THE PROSPECTIVE OF E-BANKING SYSTEM IN INDIA

Rakesh Kumar Giri

THE PROSPECTIVE OF E-BANKING SYSTEM IN INDIA

Authors: Rakesh Kumar Giri

Unique Paper ID: 172031
Volume: 3
Issue: 1
PageNo: 408-414

Keywords: E-Banking net banking business commercial transactions globalization Automated Teller Machines

Abstract:
Globalization and liberalization have significantly altered how businesses operate around the world. The banking sector profited from technological innovation in the form of advances in communication networking as it reengineered its operations. Because it allows the banking industry to receive electronic inputs, e-banking is seen as a critical component for the rapid expansion of economic growth. In today's world, banking is done electronically. Internet banking and e-banking are phrases that are used in conjunction. In today's fast-paced world, the e-banking system makes it easier for both customers and bankers to conduct financial transactions. In reality, banks have been offering a wide range of value-added goods and services via electronic and communication networks. The gadgets included personal computers, telephones, and automated teller machines (ATMs). Globalization has blown across its economy, affecting every industry and penetrating all banking sector operations. Despite the fact that the E-Banking system was created in the late 1980s and described utilizing a phone line to access the banking system through a terminal, keyboard, and TV (or monitor). "Home banking" can also include sending tones and directions to the bank over the phone using a numeric keypad. In 1981, four of the main banks in the city—Citibank, Chase Manhattan, Chemical, and Manufacturers Hanover—began offering online banking services in "New York." These services were provided by videotex, television, and telephone systems. The "Bank of Scotland" established the first home internet banking services in the United Kingdom in 1983. The "Homelink" system enabled online bill payments, bank transfers, and statement reading. in order to pay bills and make bank transactions. Even though the E-Banking system gained more traction in foreign nations, it also developed in India in the early 1990s. Development could not occur without the establishment of enough infrastructure or the presence of a significant user base. The experience of HDFC Bank Ltd. and ICICI Bank Ltd. demonstrates that there are relatively few online transactions made in India. Electronic banking, or "e-banking," is the automated provision of both new and old financial services that gives clients access to electronic facilities for business and commercial activities. This essay aims to investigate the workings of net banking and e-banking in India's nationalized banking companies, as well as the different products that these institutions offer, such as bonds, debentures, and loans.

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Cite This Article

ISSN: 2349-6002
Volume: 3
Issue: 1
PageNo: 408-414

THE PROSPECTIVE OF E-BANKING SYSTEM IN INDIA

Available:https://ijirt.org/Article?manuscript=172031

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