E-Banking And Electronic Banking

Introduction

E-Banking is an electronic banking. Electronic banking is used through computer and associated network of systems. Electronic banking also refers to the banking done through the computer based devices. In electronic banking, the bankers utilize information technology (IT) machines to present improved and proficient services to their customers. The conventional banking is paper based banking; whereas, the e-banking is paper free banking.

Electronic banking (e-banking) has finished significant impact on our banking and financial industry in the last 10 years. It is getting gradually increasingly trendy as the level and value of transactions have exposed a significant development

Therefore, the clients have to present a cheque and deposit money only to that branch. But in online system, any branch has right to access the record of another branch extension having a web keeping banking system. Online banking allows customers to withdraw cash from his account from any branch of his bank. They can also deposit cash in his account from any branch of his bank. It means that by using online banking system customers can operate his account at any branch of his bank having online system.

Electronic Fund Transfer System (EFTS):

The electronic funds transfer system is a trade payment system. Under this extension of the banking system, the account of the customer is automatically debited and the account of supplier is automatically credited at the time of transaction. The bank issues a debit card or credit card to the clients for making payments of merchandise purchased or for payment of utility bills through electronic fund transfer system. Payment through this banking system can also be paid for the buy of petrol or CNG from petrol pumps. For electronic fund transfer, credit card or debit card is put into a computer terminal placed at the point of sale

and electronic fund transfers. During the present fiscal year, banks reported 6.9 million transactions, including a measure of Rs.365 billion. This represents an increase of 56 percent in number and 75 percent in importance terms, as contrasted with the expands of 50 percent and 48 percent separately amid a year ago.

Mobile Banking

The extent of mobile banking in the country is growing as more banks are joining hands to turn in giving quality and secure administrations through this mode of payments. The quantity of transactions was recorded at 3.1 million during the year, compared to 3.3 million last year. As far as worth, it arrived at 12.2 billion as contrasted with Rs. 7.7 billion reported in the most recent year.

Number of Plastic (Debit/Credit) Cards

The aggregate quantities of plastic cards in the nation arrived at to 17.95 million i.e. 28 percent increment contrasted with 33 percent a year ago. On the other hand, plastic maintained the real giver, with an offer of 89 percent in the aggregate number of cards.

Credit