This research work seeks to evaluate objectively if Internet banking is, in fact, a boon or a bane. In this monograph, we have attempted to find out as to how digital banking helps to curb corruption in India. It also highlights the objectives and functions of digital banking and how it contributes to the development of the nation via financial inclusion. This research work further explores the issues and the challenges faced in e-transactions. Finally, the research work examines recent trends and draws out a conclusion.