Online Banking System

With cybercafes and kiosks springing up in different cities access to the Net is going to be easy. Internet banking (also referred as e banking) is the latest in this series of technological wonders in the recent past involving use of Internet for delivery of banking products & services. Even the Morgan Stanley Dean Witter Internet research emphasized that Web is more important for retail financial services than for many other industries. Internet banking is changing the banking industry and is having the major effects on banking relationships. Banking is now no longer confined to the branches were one has to approach the branch in person, to withdraw cash or deposit a cheque or request a statement of accounts. In true Internet banking, any inquiry or transaction is processed on-line without any reference to the branch (anywhere banking) at any time. Providing Internet banking is increasingly becoming a "need to have" than a "nice to have" service. The net banking, thus, now is more of a norm rather than an exception in many developed countries due to the fact that it is the cheapest way of providing banking services.The main purpose that banks have been serving since their inception is keeping our money safe for us. While keeping our money safe, they also let us earn a certain amount of interest on the money deposited with them. Traditional banks have been doing this, and internet banks continue the same function. The only difference is in the way the transactions are made.
They all know about internet banking and most of us use it quite often as well, but few of us actually understand about the history of internet banking and how it all came out. Knowing the history of internet banking can be incredibly useful, especially since it will allow us to have more respect for the little things that we take for granted.

            Internet banking has been around for quite a few years now, but has really only become prominent over the past year or so in particular. Internet banking offers an array of different advantages to the user, including account balances and history including year-to-date information, the ability to transfer money from one account to another and to payees for bill payments, check history, reorders, and stop payments, check credit card balances and statements, complete online loan applications, secure interactive messaging with staff, and much more. Internet banking basically allows you to be able to do everything that you can in your regular banking institution, only with the benefit that you can do it all right from the convenience of your own home. Not only is this great because you can be comfortable and have peace of mind knowing that you can keep track yourself of all your banking issues, but as well it allows for more ease because you never have to worry about rushing out and making it to the bank.

Comments

Post a Comment

Popular posts from this blog

Bharat Stage 'BS' Emission Norms Explained, What does it mean and how does it Impact

Image
Bharat Stage Emission Bharat Stage Emission standards are emission standards instituted by the Government of India to regulate the output of air pollutants from internal combustion engine equipment, including motor vehicles. The standards and the time line for implementation are set by the Central Pollution Control Board under the Ministry of Environment & Forests and climate change. The standards, based on European regulations were first introduced in 2000. Progressively stringent norms have been rolled out since then. All new vehicles manufactured after the implementation of the norms have to be compliant with the regulations.Since October 2010, Bharat Stage (BS) III norms have been enforced across the country. In 13 major cities, Bharat Stage IV emission norms have been in place since April 2010 and It's enforced for whole country from April 2017. In 2016, the Indian government announced that the country would skip the BS-V norms altogether and adopt BS-VI norms by ...
Read more

A NEW DATA PRIVACY LAW

Data is the life-blood of today’s digital economy and is driving new businesses that challenge conventional wisdom about markets. With the proliferation of smart-phones, every tap creates a digital footprint: valuable information that can be exploited by companies to generate everything, from customer preference to consumption patterns. Critically, the traditional notion of data being merely sensitive personal information is now being challenged as companies are also exploiting real-time data generated from daily activities such as one’s route preference whilst booking cab rides using an app. Even Government’s drive to digitise India on the back of initiatives such as JAM (Jan Dhan-Aadhar-Mobile) and the increased focus on digital payments is fuelled by data. As dependence on data continues to grow, so does the vulnerability of data subjects. Hence, any debate on data privacy must recognise the need for a comprehensive data privacy law, which not only contributes to and complements...
Read more

What is SGST, CGST & IGST ?

Goods & Service Tax or GST will be levied on goods and services. It will replace all the various taxes and bring them under one umbrella to make compliance easier. It will replace the following taxes: (i) Taxes currently levied and collected by the Centre:  Central  Excise duty  Additional  Duties of Customs (commonly known as CVD)  Special  Additional Duty of Customs (SAD)  Service  Tax AND (ii) Taxes currently levied and collected by the State:  State  VAT #Central Sales Tax  Entertainment  and Amusement Tax (except when levied by the local bodies)  Taxes  on lotteries, betting and gambling *Why are we getting 3 taxes -SGST, CGST, IGST*? India is a federal country where both the Centre and the States have been assigned the powers to levy and collect taxes. Both the levels of Government have distinct responsibilities to perform, as per the Constitution, for which they need to raise resources. A dual GST wil...
Read more