Chapter 1: - E-Banking

1.1 Introduction of E-Banking 1.2 Meaning of E-Banking 1.3 Functions of E-Banking 1.4 Types of E-Banking 1.5 Advantages of E-Banking 1.6 Limitations of E-Banking

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1.1

Introduction of E-Banking: -

The acceleration in technology has produced an extraordinary effect upon our economy in general has had a particularly profound impact in expanding the scope and utility of financial products over the last ten years. Information technology has made possible the creation, valuation, and exchange of complex financial products on a global basis and even that just in recent years. Derivatives are obviously the most evident of the many products that technology has inspired, but the substantial increase in our calculation has permitted a variety of other products and, most beneficially, new ways to unbundled risk. What is really quite extraordinary is that there is no sign that this process of acceleration in financial technology is approaching an end. We are moving at an exceptionally rapid pace, fueled not only by the enhanced mathematical applications produced by our ever rising computing capabilities but also by our expanding telecommunications capabilities and the associated substantial broadening of our markets. All the new financial products that have been created in recent years contribute economic value by unbundling risks and reallocating them in a highly calibrated manner. The rising share of finance in the business output of India and other countries is a measure of the economic value added by the ability of these new instruments and techniques to enhance the process of wealth creation. The reason of course, is that information is critical to the evaluation of risk. The less that is known
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about the current state of a market or a venture, the less the ability to project future outcomes and, hence, the more those potential outcomes will be discontinued. 1.2 Meaning of E-Banking: E-bank is the electronic bank that provides the financial service for the individual client by means of Internet.

1.3 Functions of E-Banking: At present, the personal e-bank system provides the following services: 1. Inquiry about the information of account: -

The client inquires about the details of his own account information such as the card’s / account’s balance and the detailed historical records of the account and downloads the report list.
2. Card accounts’ transfer: -

The client can achieve the fund to another person’s Credit Card in the same city.
3. Bank-securities accounts transfer: -

The client can achieve the fund transfer between his own bank savings accounts of his own Credit Card account and his own capital account in the securities company. Moreover, the client can inquire about the present balance at real time.

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information of the Credit Card and the client information in e-bank on net. The transaction of foreign exchange: - The client can trade the foreign exchange. cancel orders and inquire about the information of the transaction of foreign exchange according to the exchange rate given by our bank on net. 5. such as modifying his own login password. freezing or deleting some cards and so on. 7. 4 . Reporting the loss if the account: - The client can report the loss in the local area (not nationwide) when the client’s Credit Card or passbook is missing or stolen. 6. The B2C disbursement on net: - The client can do the real-time transfer and get the feedback information about payment from our bank when the client does shopping in the appointed website. Account management: - The client can modify his own limits of right and state of the registered account in the personal e-bank. 8.4. Client service: - The client can modify the login password.

5 Advantages of E-Banking: - 1. Using a computer to perform direct banking.4 Types of E-Banking: 1. 3. We can effect fund transfer on a real time basis across the bank locations. effectively by using our online hand transfer mechanism.make a balance enquiry. Account Information: Real time balance information and summary of day’s transaction. Deposits.1. Using a telephone to perform direct banking. 5 .make a balance enquiry. inter-account transfer and payment of linked accounts at an ATM. interaccount transfers and pay linked 1. Fund Transfer: Manage your Supply-Chain network. 4. withdrawals. 2. interaccount transfers and pay linked accounts. 2. Buying and paying for goods and services using debit cards or smart cards without having to carry cash or a cheques book.

Fund Transfers: Manage our Supply-Chain network. effectively by using our online fund transfer mechanism. We can effect fund transfer on a real time basis across the bank locations. Request: Make a banking request online. Downloading of account statements as an excel file or text file. It provides us:  Current balance in our account on real-time basis. drawing power. (a) One-to-one fund transfer between two linked account.3.  Day’s transactions in the account.  Details of cash credit limit. The product facilities. Account information: The complete database that the banks has about our company is available to us at our terminal. The statements can be integrated with your ERP systems for auto-reconciliation. etc. 4. 6. 6 . amount utilized. 5.

Our systems take care of processing the entire file and once the file is processed file to our ERP for auto reconciliation. The real life situation of user-wise limits and multilevel signatories can be mapped in the net-based fund transfer module too. With a power of Attorney from our dealers. Alternatively. we can link the dealer’s accounts to our account in order to have an online fund transfer. We can specify user-wise cap for fund transfer and the number of approvals needed for each fund transfer. (1) Stop payment or cheques (2) Cheque book replenishment (3) Demand Draft / Pay-order (4) Opening of fixed deposit account (5) Opening of Letter of credit 7 . 8. we upload a flat file containing payment / collection information. Customers can also submit the following requests online: Registration for account statements by e-mail daily / weekly / fortnightly / monthly basis. Similarly. we could also effect vendor and other payments online.(b) Bulk fund transfers. saving us time and money involved with cheques collections systems. the dealer can credit our account through this channel. 9. The fund transfer will not take place unless the required number of signatories has approved it. 7. In bulk fund transfers.

13.10. The product enables the company to proactively manage its cash flows. etc.Customers can Integrate the System with his own ERP: The customer can download the account statements either as a text file or as an excel file.The company does not have to spend anything extra to avail such facilities. He can pay his regular monthly bills (telephone.Bill Payment through Electronic Banking: Internet has thus ushered the concept of anytime and anywhere banking. can be overcome through the electronic Bill Pay service provided by the bank. The bank may charge a nominal fee depending upon the nature of work involved. no more loss of interest. water. and thus avoid missing the bill deadlines as well as earn extra interest on his money.The Electronic Shopping Mall: The customer can also make his shopping payment through the Bank’s secure website-so that he can shop online without 8 . The bank can help him in integrating the account statements and bulk payments files with his ERP system. electricity. etc.) right from his desktop. He can schedule his bills in advance. 11. All it requires is an Internet connectivity. mobile phone. electricity. To the individual the onerous task of visiting several places to settle his service bills like telephone. 12. No more missed deadlines.. insurance. ease reconciliation efforts as all the MIS is available at the click of the mouse.

