Status of E-Banking in India: Benefits and Issues

Abstract

E-Banking has become an important factor in the future development of banking industry. Electronic banking or online banking is a service provide by many banks that allow handling of all types of banking business, primarily over the internet by using the information technology and communication. In many developed countries E- banking plays a very vital role due to the fact that it’s the cheapest way of providing banking services. Beside this it also facilitated swift movement of funds domestically and across borders.  E-Banking is one of the most successful on-line businesses, which save the time and money of customers and companies. It is easily accessible anywhere to a PC, PDA, mobile device, with an internet connection. It also enables the customer to conduct financial transactions on the website of the institution, such as virtual bank, retail bank, a credit union etc. Despite of many benefits of E-Banking, there are some factors which affect its usage. This research paper will introduce you to e-banking, giving the meaning, functions, types, advantages and issues. In short e-banking is anytime and anywhere banking