What are the various modes of e-banking?

What are the various modes of e-banking?

Internet banking is the prime medium of financial institutions for transactions. At An earlier age, customers have to visit a bank to meet their financial needs. But now almost every bank provides such a facility as online banking. Through which customers can transact by personally without going to the bank. So it is a very easy and valuable service for the bank. What are the various modes of e-banking?

Besides it, internet banking is the latest and cheapest technology introduced by the banking industry. It involves the banking products services, including traditional services, even as opening new accounts and transferring funds among different accounts. So internet banking is the cheapest cost channel for the financial institutions.

MODES OF INTERNET BANKING OR E-banking

Internet Banking
Mobile Banking
Plastic Money
National Electronic Funds Transfer
Real Time gross settlement
Smart Cards
EFT System
Telephone Banking
UPI

(1). Internet Banking:- It is also known as web Banking or e-banking. Internet banking is an easy medium of transaction banking. Banks would like to always provide fastest services to their customers. With which they remain satisfied. Today every customer wants to get internet banking. So all banks, whether private and government, are providing internet banking services to their clients.

(2). Mobile Banking:- It is also known as telephone banking as well as mobile or M Banking. Day by day mobile users are increasing tremendously in India. They also use their mobile phones for funds transactions which is known as mobile banking. Banks also play a crucial role in mobile banking by sending messages to their customers. While any transactions are incurred, balance of funds message sent to the mobile number.

(3). Plastic Money:- It is used as a debit and credit card through which customers do their transactions. By using these cards, customers can do things such as withdrawal of funds, account balance enquiry, order a cheque book, deposit fund as well as information regarding banking products etc. Even through such cards value added services also.

(4). National Electronic Funds Transfers:- It is an electronic funds transfer system which has maintained the RBI. It was started in November 2005, NEFT is a facility enabling bank customers in India to transfer funds between any two NEFT enabled bank accounts on a one to one basis. It is done via electronic message. Thus, facilities are available at 74,680 branches offices of 101 banks across the country out of around 82,400 bank branches as of January 2011.

NEFT has gained its identity due to its saving on time and ease of use with which transactions can be concluded. This reflects from the fact that 42% of all electronic transactions in the 2008 financial year were NEFT transactions. What are the various modes of e-banking?

(5). Real Time gross settlement:- It is a special funds transfer method. Where the transfer of money takes place from one bank to another on a “Real Time and on a “gross” basis. By Real Time gross settlement means transactions are settled as soon as these are processed by the customers. Gross settlement means the transaction is settled on one to one basis without bundling transactions. Settlement means a transaction which is processed, payments are final and irrevocable. However, RTGS systems are mainly performed by the central bank of country. Economists believe that an efficient national payment system reduces the cost of exchanging goods and services. What are the various modes of e-banking?

(6). Smart Cards:- Today almost all banks in India issue smart cards to their customers. Which are used mostly on all transactions which helps to cashless transactions. These types of cards are used by customers at the mall, show-rooms and petrol pumps, airports and cinema halls. Which provides points facilities to the customers, they can redeem all such collected points at the next purchase. So smart cards also play a very crucial importance to the economy of the country.

(7). Electronic funds transfer:- Some services are provided by banks to their customers for transactions of funds. These facilities are provided by banks on the demands of their customers. Such transactions involve large cash transactions which are directly performed by the banks. It is less risky as compared to the personal transaction by customers themselves.

(8). Telephone Banking:- Such banking is when all products of banks are shared to their customers through the telephones. All queries are solved by customer care of banks through the telephone. Sometimes available products are enquired by bank employees through asking their customers by phone calls. If any negative response they receive they can try to improve their services. Which they are delivering to their customers. What are the various modes of e-banking?

(9). UPI :- Unified Payments interface is used across the country. Which is an easy using method. It does not require so much formality. Rather it requires only a mobile number and an upi id. Through which any transaction can be done within a few seconds. But it has some limitations that through this method we can not transact more than one lakh rupees. Whereas, through electronic funds customers of banks can transfer large amounts of funds. However, nowadays it is a famous method of transaction in India. Which is used by customers for the small transactions. These upi are used by different platforms as Paytm, Phonepe, and Google Pay. What are the various modes of e-banking?

Conclusion:- Today every person is smart about dealing with their finances. So as per their need they use an appropriate method for the transaction which is suitable for their transaction. Every transaction plays an important role in the economy of a country for the funds transactions. Which also saves the time of transaction than the traditional services of banking. Some schemes of online banking provide a little advance which system helps the needy customers. What are the various modes of e-banking?

Note:- besides this question What are the various modes of e-banking?

There are some important banking questions which need you to learn more. These are following as

What is the risk of e-banking?

Suggestion:- When you feel tired on the way to study you can enjoy some stunning love poetry as per your interest. Which poems are able to refresh your minds. Then you can stick again to your required study. Best wishes. What are the various modes of e-banking?

You can also suggest us throughout the comments about our services of commerce education. What are the various modes of e-banking?