Once he places a request for investing in a particular fund. mutual funds and other financial products. 15.Investing in Mutual funds: Electronic banking also brings the customer the same convenience while investing in Mutual funds. His bank funds are automatically debited or credited while simultaneously crediting or debiting his unit holdings.Hassle free and Paperless Investing. 9 . prospectus / offer documents. 16.Initial Public Offers Online: The customer could also invest in initial public offers online without going through the hassles of filling ANY application form / paperwork.Effecting Personal Investments through Electronic Banking: The bank’s website can also allow the customer to invest in shares. as the bank can provide online real time shopping mail services through partner shopping sites. and initial public offer analysis are few of the features. recent initial public offers listings. Initial public offer calendar. He can invest in mutual funds without the hassles of filling application forms or any other paperwork. there are no manual processes involved. He needs to provide no signatures or proof of identify for investing.any security worries. 14. which are about to hit the market and analysis on these. which help a customer to keep on top of the initial public offers markets. Get in-depth analyses of new initial public offers issues.

(5) Cheaper service fees. (8) Easy Customization. . (7) Highly Scaleable. (2) Speed of concluding transactions. (6) Seamless Integration with existing environment (IDM-Intelligent Data Module).banking without visiting your bank. (9) Lower Costs of both Installation and Maintenance. (3) Safety-banking from own home.Other benefits: The e-banking provides some other benefits also. (10) 10 Platform Independence. (4) Economy. They are: (1) Convenience.17.

(11) (12) Round-the-Clock and Cross-Border Availability. 11 . Remote Authorization.

Danger of giving your card number when buying on-line. 3. Safety situations around ATMs. Abuse of bank cards by fraudsters at ATMs. 2. The modern technology has influenced the financial sector to a large extent. It increases the competitive efficiency of the firms and provides sophistication to the end users. 12 .6 Limitation of E-Banking: - 1.1. It makes everyone fittest to survive.

2 Risk & Rewards a) Operational Risk b) Security Risk c) System architecture & design d) Reputational Risk e) Legal Risk f) Money Laundering Risk g) Cross Border Risks  13 .Internet Banking  2.1 Internet Banking a) Introduction b) Banking service though Internet c) The Indian Scenario d) Product & Service offered e) The future scenario 2.Chapter 2: .

although the range of products and services offered by different banks vary widely both in their content and sophistication. public networks. The Basic Level Service is the banks’ web sites which disseminate information on different products and services offered to customers and members of public in general. b) Banking Services through Internet: i. with the popularity of computers. easy access to Internet and World Wide Web (WWW).h) Strategic Risk i) Other Risk j) Risk of unfair competion 2. It may receive and reply to customer’s queries through e-mail. private networks. ii.1 Internet Banking:a) Introduction: The delivery channels include direct dialup connections. queries in their 14 . In the next level are Simple Transactional Web sites which allows customers to submit their instructions. applications for different services. This form of banking is generally referred to as Internet Banking. Internet is increasingly used by banks as a channel for receiving instructions and delivering their products and services to their customers. etc.

who deliver banking service primarily through Internet or other electronic delivery channels as the value added services. The third level of Internet banking service are offered by Fully Transactional Web sites which allow the customers to operate on their accounts for transfer of funds. etc. iii. only about 1 percent of Internet users did banking online in 1998. This is increased to 16. Kotak Securities). Some of these banks are known as ‘Virtual’ banks or ‘Internet only’ banks and may not have physical presence in a country despite offering different banking services. etc.account balances. but do not permit any fund-based transactions on their accounts. • At present. The above forms of Internet banking service the customer or by new banks. subscribing to other products of the bank and to transact purchase and sale of securities. this is expected to grow exponentially to 90 lakh by 2003. However. both as a medium of delivery of banking services and as a strategic tool for business development. 15 . c) The Indian Scenario: The entry of India banks into Net Banking • Internet banking.7 percent in March 2000 (India Research. the total internet users in the country are estimated at 9 lakh. 2000. payment of different bills. May 29.

 Vijaya Bank provides information on its website about its NRI and other services. allows its customer to communicate with it through an e-mail address’ communication is limited to a small number of branches and offices which have access to this e-mail count. phone banking at 35 paise. application forms for downloading and e-mail option for enquiries and feedback.1 per transaction.  A few banks provide the customer to enquire into his demat account (security/shares) holding details. Rough estimates assume teller cost at Re. Customers are required to fill in applications on the Net and can later receive loans or other products requested for at their local branch. 16 . d) Product and Services Offered:  Banks in India are at different stages of the web-enabled banking cycle. which is not having a web site. debit cards at 20 paise and Internet banking at 10 paise per transaction. Initially. a bank. ATM transaction cost at 45 paise.  With gradual adoption of Information Technology. These web sites still do not allow online transactions for their customers. transaction details and status of instructions given by him.• Cost of banking service through the Internet from a fraction of costs through conventional methods. the bank puts up a web site that provides general information on deposits products.

 Some of the more aggressive players in this area such as ICICI Bank Ltd.. Global Trust Bank Ltd. Bank of Citibank Bank of Madura Ltd...  HDFC Bank Ltd.  These services are being initiated by banks like ICICI Bank Ltd. HDFC Bank Ltd. movement of funds between accounts within the same bank.. etc.. and Bank of Punjab Ltd. Citibank.. 17 . Federal Bank Ltd.  Banks providing internet banking services have been entering into agreements with their customers setting out the terms and conditions of the services. Global Trust Bank Ltd.. UTI Bank Ltd. viewing and printing statements of accounts. querying on status or requests. Such services include request for opening of accounts. etc. review and payment of bills online. offer the facility of receipt.  The ‘Infinity’ service of ICICI Bank Ltd.. stop payment of cheques... Some of the banks permit customers to interact with them and transact electronically with them. Citibank. UTI Bank Ltd. requisition for cheque books. Has made e-shopping online and real time with the launch of its payment gateway. instructions for opening of Letter of Credit and Bank Guarantees. Also allows online real time shopping all payments to be made by customers.

there is as yet no Certification Authority in India offering Public Key Infrastructure. disclosure of personal information for statistical analysis and credit scoring also. The terms and conditions include information on the access through user-ID and secret password. notices and termination. India banks offering online services still have a long way to go. For online banking to reach a critical mass. liability of the user and the bank. automatic sign-offs. minimum balance and charges. o The communication bandwidth available today in India is also not enough to meet the needs of high priority services like online banking and trading. non-transferability of the facility. firewalls. etc. authority to the bank for carrying out transactions performed through the service. random pop-ups and disaster recovery sites are is in place or are being looked at. digital certificates. which is absolutely necessary for online banking. branch connection encryption. o Various security options like line encryption. o Banks offering online facilities also need to calculate their downtime losses. because even a few minutes of downtime in a week could mean substantial losses. 18 . there has to be sufficient number of users and the sufficient infrastructure in place. e) The Future Scenario: - o Compared to banks abroad.

