E-BANKING, ITS GROWTH & FUTURE IN INDIA

Abstract

Businesses make investments in e-business and the technology that supports it. Applications for e-business, like supply chain management and customer relationship management, boost innovative product and service offers, strong customer relationships, and transaction efficiency and scope economies. Companies find it challenging to turn these advantages into revenues or economic value, though. Many enterprises that have started online have failed to generate profits. According to a 2001 AMR Research Inc. survey, businesses would continue to spend more on e- business even in a recession. At best, though, these investments have yielded a mediocre return. Conventional Banking To conduct standard banking functions including cash withdrawals, fund transfers, and account inquiries, clients must physically visit the bank's branch. However, clients using e-banking can complete these transactions 24/7 from the comfort of their homes or workplaces using desktops or laptops and electronic media. We call this banking—anytime, anyplace. Consumers don't need to wait in line, deal with tellers, deal with constrained banking hours—all they need to do is visit the bank's website to examine their account details and do transactions as needed. The Banking System in India Scheduled and non-scheduled banks were distinguished under the Reserve Bank of India Act, 1934. The Second Schedule of the RBI Act, 1934 lists scheduled banks, which include state co-ops, regional rural banks, and commercial banks (both foreign and Indian). The banks not listed in this schedule are considered non-scheduled. Three types of banks comprise India's organized banking system: co-ops, regional rural banks, and commercial banks. The Reserve Bank of India, the nation's highest monetary and financial body, is in charge of managing the banking sector. Banks for commerce, which have been in place for many years encourage urban savings and make them available to trading and industrial organizations for working capital needs. Commercial banks were divided into public sector banks, sometimes known as nationalized banks, and private sector banks after 1969.