Wednesday, 18 November 2015

Know about Electronic Banking - e-banking

E-banking or electronic form of banking means using alternate banking channels like ATM, internet banking, phone banking, mobile banking, etc. It also includes payment systems using electronic clearing service, electronic funds transfer.

It means undertaking banking transaction using mobile phones by bank customers for credit/debit of their accounts. It also includes checking of bank account for balance inquiry, stop payment instructions, transaction inquiry, etc. Mobile banking is a mean's to enlarge the customer base of banks since a very large portion of the population possesses mobile phones. Customers need to register with their banks for using this facility for getting their security controls. RBI wants banks to popularize this facility for penetration of banking services in our country.
The introduction of core banking solution has made possible banking through different channels.One of them is banking using the internet or online banking as it is known. It is possible by using specially general password by the bank after registering with it. Most of the basic services are available on a 24X7 basis.
Phone Banking
Phone banking as the name suggests is to get banking facilities through the uses of phones after due identification process is completed. Cash delivery pick up of cheques for collection and delivery of drafts are different benefits that are available through this mode.
What is Faceless Banking?
Most of latest banking is done through technology through technology driven model like phone banking, internet banking ,mobile banking etc where the customer does not interact face to face with any bank official. Hence, this form of banking is known as faceless banking.
Banking business which primarily cater to the average individual like offering deposit accounts and loans like personal, car and housing, come under retail banking.
Offshore Banking
It denotes the branch of an Indian bank which is located in a special economic zone or an area away from the location of the customer. This is primary meant to encourage exports from the with a specified set of rules and regulations.
Brick and Mortar Banking
With the introduction of technology in banking services the delivery model of banks have undergone changes. To differentiate traditional banking from the modern channels, traditional branch type banking is known as brick and mortar banking.
Private Banking
It is a specialized financial and banking service made available to high net worth individuals. The mode and manner of these services is very different from the normal banking services.
Green Investment Banking
It is basically an investment where banks focus on environment friendly projects. This is a new concept in view of emphasis on the protection of the environment.
 Merchant Banking
Banks acting as intermediaries in various business transaction of corporate like equity, debt, external commercial borrowing etc are also known as merchant banking.
Wholesale Banking
It typically involves a small number of very large customers such as big corporations and big corporations and governments.It is largely with banks, banks use inter bank markets to borrow from or lend to other banks/large customers to participate in large bond issues and to syndicated lending.

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