e banking ibs

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RISE OF E-AGE SERVICES IN INDIAN BANKING SYSTEM ASTHA DHALL NISHANT SAINI PREETI TANEJA RENU

HISTORY OF BANKING IN INDIA : 

HISTORY OF BANKING IN INDIA Started in the year 1786 with “ The General Bank of India ” being the first. Reserve Bank of India came in 1935. Became the central banking authority in 1965. Banking Companies Act passed in 1949. Formation of State Bank of India in 1955. Nationalization of 14 major banks in 1969. Seven more in 1980. Opening up of economy, implementations of recommendations of the Narsimham committee.

What is E Banking? : 

What is E Banking? Internet banking (or E-banking) means any user with a personal computer and a browser can get connected to his bank’s website to perform any of the virtual banking functions. The term "electronic banking" or "e-banking" covers both computer and telephone banking. In other words it is said that it is updated 'on-line, real time'. The system is updated immediately after every transaction automatically.

E-Age Services : 

E-Age Services Anywhere banking ATM Debit card Credit card

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NEFT Social banking Electronic funds transfer Online tax payment Online Bill Payment Customer care facility Mobile Banking

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Corporate/retail internet banking SMS banking RTGS Online Shopping E-Statement

Why E banking? : 

Why E banking? Differentiation of products from the others. A combination of regulatory and competitive reasons Stress on branchless banking. Increasing volumes of banking transactions. Providing customers with cost effective services

Advantages to banks : 

Advantages to banks Very low setup cost. Capability to cater to a very large customer base. Saves a lot of operational costs. Adds to the baseline. Banks san offer a lot of personalized services to their customers. Reduction of burden on branch banking.

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ADVANTAGES & DISADVANTAGES

Advantages to customers : 

Advantages to customers It is convenient. It isn't bound by operational timings. There are no geographical barriers. Services can be offered at a miniscule cost. Check your transactions at any time of the day, and as many times as you want to. Getting quarterly statements from the bank, transferring funds to outstation, and other such activities can be done free of charge through online banking.

Precautions and Concerns : 

Precautions and Concerns Customers should never share personal information like PIN numbers, passwords etc with anyone, including employees of the bank. Documents that contain confidential information should be safeguarded. PIN or password mailers should not be stored, the PIN and/or passwords should be changed immediately and memorised before destroying the mailers. Customers are advised not to provide sensitive accountrelated information over unsecured e-mails or over the phone. Take simple precautions like changing the ATM PIN and online login and transaction passwords on a regular basis. Ensure that the logged in session is properly signed out.

Critical issues : 

Critical issues The present system of authentication does not address the security aspect in full Data Protection and the need for a legal and regulatory framework- another major issue. There is a dual requirement to protect customers' privacy and protection against fraud. Stringent regulatory and operational security measures.