Basics of E-Banking

NATIONAL LAW INSTITUTE

UNIVERSITY, BHOPAL

Basics of E-Banking

BANKING LAW

SUBMITTED TO: PROFESSOR MONICA RAJE

SUBMITTED BY: SHOHINI SENGUPTA

ROLL NUMBER: 2007/BA LLB(HONS)/67

ENROLLMENT ID: A-0755

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Basics of E-Banking

Table of Contents:

Introduction.....................................................................................................................2
Services of E-Banks......................................................................................................3
Online Payment Systems.............................................................................................5
Online Security Systems.............................................................................................7
Benefits and Disadvantages of E-Banking............................................................9
Benefits to the Bank...................................................................................................11
World Scenario..............................................................................................................13
Conclusion.....................................................................................................................18
Bibliography...................................................................................................................20

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Introduction:
What is E-banking? Electronic Banking in simple terms means, it does not involve any
physical exchange of money, but it’s all done electronically, from one account to another,
using the Internet. Internet banking is just like normal banking, with one big exception.
You don't have to go to the bank for transactions. Instead, you can access your account
any time and from any part of the world, and do so when you have the time, and not
when the bank is open. For busy executives, students, and homemakers, e-banking is a
virtual blessing. No more taking precious time off from work to get a demand draft made
or a Chequebook issued.

Banks offer Internet banking in two main ways. An existing bank with physical offices
can establish a Web site and offer Internet banking to its customers in addition to its
traditional delivery channels.

A second alternative is to establish a ‘‘virtual,’’ ‘‘branchless,’’ or ‘‘Internet-only’’ bank.

The computer server that lies at the heart of a virtual bank may be housed in an office that
serves as the legal address of such a bank, or at some other location. Virtual banks may
offer their customers the ability to make deposits and withdraw funds via automated teller
machines (ATMs) or other remote delivery channels owned by other institutions.

Online systems allow customers to plug into a host of banking services from a personal
computer by connecting with the bank's computers over telephone wires. The
convenience can be compelling. Not only is travel time reduced, but ATM machines,
telephone banking or banking by mail are often unnecessary. And, technology continues
to make online banking, once attempted only by computer enthusiasts, easier for the
average consumer.

Banks use a variety of names for online banking services, such as PC banking, home
banking, electronic banking or Internet banking.

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Services of E-Banks:

Internet banks offer a variety of features and perks, rushing to lure online customers. The
race is on to increase market share and create customer loyalty with features that make
online banking friendlier, more useful, and less expensive. E-Banking lures customers
with ‘convenience’.

The three broad facilities that e-banking offers are:

Convenience - Complete your banking at your convenience, in the comfort of your home
or at any place you can access the Net.
No more Qs - There are no queues at an online bank.
24/7 service - Bank online 24 hours a day, 7 days a week and 52 weeks a year. Below is a
detailed review of features found in Internet banking around the world.
Online Applications: Consumers can begin their banking relationship with an online
application. No need to waste time driving to a local branch to begin a banking
relationship. Consumers can fill out and submit electronically all necessary information
needed to open a checking, savings account or even a fixed deposit.
Account Access: Internet banking customers now have the ability to view their accounts
online, including checking, savings, loans and credit cards. Account access enables
customers to view most recent activity on accounts, including cleared checks, deposits,
ATM transactions and balances as of previous days activities. Customers no longer have
to hold on to the cleared checks, since their bank will store them for them online.
Account Transfers: Internet banking customers have the ability to transfer funds to and
from their accounts online. With a simple online form, customers can move money from
a checking account to a savings account and vice versa within the safety and convenience
of their home –- without having to visit the ATM. Funds transferred online are updated in
less than three hours.
Bill Payment: Online bill payment enables customers to pay anyone, friends or family, as
well as a pay their bills electronically. As an add on feature to Internet banking, bill
payment enables customers to send paper checks to anyone or an electronic check to any
institution that accepts electronic bill payments.

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Online forms for ordering checks, stop payment etc: Convenience is popular and if a
customer visits his or her online account frequently it only makes sense to allow the
ability to reorder checks or perform certain other commands through the same interface.

These features and many others help customers save time, simplify their lives and
provide greater value than conventional banking.

