E-Banking and Modern Banking Services

Banking today is delivered as much through a screen as across a counter. Electronic banking (e-banking) refers to the delivery of banking services and the conduct of banking transactions through electronic channels rather than in person at a branch, and it has become the everyday face of banking for most customers.

• Automated Teller Machine (ATM) — an unattended electronic machine that allows a customer to withdraw cash, check their account balance, deposit cash or a cheque, and carry out several other routine transactions at any time, without visiting a branch or dealing with a bank employee.
• Internet banking — allows a customer to log in to their bank account through a secure website from a computer and carry out transactions such as checking balances, transferring funds, paying bills and requesting a chequebook, all without visiting the bank.
• Mobile banking — the same range of services delivered through a dedicated application on a smartphone, allowing banking to be carried out from virtually anywhere.
• National Electronic Funds Transfer (NEFT) — an electronic payment system that allows funds to be transferred from one bank account to another anywhere in the country, processed in batches at fixed settlement times through the day.
• Real Time Gross Settlement (RTGS) — similar in purpose to NEFT but meant for large-value transfers, settled individually and continuously in real time rather than in batches, which makes it faster but generally restricted to transfers above a certain minimum amount.
• Unified Payments Interface (UPI) — a system that allows instant transfer of funds between bank accounts using just a mobile number or a simple payment address, without needing to share full bank account or card details each time. …