17-02-2011, 12:51 PM
14012757-e-banking.pptx (Size: 1.14 MB / Downloads: 609)
E-banking
Definition:
The provision of banking service through electronic channels and the customer can access the data without time and geographical limitation
Development of E-banking
1980s :
- Rapid development of the Internet
- TCP/IP system (communication system)
- E-commerce
May 1995 :
Wells Fargo - the first bank in the world to offer customer access to their accounts over the internet .
Allows customer to see their accounts online
ICICI was the first bank to initiate the Internet banking revolution in India as early as 1997 under the brand name 'Infinity'.
ICICI Bank kicked off online banking way back in 1996 . But even for the Internet as a whole, 1996 to 1998 marked the adoption phase, while usage increased only in 1999-due to lower ISP online charges, increased PC penetration and a tech-friendly atmosphere.
RBI & E-Banking
The Reserve Bank of India constituted a working group on Internet Banking. The group divided the internet banking products in India into 3 types based on the levels of access granted. They are:-
i) Information Only System:
ii) Electronic Information Transfer System:
iii) Fully Electronic Transactional System:
Information Only System: General purpose information like interest rates, branch location, bank products and their features, loan and deposit calculations are provided in the banks website. There exist facilities for downloading various types of application forms. The communication is normally done through e-mail. There is no interaction between the customer and bank's application system. No identification of the customer is done. In this system, there is no possibility of any unauthorized person getting into production systems of the bank through internet.
Electronic Information Transfer System: The system provides customer- specific information in the form of account balances, transaction details, and statement of accounts. The information is still largely of the 'read only' format. Identification and authentication of the customer is through password. The information is fetched from the bank's application system either in batch mode or off-line. The application systems cannot directly access through the internet.
Fully Electronic Transactional System: This system allows bi-directional capabilities. Transactions can be submitted by the customer for online update. This system requires high degree of security and control. In this environment, web server and application systems are linked over secure infrastructure. It comprises technology covering computerization, networking and security, inter-bank payment gateway and legal infrastructure
different services provided under e-banking
ONLINE BILL PAYMENT
SHOPPING
TICKET BOOKING
PRE PAID MOBILE RECHARGE
MARKET WATCH
PERSONAL HOME PAGE
INVESTMENT SERVICES
ONLINE APPLICATIONS
PERSONAL UPDADATE
SERVICE PROVIDED BY SBI
Self-account funds transfer across India.
Third party transfers in the same branch
New account opening
Demand Draft requests
Standing instructions
New Cheque-book request and much more
Railway tickets booking,
Utility bill payments
LIC and other insurance premia payments,
SBI Mutual funds Investments
Remit Subscription to PPF account,
Credit card dues payments,
Deposit your taxes,
Donations to your religious inspirations
Donations to Red Cross and such other organisations
Setting up SMS alerts for transaction information.