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Online Payment Systems:

Electronic payment systems: exist in a variety of forms, which can be divided into two
groups: wholesale payment systems and retail payment systems. Wholesale payment
systems exist for non-consumer transactions--transactions initiated among and between
banks, corporations, governments, and other financial service firms. Retail electronic
payment systems encompass those transactions involving consumers. These transactions
involve the use of such payment mechanisms as credit cards, automated teller machines
(ATMs), debit cards, point-of-sale (POS) terminals, home banking, and telephone bill-
paying services.
Wholesale payment systems: are also called Large Value Payment Systems. Large value
funds transfer systems are usually distinguished from retail funds transfer systems that
handle a large volume of payments of relatively low value. The average size of transfers
through large value funds transfer systems is substantial and the transfers are typically
more time critical.
Retail payment systems: are also called small value payment systems. An important
emerging mechanism for enabling small-value payment systems is electronic money.
Electronic money is a payment mechanism that is a direct substitute for traditional cash;
value is transferred electronically to pay for goods and services at vending machines,
retail establishments, over networks, or through direct person-to-person exchanges.
The following are some types of electronic money available over the net worldwide.
First Virtual: The account is set up by phone using a traditional credit card number and a
First Virtual account number is issued. Clients provide their credit card numbers to First
Virtual over the phone or other non-Internet method, and are issued a personal account
number to make purchases over the Internet. This payment mechanism allows the user to
order goods online and then charges the user's credit card company on behalf of the
online merchant.

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DigiCash: David Chaum, a mathematician and privacy expert, founded DigiCash. This
provider creates e-cash, proprietary electronic cash tokens, which are marketed as being
the equivalent of cash. An account is established at a DigiCash-licensed bank with real
money. Once established, the customer can withdraw e-cash that is stored on the user
computer's hard drive.
CyberCash: This payment mechanism consists of a downloadable software package
using public-key encryption that is designed to assure the security of credit card
transactions over the Internet. The system protects the customer's authentication data. An
account is set up and acts as an Internet front end to any existing credit card that is
designated. When a purchase is made, proprietary software is used that sends the
purchase and account information in encrypted form to the account provider.
Electronic Checking Accounts: Several organizations and coalitions of organizations
have been trying to create ways of using existing checking accounts over the Internet. In
most of those efforts, the consumer uses his or her checking account with a bank or
service and then draws down those funds using special electronic checks and digital
signatures.
Credit Cards: The credit card is usually a four-party card which involves two banks in
each transaction, the cardholder's bank (the issuer of the card) and the retailer's bank. 
The retailer hands over the credit card slips to its own bank for payment, less a discount,
typically about 2-3%.  The retailer's bank then passes the slips on to a clearing system. 
The clearing system presents each slip for payment to the bank that issued the card on
which it was written.  The issuing bank collects from the cardholder.  All of these
exchanges are now done by wire.
Debit Cards: With a debit card, the payment comes right out of your checking account. 
The card is issued by the entity that holds your money on deposit, probably a bank, but
possibly a money market fund. 
Mondex: is owned by Master Card and National Westminster Bank of London and is
being tested in several countries. Mondex uses a smart card to store electronic cash that
can be used to pay for goods and services in the same way as cash but with some key
benefits over traditional cash.

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Online Security Systems:

The concern of security remains the largest barrier to the growth of online banking. Most
people seem to believe that it is a hacker jungle out there, and stay very wary of trying to
simplify their lives by using cyberspace.

Most institutions providing online banking services are very security conscious. After all,
they wouldn’t want to open their computers to a stampeding public, would they? The
security measures that organizations take over the Web are simply invincible, unlike the
surveillance cameras and lobby guards posted in many banks. If the general public is not
aware of, or does not understand, the many features put into place to guard their finances,
then people remain skeptical.

