Q.What do you understand by e-banking? Explain the various types of e-banking.
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Start your 14-day free trial to unlock the full solution →E-banking is banking done through electronic channels, letting a customer use banking services anytime and anywhere without visiting a branch. Its chief forms are ATMs, debit and credit cards, internet banking, mobile banking, tele-banking, electronic funds transfer (NEFT/RTGS/IMPS), the Electronic Clearing Service (ECS) and Point of Sale (POS) terminals.
Meaning of E-banking
Electronic banking, popularly called e-banking, is the use of electronic and telecommunication networks to deliver banking services. Instead of coming to the counter, the customer uses computers, the internet, mobile phones, cards and automated machines to deposit, withdraw, transfer funds, pay bills and check balances. It makes banking faster, round-the-clock (24x7), paperless and convenient, and is central to the modern Indian banking system studied in TS Intermediate 2nd-year Commerce (the theme is in line with the NCERT/CBSE commerce curriculum).
Various Types of E-banking
- Automated Teller Machine (ATM). A self-service machine that lets a cardholder withdraw cash, deposit money, check the balance and get a mini-statement at any hour without the help of a bank employee.
- Debit card. A card linked to the holder's bank account; when used, the amount is immediately deducted from the account for purchases or ATM withdrawals.
- Credit card. A card that allows the holder to buy goods and services on credit up to a sanctioned limit and pay the bank later, within an interest-free period or with interest.
- Internet (online) banking. Banking through the bank's website, where the customer logs in with a user-id and password to transfer funds, pay bills, open deposits and view statements.
- Mobile banking. Banking through a mobile phone using the bank's app or SMS, including UPI-based payments, fund transfers and balance enquiries.
- Tele-banking. Banking through a telephone call to the bank's call centre or an automated voice system for enquiries and simple transactions. …
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