Cyber Law Vis-À-Vis Net Banking in Indian Sector

Abstract

Technological progress is like an axe in the hands of a pathological criminal” -Albert Einstein. The above-mentioned line quoted by Albert Einstein has put forth the crux of this paper more efficiently. E-Banking is a branch of E-commerce, which has been established and has drastically developed in India recently. The process of banking has been redefined completely after the establishment of E-banking to a whole new level. The process of banking has always been considered as a hectic process that consumes humongous time and effort. Net banking has made the procedures and protocols of banking simpler and easier. The simpler and easier, there is an awaiting question of internet frauds and threats, which arises as a barrier for the further development of online banking. These sorts of mala fide activities by hackers and other digital wrongdoers build a barrier to further explore the scope of technology. We can put forth the definition of cybercrime as any offense/crime committed via any computer or any other computer-based devices. The primary prey for these hackers/digital wrongdoers are the monetary related institutions like banks or any other financial institution. Nevertheless, this paper examines the various encounters and cases, where the E-banking was at stake. It will further describe the history and evolution of E-commerce in India. It will also put forth measures to battle fore-coming threats in the field of E-banking.