Depending on how online accounts are accessed, security can be guaranteed in a variety
of ways. Moreover, when a bank offers online service, it is not opening its mainframe
computers to the world. Usually, the bank installs a group of separate computers that
stand between the mainframe computer and the network that will deliver data to your PC.
At several points along the way, protection is built in. Some of the most common security
features are firewalls, data encryption, and passwords/personal identification numbers.
Firewall: A firewall is a computer or software that protects the bank’s computers and data
from being accessed by any outsider. This firewall is located at the point where the
bank’s world connects with the rest of the world. This firewall is basically a gatekeeper,
checking each attempt at delivery of data with a list of strict specifications; any criteria
not met; does not make it past the firewall.
Public Key Infrastructure: Public key infrastructure can be defined as a solution to ensure
secure electronic business communication incorporating signatures and encryption
technology. Every user in a PKI transaction owns a pair of keys: A public key known to
everybody and a private key known only to the owner. The keys have 2 main
characteristics. One, they are complimentary sets of passwords. This means that a
document encrypted by a public key can only be decrypted by a private key and vice-
versa. Two, the keys are a unique pair.

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Encryption: Encryption is the process of converting information into a more secure

format for transmission. In other words the plain text is converted to scrambled code
while being transmitted, and then decrypted back to plain text at the receiving end of the
transmission.  It is comparable to writing a letter, converting it to code, putting it in an
envelope and mailing it with the recipient descrambling the code.
Digital Signatures: Digital signatures essentially use encryption to scramble information
in a way that only the party who issued the certificate (usually the online store or a
trusted third party) can decrypt and read. By using digital signatures, consumers are
reassured that any sensitive information they send across the Web, such as postal
addresses and credit card details, is protected from interception along the way.
Access Codes: The access codes used to identify you to the online banking system are
called passwords, and are further protected by using PINs (Personal Identification
Numbers).

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Benefits and Disadvantages of E-Banking:

Consumers are embracing the many benefits of Internet banking.
The following are a few advantages that e-banking gives to customers:

- Consumers can use their computers and a telephone modem to dial in from home or
any site where they have access to a computer.

- The services are available seven days a week, 24 hours a day.

- Transactions are executed and confirmed quickly, although not instantaneously.

Processing time is comparable to that of an ATM transaction.

- In general, the customer will find lower fees and higher interest rates for deposits due
to the reduced cost of operating online and not needing numerous physical bank
branches.

- And the range of transactions available is fairly broad. Customers can do everything
from simply checking on an account balance to applying for a mortgage.

- The interface is very user-friendly and often intuitive. Additionally, business

customers will most likely use the Internet for more than cash management, and they will
be accustomed to a similar "look and feel" among all applications that they use.

Disadvantages:
The most obvious disadvantage is: Technophobes need not apply i.e. if you are still not
comfortable using a computer, e-banking is not for you.

Investment of time upfront can be formidable. The data entry is necessary before the
numbers can be massaged and money managed successfully. Online bill payment is an
example of an effort that requires setting up which leads to ultimate convenience.

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 Switching software or banks can mean re-entry of data, although Internet-based

systems are less impacted by this. But competition seems to be minimizing this problem.
The personal finance management software Microsoft Money enables users of competing
software to import data easily.

 Like anything that deals with the transfer of large amounts of money, security is a
major factor of Online Banking. It is taken very seriously during Online Banking
procedures.

 With a system as complex as Online Banking, some errors are inevitable. i.e.: An
interrupted online session; late arrival of payments etc. A mistake made by either the user
or the bank in question, can affect both, causing problems. For Example: An 'Infinity'
(ICICI’s Online Banking Brand name) customer from Bangalore (who did not want to be
named) paid his cell phone bill through the bank, only to receive another bill the
following month, with late fees. The amount had been debited from his account but not
passed on to the cellular operator.

 When dealing with computers, there is always the concern of the system crashing,
viruses entering the system or a power cut. These are larger problems and are not as
easily solved. In all three cases, many people would be affected, information may be lost
and a back-up plan would have to be initiated.

 Need an account with an Internet Service Provider (ISP)

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Benefits to the Bank:

Advantages previously held by large financial institutions have shrunk considerably. The
Internet has leveled the playing field and afforded open access to customers in the global
marketplace. Internet banking is a cost-effective delivery channel for financial
institutions.The bank has an opportunity to generate revenue, decrease operational and
transactional costs, increase productivity, and attract new customers.

Ability to Increase Revenue:

Financially, the bank can benefit a great deal from providing their customers with an
online banking service. The bank has the ability to increase revenue by generating user
and transaction fees for the use of a bill payment product and has the option of charging
an account access fee for the use of the online system. Online banking provides an
excellent promotional opportunity to generate revenue by helping the bank to cross-sell
products such as credit cards, loans, certificate of deposits, and other financial services.

