OPPapers.com

E Banking

Banking In 21st Century*
(*Ashish Kumar Chaurasia, Lecturer, Faculty of Commerce, Sunbeam College For Women,Varanasi U.P.) The banking industry is undergoing a rapid transformation world wide propelled by two major factors: global convergence and information technology. The power of information technology is driving the banking industry as never before, leading to faster, better and cheaper banking services. The banking sector considers no boundary in the present economic scenario. ‘Universal Banking’ has become a common phenomenon in the present economic environment. In the wake of the liberalization policies, the traditional and conservative face of Indian banking has undergone a significant change. The Indian banking industry is undergoing a paradigm shift in scope, context, structure, functions and governance. The information and communication technology revolution is radically changing the operational environment of the banks. “Technology driven” products have now become very common in the present banking arena. Modern Age Banking Services 1. Automated Teller Machine (ATM) It is an electronic machine, which allows the user to withdraw and lodge cash, pay bills, request statements and other banking transactions. The customer requires ATM card and ID No. to gain access to the machine. Some ATM cards are also debit cards, which can be used in shops and other markets. The banking transactions such as withdrawal of cash up to the daily limits, cash deposit, transfer of funds between accounts, check balances and request for statements etc. can be done through the ATM. As per RBI directions, a customer can use services of any other bank’s ATM without paying extra service charge from 1st April’2009. 2. Tele Banking Tele banking facility is made available with the help of a voice response system (VRS). It is one of the most popular products. Tele banking, i.e. the round the clock, ‘Bank on phone’ service allows the customer to enter phase via telephone. Customers can...