o Domestic customers for whom other access points such as ATMs. it is expensive and time consuming to access their bank accounts maintained in India find net banking very convenient and useful. o A contractual agreement is entered into by the customer with the bank for using the Internet banking services. o In order to promote Internet banking services. be attractive/ appealing as a value added service to domestic customers. therefore. difficult to be identified and controlled. for whom. therefore. personal contact. may. In the 19 . etc. it is necessary that the proper legal infrastructure is in place. security legal standards and operational standards keeping in view the international best practices. telebanking. o Reserve Bank of India has constituted a group to examine different issues relating to i-banking and recommend technology. with the result that internet access will become much faster in the future. o The Department of Telecommunications (DoT) is moving fast to make available additional bandwidth. o Cyber crimes are. Non-resident Indians. are often hesitant to use the Internet banking services offered by Indian banks. as an additional delivery channel. are available.o Users of Internet Banking Services are required to fill up the application froms online and send a copy of the same by mail or fax to the bank. Internet Banking.

etc. 20 . compromises in data integrity.2 Risk & Rewards: - a) Operational Risk:  Operational risk.  Besides inadequacies in technology. unauthorized access / intrusion to bank’s systems and transaction. implementation and monitoring of banks information system. fraudulent activity of employees and crackers/ hackers. 2. can become potential source of operational risk.following paragraphs a generic set of risks discussed as the basis for formulating general risk control guidelines. also referred to as transactional risk is the most common form of risk associated with i-banking. non-enforceability of contracts.  It takes the from of inaccurate processing of transactions. etc. human factors like negligence by customers and employees.  Such risks can arise out of weaknesses in design. data privacy and confidentiality.

 In addition to external attacks banks are exposed to security risk from internal sources e. unscrupulous vendors. etc. They can manage to acquire the authentication data in order to access the customer accounts causing losses to the bank. etc. all data/ information transfer over the internet can be monitored or read by unauthorized persons. Employee being familiar with different systems and their weaknesses become potential security threats in a loosely controlled environment.  Attackers could be hackers. disgruntled employee or even pure thrill seekers. risk management system. infringing customers’ privacy and its legal implications. portfolio management system. 21 .  Other related risks are loss of reputation. employee fraud.  Unless specifically protected.b) Security Risk:  Security risk arises on account of unauthorized access to a bank’s critical information stores like accounting system.g.

say HTTP (Hyper Text Transfer Protocol). etc.  Many banks rely on outside service providers to implement.  A system allowing communications with all protocols. etc. cryptographic techniques. 22 . only HTTP.c) System architecture and design:  Banks face the risk of wrong choice of technology. public key encryption. use of firewalls. digital signature.  Security related operational risk include access control. FTP (File Transfer Protocol). Each protocol is designed for specific types of data transfer. improper system design and inadequate control processes. is more prone to attack than one designed to permit say.  Numerous protocols are used for communication across internet. telnet. operate and maintain their e-banking system.

It may be due to banks’ own action or due to third party’s action. or non-conformance with laws. regulations. or prescribed practices. no alternative means of account access. rules. significant security breach (both due to internal and external attack). significant problems with communication networks that impair customers’ access to their funds or account information especially if.d) Reputational Risk: -  Reputational risk is the risks of getting significant negative public opinion.  The main reasons for this risk may be system or product not working to the expectations of the customers. inadequate information to customers about product use and problem resolution procedures. e) Legal Risk:  Legal risk arises from violation of. which may result in a critical loss of funding or customers. or when the legal rights and obligations of parties to a transaction are not well established. Such risks arise from actions which cause major loss of the public confidence in the banks’ ability to perform critical functions or impair bank-customer relationship. 23 . there are.

conduct periodic compliance reviews. f) Money Laundering Risk: o As internet banking transactions are conducted remotely banks may find it difficult to apply traditional method for detecting and preventing undesirable criminal activities. inadequately informed about his rights and obligations. may not take proper precautions in using Internet banking products or services. frame policies in internet transactions. banks need to design proper customer identification and screening techniques. g) Cross-Border Risks:  Internet banking is based on technology that. o To avoid this. Application of money laundering rules may also be inappropriate for some forms of electronic payments. by its very nature. unwanted suits against the bank or other regulatory sanctions. is designed to extend the geographic reach of banks and customers. develop audit trails. 24 . Such market expansion can extend beyond national borders. This causes various risks. leading to disputed transactions. A customer.

consult experts from various fields. banks need to conduct proper survey. Such considerations may expose banks to legal risks associated with noncompliance of different national laws and regulations.  The foreign-based service provider or foreign participants in internet banking are sources of country risk to the extent that foreign parties become unable to fulfil their obligations due to economic. social or political factors. proper training of staff and adequate insurance coverage.  Also they need to analyze the availability and cost of additional resources. provision of adequate supporting staff. h) Strategic Risk:  For reducing such risk. including consumer protection laws. establish achievable goals and monitor performance. i) Other Risk: - 25 . privacy rules and money laundering laws. record keeping and reporting requirements.

 These risks get intensified due to the very nature of internet banking on account of use of electronic channels as well as absence of geographical limits. Failure to do so. Traditional banking risks such as credit risk. it exposes itself to credit risk in the event of the issuer defaulting on its obligation to redeem electronic money. j) Risk of unfair competion: - 26 . may even give rise to legal action and reputational risk. If a bank purchases e-money from an issuer in order to resell it to a customer. It brings various types of risks associated with it.  Another facility of internet banking is electronic money. besides exposing the bank to liquidity risk. Banks may not be able to properly evaluate the creditworthiness of the customer while extending credit through remote banking procedures.  Liquidity risk: It is important for a bank engaged in electronic money transfer activities that it ensures that funds are adequate to cover redemption and settlement demands at any particular time. either when due or at any time thereafter. interest rate risk and market risk are also present in internet banking. which could enhance the credit risk.  Credit risk: Is the risk that a counterparty will not settle an obligation for full value. liquidity risk.

Any leaks at network connection or operating system. one can find that along with the benefits internet banking carries various risks for bank itself as well as banking system as a whole. 27 . etc. The open nature of internet may induce a few banks to use unfair practices to take advantage over rivals.  Thus. may allow them to interfere in a rival bank’s system. Internet banking is going to intensify the competition among various banks.