Save Money:
In addition to making money, the bank can save money with an Internet banking system.
Online banking can actually decrease operating costs by reducing the daily reproduction
and distribution of paper-drawn transactions and delivering and processing statements for
accounts, credit cards, and bills. Performing transactions via the Internet also provides
cost savings, as indicated by a study done by Booz, Allen & Hamilton that shows a
transaction over the phone costs $.54, at an ATM it costs $.27 and via the Internet the
cost is $.01. Using the Internet to perform transactions greatly reduces the cost to the
bank.

Improves Productivity:
Internet banking improves productivity as well. Bank representatives are able to process
data more quickly and efficiently; track account activity with automated reports, help
customers achieve daily tasks via the Internet, and reduce time spent handling service
problems. There can be a dramatic reduction in the number of customer service calls, as
some banks that are providing this service has proven.

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Marketing and Competitive Tool:

Internet banking also offers the bank an exceptional marketing and competitive tool.
Large banks such as Nations Bank and Wells Fargo, in the United States, have already
capitalized on the Internet as a mechanism to attract new customers. The majority of
people using the Internet are middle to high income and polls indicate that 50% of the
people online are either in professional or managerial positions. These people are also the
ones who want to have the convenience of online banking for home or business use. This
is an excellent opportunity for the community bank to keep their hometown customers
from looking to national institutions for an online product.

Innumerable services are available via the Internet today. Internet banking provides a
higher level of convenience that both commercial and retail customers desire to have.
With this service, the bank not only has the opportunity to manage their business better,
but can also help their customers achieve a much more efficient process of managing
their finances.

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World Scenario:
The online revolution is upon us. It seems that everyone is taking to the Internet.
According to research done by CyberDialogue, there were 53.5 million cybercitizens in
1999. Approximately 6.3 million of these people were banking online in 1999, as well.
This was up from 6 million using online banking services in 1998. The sources I found
predicting the number of online banking users in the next several disagreed slightly.
CyberDialogue says that 24.2 million people will be using the virtual bank by 2002. The
International Data Corp’s research showed that 32 million users would be using the Web
to visit their bank by 2003. In any scenario, a great majority of current users are aware of
online banking, and a large number of those people plan to begin using online banking in
the next 12 months. A global survey by Cap Gemini Ernst and Young revealed that while
45 per cent of transactions are currently made via branches, brokers or agencies, this is
predicted to decrease to 29 per cent by 2003. The experience of various countries, as far
as e-banking is concerned, is discussed here.
United States of America: In the USA, the number of financial institutions and
commercial banks with transactional web sites is 1275 or 12% of all banks and thrifts.
Approximately 78% of all commercial banks with more than $5 billion in assets, 43% of
banks with $500 million to $5 billion in assets, and 10% of banks under $500 million in
assets have transactional web-sites. Of the 1275-thrifts/commercial banks offering
transactional Internet banking, 7 could be considered ‘virtual banks’. 10 traditional banks
have established Internet branches or divisions that operate under a unique brand name.
Internet transactions are expected to increase from 3% currently to 12% by 2003.

United Kingdom: Most banks in U.K. are offering transactional services through a wider
range of channels including Wireless Application Protocol (WAP), mobile phone and
T.V. A number of non-banks have approached the Financial Services Authority (FSA)
about charters for virtual banks or ‘clicks and mortar’ operations. There is a move
towards banks establishing portals.

Sweden and Finland: Swedish and Finnish markets lead the world in terms of Internet
penetration and the range and quality of their online services. Merita Nordbanken (MRB)

