Q.What is E-Banking? Explain any four advantages of E-Banking.
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Start your 14-day free trial to unlock the full solution →E-banking is banking done electronically (internet, mobile, ATM, cards, NEFT/RTGS) without visiting a branch. Four advantages: 24x7 convenience, time-saving, low cost, and fast and accurate transfers. A standard TS Inter 2nd-year Commerce / NCERT-aligned banking question.
E-Banking: Meaning and Advantages
Meaning: Electronic banking, or e-banking, refers to the use of electronic and telecommunication networks to deliver a wide range of banking services. A customer can operate the account, transfer funds, pay bills and check balances using the internet, mobile phones, ATMs, debit and credit cards, and systems like NEFT and RTGS, without physically visiting the bank branch.
Four advantages of e-banking:
- Convenience / anytime–anywhere banking — services are available 24 hours a day, 7 days a week, from home or office, so the customer is not tied to banking hours or a branch.
- Saving of time — transactions such as transfers, bill payments and balance enquiries are completed in minutes, avoiding long queues and paperwork at the branch.
- Lower cost — electronic transactions are cheaper to process than branch transactions, which reduces costs both for the bank and for the customer. …
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