2 The Basel Committee’s Electronic Banking Group 3.3 e-Finance Oversight 3.1 Internet Banking in the United States • New Risks 3.5 Legal & Reputational Risk Management 28 .Chapter 3: .4 Security Controls 3. 3.Internet Banking: Challenges for Banks & Regulators.

 First. 29 . • At the beginning of 2001. including nearly all of the largest national banks.  Second. • Banks offering Internet-based transaction service – and there are more of them each day – should be well positioned to compete in the financial markets of the future. were offering full transactional capabilities online – a near twofold increase in little over a year. and assess how it relates to their technology investments and their ability to provide consistently high-quality customer service.1 Internet Banking in the United States: • An average industry estimates indicates the about 13 million US households banked online by the end of 2000 – twice as many as in the pervious years.3. or interest rate risk. bank are increasingly dependent on third parties to provide the necessary information technology. banks must manage the unprecedented speed of technological change. New Risks:  Internet banking poses risks that are different from those that bank supervisors customarily dealt with in assessing credit. market. 37% of all US national banks.

3.3 e-Finance Oversight: - 30 . 3. So far. These principles are intended to help banking institutions expand their existing oversight policies and processes to cover their e-banking activities. o The major focus of the EBG’s work has been to develop risk management guidance for Internet banking that will guide bankers and promote effective and consistent bank supervision around the world.2 The Basel Committee’s Electronic banking Group: o The Basel Committee on Banking Supervision has taken the lead in this area through the creation of its Electronic Banking Group (EBG) in late 1999 – a group whose members represent 17 Central banks and bank supervisory agencies. relatively few financial institutions have reported being victimized by online security violations. o The EBG has identified fourteen Risk Management Principles for Electronic Banking to promote sound risk management of e-banking. Security is another area of significant risk.

 Data integrity of e-banking transactions. and so on.  Nonrepudiation and accountability for e-banking transaction of duties.  Appropriate measures to ensure segregation of duties.4 Security Controls:  Authentication of e-banking customers. etrading. databases and applications. 31 . e-commerce. The EBG has dedicated considerable time and effort to communicating supervisory expectations and guidance for home country supervisors to oversee cross-border Internet banking activity conducted by their local institutions. records and information. the Financial Stability Forum’s Contact Group on EFinance held its first formal meeting.  In February of this year.  Establishment of clear audit trails for e-banking transactions. This group was formed to promote enhanced information-sharing among the various international sector-based working groups dealing with e-finance supervisory issues – e-banking.  Proper authorization controls within e-banking systems. retail payments systems. 3.

org. business continuity and contingency planning to ensure availability of e-banking systems and services.5 Legal & Reputational Risk Management:  Appropriate disclosure for e-banking services.  Incident response planning.  Capacity. Chapter 4: . Confidentiality of key bank information.bis.What do Computers do in Banks 32 .  Privacy of customer information. The complete EBG Report on Risk Management Principles for Electronic Banking can be obtained at the Bank for International Settlements’ web site at www. 3.

ATM Card j) Intra-bank and Inter-bank Applications 33 . Credit Card 2. Debit Card 3. Smart Card 4.The different uses of Information Technology: a) Single Window System b) Any Time Banking c) Automated Teller machine d) Shared Payment Network System e) Customer Service f) Telebanking g) Home Banking h) Electronic Fund Transfer i) Plastic Cards as Media for Payment 1.

4.1 The different uses of Information Technology: a) Single Window System (SWS): o The cashier or teller who accepts the cash, keys in the data from his terminal after receipt of the amount. o The amount is straight away posted to the system. o If the customer wishes to update passbook the same is also updated through the security form printer/pass book printer. o If a customer wishes to obtain a draft, the clerk keys in the details of the account to be debited and the particulars of the drafts to be issued on the machine. o The customer’s account is debited and security form printer prints out draft and clerk can hand over the same to customer duly signed.

b) Any Time Banking:  This refers to banking service available 24 hours a day and 365 days a year.  Such facility is made available to the customer through the Automated Teller machine.

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 Banking, being a service industry, is primarily driven by customers needs.  Each customer is willing to pay a price for the services provided it is made available to him when he wants and where he wants.  In the present day of server competion, banking services are driven by technology, which is more oriented towards providing better services to the customer.  The concept of banking hours has been changed from the fixed 4 hours to 24 hours.  This has been made possible through use of ATMs. Even under the manual service, the banks have stated to extend the service from the traditional 4 hours to 5 hours and even up to 12 hours say from 8 AM to 8 PM.  Some banks have introduced the practice of Sunday Banking or Holiday Banking.

c) Automated Teller Machine (ATM):  ATM is a machine in the nature of a computer in general sense, but is dedicated to do certain types of specific jobs only.

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 The hardware and the proprietary i.e. the software used in one machine can not be used in one machine. d) Shared Payment Network System (SPNS):  The SPNS, named SWADHAN, has been sponsored by the Indian Bank’s Association (IBA).  It is a network of ATMs, points of sale terminals and Cash Dispensers with a view to pool the resources of the banks and underlines the spirit of competition through cooperation.
 It became operational in Mumbai on 1st February 1997 and in two years about

150 ATMs were owned and installed by 38 banks including foreign banks, public and private sector Indian commercial banks as also cooperative banks.  The biggest advantage of the network is that the ATM cards issued by different banks can used at any member banks ATM.  Banks can have as many ATM as they want and follow some standards set by the SPNS committee.  The heart of the network is the Switch and its main components are: Tandem Mainframe Computer, BASE 24 Software, Motorola networking equipments and the leased lines.

