Do you know what Is E-Banking System The King’s system works like the country’s economy? In addition to meeting the growing demand for credit with economic growth, there is an incentive to save in the form of deposits with increased income. As this system works on reliability, efficiency, and speed, banks have been at the forefront of using innovation.

This also applies to the Indian banking system. It was also decided to nationalize the banks so that the banking system works in line with the economic goals and policies of the country.

The banking system was the first to be chosen in the phase of economic reforms, which created a competitive environment with private technology-friendly banks. In, due to the changes in the field of information technology, especially the proliferation of the Internet, the banks of this new age have challenged the traditional banks.

Just as the invention of the zero or the wheel became the catalyst for great change, so too is the Internet taking the form of e-banking or i-banking. The challenges that come with the opportunities created by this new system are also significant.

E-Banking System

The Indian banking sector has undergone a number of structural changes along with numerical expansion. At present, there are 12 public sector banks and 22 private banks. There are 56 regional rural banks, 1,485 civic co-operative banks, and 26,000 rural co-operative banks in rural areas.

The lending by all these banks till September 2021 was Rs 110 lakh crore. The number of ATMs is over 2 lakh, which is the same number of points of sales (005). As the entire banking system is under the strict discipline of the Reserve Bank, the global downturn has not had much effect on the Indian banking system.

Trust is the biggest asset of a bank. As an architectural bank, its sustainable existence, acceptance of deposits, disbursement of loans, timely transactions, specific staff, all these environments. But along with these benefits, internet banking has also created new problems.

Doubts, and questions were answered, and the application was accepted. E-banking came into being after the completion of two phases, from informational websites to transactional websites. In this third phase, all banking transactions were done through the internet.

The question arises as to where and against whom to file a complaint if all our banking services are traditionally fraudulent. The Internet banking system is dependent on many suppliers. It was difficult to determine exactly who was at fault in the service.

How To Apply For Jumbo Loan in 2022

how to control the e-banking system in India

How to control such a system is a big question for regulators. Protecting the customer’s personal information is also a challenge. Maintaining the security of the transaction is the Prophet’s problem. The new system has made it easier for those with technical skills to build trust. From this, banks that have been transacting for hundreds of years can be seen even today.

With the belief that your deposit is safe, all types of depositors prefer the bank to keep their savings. Banks have become an integral part of the wider social life as they have started offering their customers services like bank acceptance, deposit acceptance, and lending as well as remittances, locker facilities, and foreign exchange transactions.

In order to make your services more comprehensive and efficient, the e-banking system was introduced first using a computer system and the internet. The initial stage is the banking transaction By creating an informational website, that provides information on various services to the customers.

After this initial level of the facility, the second stage of e-banking is to provide customers with their account information.

Now With the advent of virtual or just internet-based banks, the question of whether traditional banking will go down in history, as the cost per transaction to the new technology banks is very low, arises.

Internet banking has taken a huge leap towards expansion, efficiency, and service delivery, and this momentum and expansion is set to accelerate further; But with these benefits, internet banking has created new problems. 2457 means to provide day and night, continuous service, to provide facilities at a very low cost is not a dream but a reality.

However, this system invites new risks along with traditional bank risks. E-crime and fraud are rampant and there is a risk of major fraud if not taken seriously. Internet banking has removed geographical boundaries. This global bank format raises questions about legal area limits.

what is internet banking fraud?

E-Banking System

The gang that easily retrieves accounts, passwords, and secret numbers of many people is holding the entire banking system hostage. Efforts are being made to continuously improve the technology, build new security walls, and maintain multi-level security to ensure transactions.

Attempts are being made to secure internet banking by using various servers to protect the information of the account holders and fulfilling the ‘KYC’ requirements to ensure the customers. For this, the customer needs to be as careful as the banking system, to use the new improved amp.

It is important in e-banking to beware of fraudulent websites, fraudulent e-mails, fraudulent bank calls, not disclosing OTT and credit card/debit card numbers, and keeping important information on mobile. The scope of i-banking continues to grow, and tech-savvy fintech companies are becoming increasingly important.

All financial transactions are Rs 10 Tea bill 7 Indian banking system will be more efficient 7 Banks Component of wider social life 7 Opportunities and challenges in the new system 7 Internet banking due to geographical limitations It is estimated that these transactions will increase to Rs 6 lakh crore in the next 3-4 years.

Internet banking is easily accessible wherever banking services are not available, which can lay the foundation for the universalization of financial services and the development of financial inclusion. At present Internet banking is a combination of architectural and digital form in digital forms, it is not possible to go fully digital in the near future.

This golden mean is important as the benefits of both systems are possible in a digital way. These new generation banks can provide better service, uninterrupted service, and cheaper service to the customers. Now using blockchain technology to ensure all transactions are going where financial services could not reach before.

Our transactions in IMPS (॥॥२ $), UPI (1?) Have crossed the Rs 6.5 lakh crore mark, and financial transactions are being completed even with a simple phone call. The Jandhan Yojana is part of a comprehensive financial inclusion program, covering 43 crore households.

The system of financial inclusion and non-corruption contribution distribution has been implemented in the form of e-vouchers e-rupee from 21st August 2021. In the past, payments were made to the beneficiary’s account and how it was used was out of control.

Now he will get the subsidy for fertilizer in the form of an e-rupee and it can be used only for fertilizer from any fertilizer seller! E-technology makes banking and social welfare possible!

Spread the love

1 thought on “Hey Do you Know what Is E-Banking System”

Leave a Comment