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This article aims to examine the impact of demonetization in banking and growth of digital transactions under RBI. Demonetization is a drastic financial step where currency unit�s status as a exchange is declared unacceptable. It is a process of removing the old unit of value from common usage and replacement of new unit of value in a country. It was announced on 8 November 2016 . It means all the sectors got affected by demonetization process. There is both constructive and unconstructive impact on banking sector. Demonetization helped the banks to grab the deposits and increase their deposits. Vareity of digital payment methods are available these days that include that include UPI apps, cards, E- wallets, internet banking and many other. Payments through digital dealings in India are witnessing development of growth like usage of plastic cards has increased to some extent. Low availability of cash opens the doors for digital transactions in India. RBI sees increase in digital transactions which have grown up by 250% after 8 November 2016.