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iii.e) Customer Services: The following customer services are offered through the system: i. 37 . sending a remittance. Cash withdrawal (up to a specified limit) Cheque/Cash deposit (the receipt being only for the deposit of the envelope containing cash but not for the amount therein) Enquiry about balances Printing of statement of accounts Request for cheque book and standing instructions. Transfer of funds PIN change f) Telebanking:  From the conventional banking. v. etc. ii. iv. where the services were provided manually across the table. to get a statement of account. vii. vi.  The concept has become so popular that in USA customers do not visit the bank for 97% of their transactions and these are done from either customer’s residence or office using a telephone or a home PC. it has come to a stage where the customer is not required to visit the bank enquiry of balance in the account.

g) Home Banking: • Under home banking the customer is served at his residence and there is no need for the customer to visit the bank’s premises for a number of routine transactions. • If the customer needs some information the same can be got by contacting the bank over the phone as described in the telebanking. two types of technology are used. 38 .  Telebanking services are. • If the customer wants to put through transaction and wishes to see his account or to get a statement of his account. city or metropolitan area. In telebanking the customer is required to open the account with the bank initially by visiting the bank.  Where the system is automated.  The number at the bank is connected to a terminal in the bank. • This type of facility is available with a town. generally. provided by the bank over the telephone on a special number. which is either handled manually or is automated by connecting the same to the computer network. he may have to use a PC.

one without using the information technology and another using information technology.• Under such a situation the customer should have a:     • PC Modem Telephone line A compatible software for the home PC The home banking service can be broadly classified under two groups. o In case of Telegraphic Transfer (TT) again the Department of Telecommunication was the sole provider of Telephone. 39 . h) Electronic Fund Transfer (EFT): o In India the fund transfers are basically done through Mail Transfer. Telex and Telegram facilities. • When customer contacts the bank o the phone no specific technology is involved and the service of telebanking are provided to him. Draft or Telegraphic Transfer.

o It was normal for any TT to be credited to the beneficiary’s account after delay of 2 to 4 days o The different forms of EFT prevalent in the use are:  EFT through Electronic Data Interchange  BANKNET  RBINET  IDRBT VSAT Network  EFT from Point of Sales  Electronic Cash  SWIFT. These are: 1. Credit Card 40 .Global System for Funds Transfer  Electronic Clearing Settlement i) Plastic Cards as Media for Payment: There are four types of plastic cards being used ad media for making payments.o With the process of liberalization private operators have started providing alternative voice communication channels through mobile phones and vast communication as an alternative channels for data communication.

ATM Card 1. etc. 2. railway/air tickets. which can be read and debited by the required amount. debit card are not as popular as credit cards. Smart Cards: - 41 . etc. For this reason. Credit Cards: The credit card enables the cardholders to:  Purchase any item like clothes. 3. Smart Card 4.  Pay bills for dining in a restaurant or boarding and lodging in a hotel  Avail of any service like car rental. the customer first makes a purchase or avails service and pays later on. jewellery. Thus it is like an electronic purse. Debit Card 3. Debit Card: A debit card is issued on payment of a specified amount by the issuing company like a telephone company to a customer on cash payment or on debiting his account by a bank. but for getting the debit card. a customer has to first pay the due amount and then make a purchase or avail the service.2. It may be noted that while through a credit card.

the balance keeps on reducing electronically. etc. it checks whether the card has already been cancelled or placed on the rejection list. petrol bills. The machine first reads for hot carding of the card number. As he goes on making transactions with the help of the card. a person can have a smart card from a bank with the specified amount stored electronically on it. The latest smart card being developed will combine all the features of electronic purses. In India. When the specified amount is utilized by the customer. Mumbai. which can be used for storing and processing information.e. 4. Such cards are used for paying small amounts like telephone calls. The card is being used as an experimental tool for promoting cashless society in and around the IIT Campus. 42 . is being developed and tested at IIT. Function of ATM Card:  The customer has to enter the card into the machine slot. i.Smart Cards have a built-in microcomputer chip. credit cards and ATM cards. He can also deposit cash or cheque. in collaboration with the RBI and SBI. ATM Cards: The card contains a PIN (Personal Identification Number) which is selected by the customer or conveyed to the customer and enables him to withdraw cash up to the transaction limit for the day. For example. he can approach the bank to get his card validated for a further specified amount. a smart card. suiting Indian banking environment.

5. vii.  The machine then reads the PIN and asks for the PIN from the customer. viii.  If the PIN matches. It then releases the card and a printed statement comes out of the slot. vi. Broadly. Rejection can be because of the reason like lost card or stolen card. 43 Funds transfer and payment message Banks owned ATM/Credit Card and other application on the corporate network Inter-Branch Reconciliation Quick disposal of loan/investment proposal Funds information from clearing centers to the fund management office for optimal allocation of funds. v. iii. the ATM dispenses cash. Cash Management Product Treasury Management Any Branch Banking Asset Liability Management . ix. The menu contains options from which the withdrawal option is selected. iv. Almost all the activities in a bank can be performed more efficiently with the help of computers. Intra-Bank & Inter-Bank applications: Computerization is now all pervasive in banks. we can divide the applications of computerization in banks in two types A) Intra-Bank Applications: i. ii. it present the main menu on the screen.  The ATM then checks whether the amount is under the day limit magnetically inscribed by the customer. Accordingly.

44 . News letters. xvii. xv. xiv. xi. Standardized returns xvi. Management Information Systems a. E-mail Software distribution in the bank Organizational bulletin boards may contain the following: a. Business profile of branches. Timely information to top management b. xii. Borrower’s profile b.x. xiii. Confidential circular on attempted frauds. Branch profile c. Circulars b. Statutory returns b. Human Resources Development and Personnel Administration Auditing and Inspecting computerized branches using the network Organizational database may include a. Missing security items e. Product/service profile e. Employee analysis d. Control returns c. Speedy communication among branches and with the controlling offices. Undesirable parties d. phone and address directories c. Helping in development of new products c. Apart from providing efficient service to customers the financial network will also fulfill the following objectives: a.

viii. The net obligation could be from: a. ix. Transferring balance from net settlement systems to RTGS Server at periodic intervals. Inter-city paper-based clearing (including IT discounting facilities) c. RAPID) including intercity. press releases etc. Credit. vii. iii. v. Local paper-based clearing b. Payment (DVP). d. The final delivery of securities will occur if and only if final payment occurs. ii. Bulk payments – ECS (Debit. Wholesale EFT (Large value credit transfer) on Real Time Gross Settlement (RTGS) basis for time critical payments. Exchange of defaulting borrowers list among RBI and banks EDI services to the extent they pertain to payment cycle to EDI (Electronic Data Interchange) Consolidation of current account balance from the existing DAD (Deposit Accounts Department in RBI Offices) applications synchronously/asynchronously to facilitate balance enquiry by banks on all India/center-wise basis and if necessary to activate transfer of funds among DADs at different centers. b. Electronic Funds Transfer a. to RBI Asset Liability Management Intranet in RBI to enable banks to get circulars. Shared ATM networks e.B) Inter-Bank Applications: i. Retail EFT (Small value credit transfer) on net settlement basis. vi. Clearing and settlement systems for securities – Delivery vs. x. Smart cards and other pre-paid/pre-authorized debit cards iv. 45 Reporting of government account transactions Reporting of BSR (Basic Statistical Returns) etc. .

