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E-COM-outline

E-COM-outline

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Published by: cute_little45 on Mar 19, 2011
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03/19/2011

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E-BANKING
Internet banking or E-banking:
Internet banking (or E-banking) means any user with a personalcomputer and a browser can get connected to his bank’s website toperform any of the virtual banking functions. In internet bankingsystem the bank has a centralized database that is web-enabled. Allthe services that the bank has permitted on the internet are displayedin menu. Any service can be selected and further interaction is dictatedby the nature of service. The traditional branch model of bank is nowgiving place to an alternative delivery channels with ATM network.Once the branch offices of bank are interconnected through terrestrialor satellite links, there would be no physical identity for any branch. Itwould a borderless entity permitting anytime, anywhere and anyhowbanking.The network which connects the various locations and givesconnectivity to the central office within the organization is calledintranet. These networks are limited to organizations for which theyare set up. SWIFT is a live example of intranet application.
 
Internet banking in India:
The Reserve Bank of India constituted a working group on InternetBanking. The group divided the internet banking products in India into3 types based on the levels of access granted. They are:
i)
Information Only System:
General purpose informationlike interest rates, branch location, bank products and theirfeatures, loan and deposit calculations are provided in thebanks website. There exist facilities for downloading varioustypes of application forms. The communication is normallydone through e-mail. There is no interaction between thecustomer and bank's application system. No identification of the customer is done. In this system, there is no possibility of any unauthorized person getting into production systems of the bank through internet.
ii)
Electronic Information Transfer System:
The systemprovides customer- specific information in the form of accountbalances, transaction details, and statement of accounts. Theinformation is still largely of the 'read only' format.Identification and authentication of the customer is throughpassword. The information is fetched from the bank'sapplication system either in batch mode or off-line. Theapplication systems cannot directly access through theinternet.
iii)
Fully Electronic Transactional System:
This systemallows bi-directional capabilities. Transactions can besubmitted by the customer for online update. This systemrequires high degree of security and control. In thisenvironment, web server and application systems are linkedover secure infrastructure. It comprises technology coveringcomputerization, networking and security, inter-bankpayment gateway and legal infrastructure.
iv)
 
Automated Teller Machine (ATM):
 ATM is designed to perform the most important function of bank. It is operated by plastic card with its special features.The plastic card is replacing cheque, personal attendance of the customer, banking hours restrictions and paper basedverification. There are debit cards. ATMs used as spring boardfor Electronic Fund Transfer. ATM itself can provideinformation about customers account and also receiveinstructions from customers - ATM cardholders. An ATM is an

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