Q.What are the facets of electronic Banking ?
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Start your 14-day free trial to unlock the full solution →E-banking is banking done electronically without visiting a branch. Its facets include ATMs, debit/credit cards, internet banking, mobile banking, electronic fund transfers (NEFT/RTGS/IMPS) and UPI/POS digital payments.
Meaning
Electronic banking (e-banking) is the delivery of banking services through electronic channels such as computers, the internet and mobile phones, enabling a customer to carry out transactions without physically visiting a branch. It provides banking facilities 24 hours a day. This is an AP Inter 2nd-year Commerce previous-year topic aligned with the NCERT/CBSE commerce curriculum.
Facets (Forms) of Electronic Banking
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Automated Teller Machine (ATM) — a machine that allows customers to withdraw and deposit cash, check balances and get mini-statements at any time using a card and PIN.
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Debit and Credit Cards — plastic cards used for cashless purchases and online payments; a debit card draws from the customer's own account, while a credit card allows borrowing up to a limit.
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Internet (Online) Banking — banking through the bank's website, where a customer can check accounts, transfer funds, pay bills and open deposits online.
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Mobile Banking — banking through mobile apps and SMS, allowing payments and transfers from a smartphone.
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