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leads in “log-ins per month” with 1.2 million Internet customers, and its penetration rate
in Finland (around 45%) is among the highest in the world for a bank of ‘brick and
mortar’ origin. Standinaviska Easkilda Banken (SEB) was Sweden’s first Internet bank,
having gone on-line in December 1996. It has 1,000 corporate clients for its Trading
Station – an Internet based trading mechanism for forex dealing, stock-index futures and
Swedish treasury bills and government bonds. Swedbank is another large-sized Internet
bank. Almost all of the approximately 150 banks operating in Norway had established
“net banks”.
India: The experiences of the west are the clear indicators that Internet Banking is not far
off for India.  The Internet usage, combined with aggressive moves by new Internet
players in this highly fragmented industry will have profound effects on financial
services.
The lead in Internet banking in India has been taken by the new private sector banks and
foreign banks, and the four banks which offer Internet banking facilities in a significant
way are ICICI Bank, HDFC Bank, Citibank and Global Trust Bank. Banks like UTI
Bank, IndusInd, SBI also offer net banking facilities in a limited way.
The current base of online banking customers has been estimated at 4.2 Lakhs, which is
8.7% of the overall Internet user base. The user base as of December 2002 has been
estimated under alternative scenarios: The conservative scenario puts the user base as of
31st December, 2002 at 41.0 Lakhs (14.7% of the Internet user base), while the more
optimistic forecast puts the user base at 73.0 Lakhs with an overall penetration of 26.2%.
ICICI, HDFC and Citibank have emerged as the early leaders in online banking, with
ICICI being the clear leader.
Research revealed that close to 40% of adult Internet users have accounts with one of the
four major Internet banks offline. However, only 10.8% of adult Internet users are
banking online. In terms of activities, there is still a reluctance to actually conduct
financial transfers online, and the bulk of online banking activity is restricted to checking
balances and statements online. Barely 30% of online bankers have paid bills online or
transferred funds online. Specific aspects of the Indian banking scenario which are
pertinent to note are:
 The low ATM penetration

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 A regulatory framework which is not conducive to net only banks

 The relative lack of inter branch networking and e-readiness of major public sector
banks, which control a bulk of the deposit and branch network base
 The relative nascence of the Internet itself
 The entry of many new players
 The recent IT Act which accepts the legal validity of digital signatures
 Plans of Indian public sector banks to provide e banking services by 2002
 The rapid growth of the Internet
Information technology and the communication networking systems have a crucial
bearing on the efficiency of money, capital and foreign exchange markets and have
manifold implications for the conduct of monetary policy. In India, banks as well as other
financial entities have entered the world of information technology and computer
networking with INFINET. The Indian Financial Network (INFINET), a wide area
satellite based network using VSAT technology, was jointly set up by the Reserve Bank
and Institute for Development and Research in Banking Technology (IDRBT) at
Hyderabad to facilitate connectivity within the financial sector. The network was
inaugurated in June 1999.
Committees:
Rangarajan Committee ( I )
In the early 80s, a high level committee was formed under the chairmanship of Dr. C
Rangarajan, then Governor of the Reserve Bank of India, to draw up a phased plan for
computerisation and mechanisation in the Banking Industry over a five year time frame
of 1985-89. The focus by this time (justifiably) was on customer service and two models
of branch automation were developed and implemented
 front office mechanisation where front desk operations were computerised while back
office work was done manually and
 back office automation covering mechanisation of General Ledger and back office
operations while the front office work was done manually;

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Rangarajan Committee ( II )
Having gained experience in the earlier mode of computerisation, the second Rangarajan
Committee constituted in 1988 drew up a detailed perspective plan for computerisation of
in Banks and for extension of automation to other areas like funds transfer, electronic
mail, BANKNET, SWIFT, ATMs etc.
 Around 2000 to 2500 large branches located at high activity (urban and metropolitan)
centres to be fully computerised
 Regional Offices / Zonal Offices/Head Offices
 Inter- and intra bank transactions using the BANKNET set up by the RBI; and
 Installation of a network of cash dispensers / ATMs at strategic locations such as
airports/railway stations etc., on a shared basis by banks.
The Committee also made studied recommendations on the 'Single Window Concept; 'all
bank credit cards', credit clearing/GIRO system, office automation, etc. In fact this report
was the most comprehensive road map for Bank Automation considering the state of the
technology at that time.

Vasudevan Committee
To further upgrade the existing technology in the banking sector and also to suggest
measures for implementation, the Reserve Bank appointed a "Committee on Technology
Upgradation in the Banking Sector". The Committee in its Report, submitted in July
1999, recommended a new legislation on Electronic-funds-transfer system to facilitate
multiple payment systems to be set up by banks and financial institutions.