Chapter 5: Credit Card Frauds 46 . Returns to be submitted by the banks to Departments of Banking Supervision (DBS) for off-site supervision and monitoring.xi.

2 The Prevention of Frauds • Duplicate Card • White plastics • Banker’s Role • Cyber Laws • Altering Sale terminals 47 .5.1 Credit Card Frauds • Meaning • Defrauder • Aware of Credit Card • Advantages of Credit Card • Credit Card Frauds 5.

4 How to get reimbursed 48 .3 How to Accept the Master Card 5.• Internet Relays • Monitoring Deposit • Risk Management • Central Credit Card Clearing House • Loss of Credit Cards in Transit • Fraud Consciousness • Physical Evidence • Check the handwriting 5.

Visa 49 . the fraudulent credit card cannot be far behind. on credit. for making a fast buck. in 1982 his earning through the card. In USA.5. Credit Cards. he made 15 million dollars. The fraudulent card industry is rising higher and higher to dizzy height every year. the fraudulent card brought over 100 million dollars to its creators. Like other countries if the genuine credit card has come in India. services or any other thing of value. in 1981. through the cards. These institutions are banks and other financial institutions. Defrauder: The defrauder has been slow to exploit the credit card. is a money transaction device. goods. Bob Cards. Master Cards. etc.1 Credit Card Frauds: Meaning: A credit card is a money transaction device without using cash or fiduciary documents. rose to 50 million dollars. as already seen. The institutions issuing the credit card give the card holders authority to obtain money. Aware of Credit Card: The credit card. clubs and travel agencies and departmental stores. in 1983. They guarantee payment of debit so raised.

50 . 13.V. Cards inserted in the imprinter head. Some of them have wide circulation. express Cards.Micro printing 12. etc. 4. Intricate graphics and distinctive letter and digit designs.Dimensional hologram. creating some superimposed graphics.. designed and manufactured to rigid specification to permit limited tolerance to admit only genuine credit cards. Advantages of Credit Cards: Following types of safety measures are being introduced increasingly in the credit card manufacture. digits or writings. Laser printing to engrave the letter and digits on the credit card. 11. Encoded information track in magnetic inks on magnetic stripe. 7. 5. Simultaneous printing on both sides of the cards. Multi-layered laminates incorporating lateen images which may distinguish the genuine from the forged.. Some of them have world-wide circulation. 9. 2. Secure Signature Panel. logo of high artistic quality on the credit card. 3. designs.heavy duty embossing logo. They can be adopted with advantages 1.U. 10. 3. fluorescent images and designs. Euro Cards have wide circulation. Optically illusive figures.Cards. 6. Three dimensional insignia. patterns. 8.

5. Fraudulent telemarketing is done with credit cards.2 The Prevention of Frauds Duplicate Card: The duplicate fraudulent credit cards are those where the defrauders have made sincere efforts to duplicate the original cards through photo-mechanical processes. 4. the fraudulent fund freaking via credit cards will increase tremendously. Genuine cards are altered. It is feared that with the expansion of E-Commerce. 3. Genuine cards are obtained on fraudulent applications in the names/addresses of other persons and used. M-Commerce. 2. 51 . Genuine cards are manipulated.Credit Card Frauds: Credit card frauds manifest themselves in a number of ways: 1. The shape it takes will be limited only by the ingenuity of the future. 5. Counterfeit cards are created. and Internet facilities being available on massive scale.

They follow the footsteps of the original manufactures of the genuine credit cards to produce as close a replica of the genuine card as possible. suitably modified to benefit from the advances the information technology has made since them. The banks have to suffer losses. Altering Sales terminals: Internet E-Mail should be utilized on the pattern of Hot Box organized about a decade ago. The artist has to be there (where the money is). Cyber Laws: Information Technology Ministry be approached for stringent laws against credit card crimes. White Plastic: The counterfeit credit cards known as ‘white plastics’ are imitations of credit cards in general aspect. besides magnetic encodings. employing similar materials and similar processes of printing and embossing. Banker’s Role: The credit card industry is one of the fastest growing activities of the banking industry. 52 .

stolen or lost.Internet Relays: Computers should be pressed into service via internet connection by suitably upgrading the Television System Vertical blanking Intervals for notifying the fraudulent cards in the market. New applicants to any bank for credit cards should be checked: • If he is holding card from other issuers. Risk Management: To meet the menace one of the top card companies has imitated risk management service to identify these high risk centers where daily all the inter-change transactions of the areas are scrutinized and the credit card number are checked against those which have been declared fraudulent. Monitoring Deposit: Monitoring system can help locate the unscrupulous merchants who use or allow the use of ‘white plastics’ and fraudulent cards. knowing fully well their fraudulent nature for making a fast back. if any. 53 . Central credit Card Clearing House: There should be a joint list of credit card holders on central basis with their addresses and other details.

It is simple for either the customer to collect personally or the banker should deliver it personally. in addition to the paper receipt. Proper training in the check up of the credit card in its various aspects has no substitute and in view of the huge issues the same is indispensable. when? Why did he discontinue? • If he has applied to more than one credit card issuers • The new card holder’s business transactions should be watched for some time. If so. or it should be sent by courier and confirmation obtained on telephone. Physical Evidence: - 54 .• If he has held a card at other times. Loss of Credit cards in Transit: It must be prevented. Fraud Consciousness: The problem of credit card frauds must be brought to the notice of users as well as of the servers at sale terminals.

treat it the same way you would a personal check from a third party. • If a cheque is already countersigned. or if you doubt the two signatures are the same. Also. The comparison of hand-writing inter se and with that of the suspect and of genuine card holders. request identification such as a passport. How to accept: Master Card International guarantees payment of all Master Card Travelers Cheques if the following procedures are followed: • Watch the customer signs each cheque in ink on the countersignature line.Immediately on the discovery of fraud all the physical evidence available should at once be taken into possession and the case reported to the police for investigation. Check the Handwriting: Handwriting (in signatures) is available on sale drafts and on credit cards. driving license or similar document. You should know the customer and be able to contact the customer if there’s problem. and write the details on the back of the cheque. ask the customer to sign the cheque again on the back for comparison. • Compare this signature to the original signature. • If a cheque is presented by anyone other than the original purchaser. 55 . Ensure they look the same. can lead to the identity or non-identity of alleged writer.

