Q.What is e-banking? Explain its benefits.

E-banking replaces a branch visit with an electronic channel for most everyday banking needs.

E-banking (electronic banking) refers to the delivery of banking services and the conduct of banking transactions through electronic channels — ATMs, internet banking, mobile banking, and electronic transfer systems such as NEFT, RTGS and UPI — rather than requiring a customer to visit a bank branch in person.

Benefits:

1. Round-the-clock access — a customer can check balances, transfer funds or withdraw cash at any time, not just during branch working hours.
2. Faster settlement — transfers that once took days by cheque can settle within minutes or seconds through RTGS or UPI.
3. Lower transaction cost — electronic transactions typically cost less to process than an over-the-counter transaction, a saving that is often passed on to customers.
4. Convenience and reach — banking services become available from home, work, or anywhere with an internet connection, removing the need for physical proximity to a branch.
5. Reduced paperwork — most transactions are recorded electronically, cutting down on physical documentation and manual entry errors. …

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