IOSISP) with relevant network interplay of actors. This study of actors includes financial organizations (private and public banks, fintechs), the Reserve Bank of India (RBI – the Central bank of India), available DPI alongside technology innovations relevant for banking transformations. The RBI is a primary actor in motivating digital focus across Indian banking. The availability and synergistic leverage of multiple purposeful DPIs and emergent technologies drive banks to transform and innovate in a developing nation like India. The descriptive exploration reveals focus across the actors that impact the supply side of digital transformation in banking. Analysis of research publications, press releases, policy documents, and reports issued by government, available DPIs, central banks, public, and private banking entities are examined through inter-rater assessments. Qualitative evaluation of vast multi-modal data, including unstructured narratives, visuals and videos,   helped generate a qualitative Actor Network Framework for DT across Indian banks.  Network actor inter-influence is discovered to understand how to better manage supply perspectives of digitalized banking. The distributed sensing of the transformations for alignments with customer and other stakeholder demands may be explored as future extensions in this knowledge area. The conclusions drawn are significant for banks across developing nations and globally – especially to identify the actors that influence in operationalizing digital transformation trajectories over time. This India focused study enhances strategic appreciation of the influence that multiple actors in socio-economic digital transformations relate to. From a wider perspective it provides motivation and framework for future research integrating across other prime actors like customers, competition, wider fiscal policies, and regulations that evolve digital transformations.

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