Law:
 The Information Technology Act, 2000 has given legal recognition to creation,
transmission and retention of an electronic (or magnetic) data to be treated as valid proof
in a court of law, except in those areas, which continue to be governed by the provisions
of the Negotiable Instruments Act, 1881. Payment System Legislation in the form of
amendments to various Acts as also the need for framing new legislation for the
regulation of multiple electronic payments is under consideration of RBI. Several
measures to ensure the authenticity of the message across the Internet have been

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suggested by the Working Group on Internet Banking. RBI has also laid down guidelines
for electronic banking.
 Mechanised clearing of cheques using MICR technology first at Metros managed by
RBI and subsequently at other centres managed by some public sector banks.
 Inter-city clearing among MICR centres at the 4 Metros (two-way) and other offices
of RBI with these four Metros under one-way inter-city clearing.
 Regional Grid Clearing connecting important commercial centres/district
headquarters in a region to the nearest MICR centre under one way clearing.
 Electronic Clearing Services (Debit, Credit, RAPID) for clearing of bulk payments
like dividend warrants, utility payments like electricity bills, etc.
 Floppy input-based clearing.
 High-value clearing (floppy based)

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Conclusion:
In concluding one may state that Indian banking in the new millennium is likely to be
driven by mergers, universal banking and Internet technology. While mergers will confer
economies of scale, universal banking will dismantle the barriers between the traditional
dichotomies of financial services. While one realizes the fact that the Internet is likely to
convert banking into a commodity one has to take into account that thirty years of
solitude has steeped Indian Banks into a morass of inefficiency, slothfulness and
complacency. If Indian banks refuse to visualize this trend they may well be consigned to
history. However, if they react proactively Indian Banks stand to gain a lot from the
opportunities that E-banking offers.  

In India, E-banking is in a nascent stage and people are still wary of the concept and its
usage-the biggest inhibitors being security and user identification/authentication. "I
wouldn't describe E-banking in India in its present form a huge success. The technology
and concepts are gaining acceptance. People are beginning to see the convenience and
benefits of E-banking. I believe that in a few years' time it will not only be the acceptable
mode of banking but also, more importantly, be the preferred mode of banking. In all this
the key is faster penetration of the Internet in the home segment-either through PCs or
through other Internet access devices. Also, support for local languages from IT vendors
will help reduce the digital gap," says Senthil Kumar of I-flex Solutions.

At the moment, the concept is totally dependent on the availability of bandwidth and
further reduction in Internet access charges. The banks are hopeful that these would be
taken care of and in the near future large numbers would start using Internet for banking
purposes. "E-banking and M-banking are very much a reality now. They are the newer
delivery channels. Though the acceptance level may not be high among the masses,
nevertheless the segment of population adopting these delivery channels have a huge
purchasing power and banks in no way can afford to ignore their convenience," observes
Singhal of Polaris. In closing, online banking is just one aspect of the new online
financial world. Such areas as stock trading, taxes, college planning, retirement, debt
management, and mortgage/insurance are being greatly affected by the growth of the

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Internet. From the company’s standpoint, those that do not keep up with the changing
face of financial services will be "lunch", and those that do will profit enormously. The
trick is to react in "Internet time". From the customer’s standpoint, greater connectivity
from home will mean more time for more pleasurable pursuits. The Internet has no doubt
changed the nature of personal finance forever, hopefully for the better.

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Bibliography:
Books:
 ‘E-Banking in India- Challenges and Opportunities’, R.K. Uppal & Rimpi Jatana,
Eastern Book Corporation, 2007

 ‘Internet Banking and the Law in Europe-Regulation, Financial Integration and

Electronic Commerce’, Apostolos Ath. Gkoutzinis, Shearman & Sterling LLP,
2009
Websites:
 www.banknetindia.com/banking/ibkg.htm
 www.onlinesbi.com/
 www.infosys.com/finacle/casestudies/casestudies_icici.asp
 en.wikipedia.org/wiki/Banking_in_India
 www.rbi.org.in/Scripts/bs_viewcontent.aspx?Id=1365
 www.banknetindia.com/banking/rra.htm
 india-reports.in/internet.../government-regulations-and-policies-towards-
ecommerce-in-india/

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