27-03-2017, 10:20 AM
The invention of Internet influenced the banking sector as well. Internet totally changed the face, figure and personality of the bank! The Internet has challenged the physical identity of banks. The bank has broken the shackles of time and place, as the Internet has made banking possible 24 hours in every corner of the world! Banks are now not large or small by construction and banks are now not the few hours meter and fix services. The world is changing at an astounding pace and technology is seen as the key driver of these changes around us. An analysis of technology and its uses shows that it has permeated in almost every aspect of our life. Many activities are handled electronically due to the acceptance of information technology in the home as well as in the workplace. Slow but steady, the Indian client is moving toward online banking. Internet Banking transactions are slowly taking the Physical Banking Operation that happens at the counters. The customer always seeks simplicity and ease in any service they wish to take advantage of and the banking sector is matching their steps to the march of technology to make financial life easy for their clients. E-banking or online banking is a generic term for the provision of banking services and products through electronic channels such as the telephone, the Internet, the cell phone, etc. The concept and scope of ebanking is still evolving. It facilitates an effective system of payment and accounting, which greatly improves the speed of delivery of banking services. The Government of India and the RBI (Reserve Bank of India) have taken several initiatives; They have facilitated the development of electronic banking in India. The Government of India enacted the IT Act, 2000, which provides for the legal recognition of electronic transactions and other means of electronic commerce. The RBI has been preparing to upgrade itself as a regulator and supervisor of the technologically dominated financial system.