. “Issuer will pay to the order of…. are cleared and paid in the US.” and also endorse at the back of the cheque. US dollar Master Card Travelers Cheques. regardless of location of issuer. 56 .How to get Reimbursed: • Stamp or write your company name on the front of the cheque where it says. • Deposit cheques in your bank as cash items. • Do not send cheque directly to the issuing institution.

Banks Control in Online Banking 6.2 Banking in the Cyberworld: - 57 .Chapter 6: .1 Will Banks Control Online Banking: • Internet Banking in India • Real threats • Online 6.

1 Will Banks Control Online Banking: Internet Banking in India: Online banking is expected to explode in the ext few years. We will be entering the age of non-physical exchange of cash aided by complete transparency leading to perfectly competitive electronic market place and inevitably to customer supremacy.• Internet Purchases without Payment Gateways • Risk of Gateway 6. Growth in online banking will be driven by the following reasons:  Increasing access to low cost electronic services  Emergence of open standards in the banking industry  Improved customer awareness  Entry of global majors in the market  Integration of banking services with e-commerce and emergence of e-cash  Convenient international transactions as Internet eliminates geographic boundaries  Shift from one-stop shopping to unbundled product purchases 58 .

Internet Banking – An Overview: Internet Banking sites can be segregated into four categories from Level I. To be successful. They are actively seeking to capture “excess” balances in existing checking and saving accounts by offering better rates. an Internet bank must offer:  High rates on deposits  24 hour access  Free checking and bill payment facilities with rebates on ATM surcharges  Credit cards with low rates  Simple and easy online applications for all accounts including personal loans  Innovative products  High quality customer service Real Threats: A majority of leading online brokers are beginning to offer banking products and services as part of their overall offers. 59 . to Level IV sites that offer sophisticated services. which offer just minimum functionalities such as access to one’s deposit account data.

virtual-bank system – that can be bought. and they continue to do the rest of their business at the ATM or the teller window. consumers didn’t stop using tellers to the extent that banks has hoped. but they also used ATMs so frequently that the reduction in cost per use was more than offset by the higher volume of transactions. A vicious offering increase the banks’ total costs. does nothing to move customers away from tellers and ATMs.There are other threats to banks as well. which thus. most customers tend to tend to treat online banking as no more than an extra channel to check their balance and transaction histories. In fact. full-service. As a result. electronic. 60 . branded. Several leading system providers have developed “bank-in-a-box” solution – unbranded. it doesn’t give customers an adequate inducement to move a significant portion of their banking online. and offered to consumer by any authorized company that wishes to provide banking service. Online: An online service that merely mimics an offline one has a second problem as well. This makes the banks reluctant to make further large investments in the online channel.

In an organization departmental records can be related to more than one employee record. This database can be accessed by the ONLINE ANALYTICAL POCESSING (OLAP) systems. (Xavier Labour Relations Institute) joined hands with Hughes Escorts communication limited. extranet and internet. Hughes Escorts is the Indian Operations of US – based communication major. which is a wing of Hughes electronic. broad band satellite connection. satellite. ONLINE LEARNING: This online information system provides online courses through internet. The recent online course is provided by XLRI. This job is being done by Directing Global education which is joint venture between Hughes network systems and one touch knowledge systems. a graduation program or sharing of data through internets. internet and extranet. Their main course is on BUSINESS MANAGEMENT. a network or through a view chat. This online information systems may be of study program. 61 . Thus in an organization data can be shared through internet. This job arrangement with Hughes Escorts to offer Management training on satellite platform will take expertise of XLRI faculty beyond the borders of their concern. Sharing of Data: The data base store data and information extracted from selected operational and external databases. Information providing on the demand of the subscriber. Hughes network systems. This online information systems provides information about all aspects. The database has most needed information by a manager or any end users.The study of information systems through broad band connection. This network model can access a data element by several paths.

In India. The market is emerging in the country and it will be a boom time in the next year. financing options and logistical support. B-B (Business – Business E-Commerce). The next thing after B-B is enabling technologies to incorporate more sophisticated back-end integration system. Trichy. and the rate of adoption – even if companies deliver a huge value equation improvement – will be gradual because it requires system and individuals to act in fundamentally new ways. But there is a possibility of this business assuming a huge proportion in future. voice and transmission to classes through Hughes broadband satellite network. Bangalore. Interaction is through voice and data. Hyderabad. 450. there is a growing relation that B-B will take years to mature. Pune. This course is conducted across through four metros. Obviously organizations will switch over to this channel for the cost – effectiveness it provides. In this. But the question is how much B-B-E-Commerce is really happening in India? It is hard to quantify in terms of real numbers with no established data available in specific reverence to the Indian context. Coimbatore and Madurai. Chandigarh. Despite all the buzz. 62 . B-B has been happening all through and a new channel has been opened with the advent of the Internet. 400 crore in 1999-00 of total E – Commerce of Rs. Kochi.This information has live videos. This course is targeted at working executives COUNTRY STUDIES: This country studies by online service is from 1988 onwards. the study of every country is made. we still don’t know about what makes B-B. NASSCOM puts the value of online B-B transactions at Rs.

risk of information leakage exists. if the gateway has on-line authorization. so no authentication of the merchant – risk of bogus merchant. • No exchange of Digital Certificate to authenticate card holder – risk of repudiation of transaction by the card holder. • On-line status of order.2 Banking in the Cyberworld: Internet Purchases without Payment Gateway: The dangers are three-fold • Since a manual process requires human intervention. so that fraudulent web sites posing as genuine merchants get weeded out 63 . • No exchange of Digital ID.6. • Secure Merchant identification. The benefits which the user would get by using the Internet payment gateway are • Card details travel encrypted on the Net (if encryption facility available on the gateway).

Put simply.What’s a Payment Gateway? A payment gateway is software that supports multiple payment models simultaneously in a safe and secure manner. cheques. Risk of Gateways: • Currently. electronic payment wallets and even direct debits through a central payment switch. debit and smart cards. which have firewalls against hacking. a payment gateway enables on-line commercial transactions on the internet on a secure system. Funds can be transferred through credit. in India – HDFC Bank and ICICI – have launched payment gateways for business to customer (B2C) transactions. 64 . • Payments can be effected through credit cards or through directly debiting the account of the customers of the respective banks.

