E-Banking and Recent Trends in India

E-banking and recent trends in India
Introduction
Electronic banking has many names like web-based banking, e-banking, virtual
banking, or web banking, and online banking. It is just the utilisation of
telecommunications networks and electronic networks for conveying different
financial services and products. Through e-banking, a client can acquire his record
and manage numerous exchanges utilising his cell phone or personal computer.
E-banking and recent trends in India

The banking system had had a dynamic structure. It has changed with time and tide
which has not only made the economy stronger but also made the life of the
customer much easier than before. You and I witness these changes in our day to
day life by using a number of new banking facilities. The trend in banking has
taken the biggest turn during the year 1969 when 14 major banks were
nationalized. The aim was to make banking facilities availed to all the sectors of
the society and to transfer it from a few hands, enjoying the monopoly, to the hands
of the government. The two significant aspects of nationalization were first, growth
and second eliminated the regional imbalance by making the credit facility
available to small scale industries, farmers and rural men. Now, with the efflux of
time and adoption of Information Technology, the banking business has reached a
greater height. Banks put up a website that provides general information on banks,
locations, products, services available and etc.
What is E-banking?
The simple way to define the E-banking is banking through the means of internet.
Through e-banking customer can access his account through his mobile phone or
computer. It includes fund transfer to another bank or within the same, any
investment, and account related details or to avail any services all through the
means of internet.
Previously, the customers had to stand in a long queue to avail of the bank
transaction. In fact, customers were ignorant about the services or the products of
the banks. But today, by just one click we can avail of the easily transfer the funds
and manage our accounts.
Services Under E-Banking:
Mobile Banking:
Mobile banking (otherwise called M-banking) is a name utilised for performing
account exchanges or transactions, bill payments, credit applications, balance
checks, and other financial exchanges through a mobile phone like a Personal
Digital Assistant (PDA) or cell phone.
Electronic Clearing System (ECS):

The Electronic Clearing System is a creative provision for occupied individuals.
With this provision, an individual’s credit card bill is consequently charged from
the same individual’s savings bank account, so one doesn’t have to stress over
missed or late payments.
Smart Cards:
A smart card is a card that stores data on a microchip or memory chip or a
microprocessor in lieu of the magnetic stripe found on debit cards and credit cards.
Electronic Fund Transfers (ETFs):

Electronic fund transfer (EFT) is the electronic exchange of cash starting with an
individual account in the bank to another individual account of the same bank, or
within or with other financial institutions or with multiple institutions, by means of
personal computers based frameworks, without the immediate intercession of bank
staff.
Telephone Banking:
Telephone banking is an assistance given by a bank or other monetary foundation
or other financial institutions, that empower clients to perform via telephone a
scope of monetary exchanges which don’t include cash or financial instruments,
without the need to visit an ATM or a bank branch.
Internet banking:
Web-based banking is an assistance presented by banks that permits account
holders to get their record information by means of the web or the internet. Web-
based banking or Internet banking is otherwise called “Web banking” or “Online
banking.”
Internet banking through customary banks empowers clients to play out every
standard exchange, for example, bill payments, balance requests, stop-payment
requests, and balance inquiries. Some banks even proposition online credit card
and loan applications.
Importance of E-banking
1. The customer can easily get access to his accounts anywhere and anytime.
2. The transaction is safer and secure.
3. E-banking transaction is easier and quicker.
4. It saves the valuable time of the customer.
5. It has also reduced paperwork. It’s more eco-friendly.
Significance of E-Banking:
Importance to clients:
 Lower cost per exchange

 No topographical hindrances
 Convenience
Importance to Businesses:
 Better efficiency
 Lower costs
 Lesser errors
 Diminished misrepresentation
 Account reviews
Importance to banks:
 Lesser exchange costs

 A decreased edge for human blunder
 Lesser desk work
 Decreased fixed expenses
 More steadfast clients
Conclusion
Overall, e-banking has revolutionized the way we bank, offering unparalleled

convenience, efficiency, and security. As technology advances, e-banking will
continue to evolve, further transforming the banking
Reference
https://lawtimesjournal.in/e-banking-and-recent-trends-in-india/
https://byjus.com/commerce/e-banking/

E-Banking and Recent Trends in India

Uploaded by

Copyright:

Available Formats

E-Banking and Recent Trends in India

Uploaded by

Document Information

Original Title

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

E-Banking and Recent Trends in India

Uploaded by

Copyright:

Available Formats

E-banking and recent trends in India

E-banking and recent trends in India

Services Under E-Banking:

Electronic Clearing System (ECS):

Electronic Fund Transfers (ETFs):

2. The transaction is safer and secure.

3. E-banking transaction is easier and quicker.

4. It saves the valuable time of the customer.

5. It has also reduced paperwork. It’s more eco-friendly.

 Lower cost per exchange

 Lesser exchange costs

Overall, e-banking has revolutionized the way we bank, offering unparalleled

You might also like