E-BANKING IN INDIA
K. C. College
E-banking nowadays is the one of the fastest developing trends in Indian banking and is poised totake the banking sector a notch higher. No more falling in line in banks, no more waiting tons of hours in the bank, no more days and weeks of waiting. All can be done with one card, one
gadget. It’s easy, it works, and most importantly, people like it. But still, some people are having a
hard time using this kind of technology, mostly people who are used to do things the oldtraditional way. With the use of advertising, people are now motivated to use E-banking becauseagain, it eliminates the hassle encountered when using the old process of banking. Theadvancement of electronic banking or commonly known as e-banking, began with the use of automatic teller machines (ATMs) and has included telephone banking, direct bill payment,electronic fund transfer, online banking and other electronic transactions. For many people, theybelieve that the e-banking will go to the direction of mobile banking. Also, some people believethat online banking will be the most popular method in the future. In order for users/customers touse their banks online services, they need to have a personal computer and an Internetconnection. Also, their personal computers will be their assistant who will assist them in their transactions and services. Examples of those transactions are paying bills, attaining informationabout accounts and loans, and etc.E-Banking(an abbreviation for electronic banking)is an umbrella term for the process by which acustomer may perform banking transactions electronically without visiting a brick-and-mortar
institution. In simple terms, it does not involve any physical exchange of money, but it’s all done
electronically, from one account to another, using the internet. From a personal computer, onecan access bank account information, and perform many banking functions, like transferringmoney, making a loan payment. Electronic banking, also known as electronic fund transfer (EFT),uses computer and electronic technology as a substitute for checks and other paper transactions.In simple words,the systems that enable financial institution customers, individuals or businesses, to access accounts, transact business, or obtain information on financial productsand services through a public or private network, including the Internet i.e. PC, ATM, Onlinebanking, etc.It means any user with a personal computer and a browser can get connected to hisbank -s website to perform any of the virtual banking functions. In Internet banking system thebank has a centralized database that is web-enabled. All the services that the bank has permittedon the internet are displayed in menu. Any service can be selected and further interaction isdictated by the nature of service.