Global Tele-System and a few other non-bank companies are toying the idea of launching payment gateways for inter bank and B2B transactions.• Some payment mechanisms on the Internet are not safe. • Besides HDFC Bank and ICIC. • This is unsafe for credit card holder and is susceptible to fraud as his number can be physically seen. • No prizes for guessing who are they targeting. but action is already heating up in the business to business (B2B) arena. Nationalized banks. 65 . as they are in the open-loop where a merchant portal can see the credit card number. of course. • The dust is yet to settle in the B2C payment gateways.

Large volume of information can be processed. 66 .Recommendations: • Technological development has been nothing less than explosion. • The most significant event has been development of semi-conductor technology. • The space required for managing enormous volume of information has been reduced dramatically. The elimination of paper as medium for processing and storage of transactions / information has been a great event. storage and transmission of information is very essence of banking and financial services. which is not possible manually. Banks have been harnessing such technological innovations on one hand and adapting themselves to such changes on the other hand. stored and retrieved very economically at terrific speed. which has resulted in spectacular expansion of automation. • The electronic technology has bought revolutionary changes in these areas. • Processing.

The final output of information after manipulation and analysis can be printed by printer at high speed directly from computers.• With the revolution in telecommunication technology. 67 . • Thus. Subsequently with the development in telecommunication. Local Area Network (LAN)/Wide Area Network (WAN) have been established. the computer now has the ability to retrieve data or update files instantaneously. information can be made accessible from remote distance at lightening speed.

Suggestions:  To prevent online banking from remaining an expensive additional channel that does little to retain footloose customers. it should include checking.  After repairing this basic deficiency.  The first and most obvious step they should take is to see to it that the basic problem fueling dissatisfaction have been addressed.  Obviously. which anchor customers to the institution. mutual funds and insurance. banks would need to add “supermarkets” selling products such as mortgage. 68 . to meet the challenge of online brokerage and other new entrants. banks must ensure that there services is competitive. savings and brokerage services. banks must act quickly.  In addition.

The integration of e-banking application with legacy system implies an integrated risk management approach for all banking activities of a banking institution. With one time investment. Technology has also eroded the entry barriers faced by many industries. being made available to retail and wholesale customer through an electronic distribution channel.Conclusion: - Technology innovation and fierce competition among existing banks have enable a wide array of banking products and services. collectively referred to as e-banking. Banks have traditionally been in the forefront of harnessing technology to improve product and efficiency. the materiality of the risks present and the willingness and ability of the institution to manage their risks. technology has brought about superior products and channel management with a special focus on customer 69 . Technology is altering the relationships between banks and its internal and external customers. This implies that a “one size fits all” approach to e-banking risk management issues may not be appropriate. Latest recommendations of Basle Committee recognize that each bank’s risk profile is different and requires a tailored risk mitigation approach appropriate for the scale of e-banking operations.

By merely putting existing service online won’t help the banks in holding their customer close. Internet has created plenty of opportunities for players in the banking sector. The main focus of this group has been to develop sound risk management practices. The article “Will Banks Control Online Banking?” focuses on how banks have to reinvent their role to remain as their customers’ preferred bank. The Basle Committee on banking Supervision has taken the lead in this area through the creation of its Electronic Banking Group – a group comprising 17 central banks and bank supervisory agencies in the late 1999. Banks need to have an effective disaster recovery plan along with comprehensive risk management tool is significant not only to the bank but also to the banking system as a whole. it is associated with risks such as reputation risk. 70 . The incremental costs incurred for expansion and diversification are also more beneficial. security risk. which are unique to e-banking. Instead. While the new entrants have the advantage of latest technology. The major driving force behind the rapid spread of e-banking is its acceptance as an extremely cost effective delivery channel. banks must learn to capitalize their customer’s different online financial-services relationships. cross-border risk and strategic risk. the good-will of the established banks gives them a special opportunity to lead the online world. But on the flipside. All these issues underscore the importance of sound supervisory policies and high level of international co-operation among the bank regulators.relationship.

71 . Highlighting the benefits of payment gateway over the open-loop payment mechanism.Coming home. India is on threshold of a major banking revolution with the invasion of net banking. the article “Banking in the Cyber worlds” gives a brief report of the tug of war between the two major Indian e-banking players. With the concept of payment gateway coming in. banks are vying with one another for the lion’s share in the market.

Computers were originally destined for a minor role in banks. With banking tuning more and more customer-centric with every passing day. IT has a far greater role to play to day to day banking operations.e convenience to the customers and reduction and cost of operation to the banks. E-Banking also has a role to play in ensuring a fair return to shareholders. Anywhere Banking. Although the accounting aspect is still quite important and relevant. it grew in status as a tool for a management information information and a host of other inventions. The recent emerging trends in self-service channels. Customer Relations Management is now a very potent and potential concept. Banks now have come under great pressure to reduce operational costs to safeguard their bottom lines. Internet and mobile banking would increase the use of E-banking as this offer the twin benefit i. Internet as well as Mobile Banking have been increasing their presence. by facilitating in ensuring greater profits to the banking sector. Call-centers. especially in decision making process. 24 hour Anywhere Banking. It has. Subsequently. namely ATM. The nomenclature ‘Banking Accounts’ have also yielded to more sophisticated term ‘banking relationship’. E. its sustained growth is wholly due to its role as an enabler in the smooth and efficient conduct of a whole range of banking practices. The popularity of internet banking likely depends upon inculcating in customers about their security and personal privacy of their money and assests.s. Debit Cards. Further. primarily intended to facilitate accounting transactions. facilities like ATM.ROLE AND SIGNIFICANCE : If computerization has today become a byword in banking. once its superiority was firmly established. to be conceded that ‘ Information Technology’ is not the end in itself.banking can increase the easy access of internet facilities among the masses which would rise the comfort level for transacting via the web. 72 . technology as an enabler has helped banks to launch a whole array of customer-centric products such as ATMs. but is useful tool in the hands of the management to leverage business prospects in its favour and enchance efficiency.

ICFAI University 73 . Galgotia Publication • Muedic & Ross. Management Information System • Lucae. Parameswaran • Banking – In the New Millennium. Management Information System • Indian Banking. Management Information System • Sen. Management Information System.BIBLIOGRAHY: - • O’ Brien James. S. A. Natarahan and R.

74 .

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