Q.Write the facets of electronic banking.

Electronic banking is the delivery of banking services through electronic channels. Its main facets are ATMs, debit/credit cards, internet banking, mobile banking, electronic funds transfer (NEFT/RTGS/IMPS/UPI), ECS, and PoS/tele-banking.

Meaning

E-banking (electronic banking) means conducting banking transactions using electronic and telecommunication networks instead of visiting a bank branch in person. It makes banking faster, available 24×7 and location-independent. This aligns with the NCERT/CBSE commerce treatment of modern banking services.

Facets of Electronic Banking

1. Automated Teller Machine (ATM) – Lets customers withdraw and deposit cash, check balances and make transfers at any time without a branch visit.
2. Debit and Credit Cards – Plastic/electronic cards used to pay for goods and services and to withdraw cash; debit cards draw from one's own account, credit cards offer short-term credit.
3. Internet / Online Banking – Access to one's bank account through the bank's website to transfer funds, pay bills and check statements.
4. Mobile Banking – Banking services carried out through a mobile phone or banking app.
5. Electronic Funds Transfer (EFT) – Instant or near-instant transfer of money between accounts, including NEFT, RTGS, IMPS and UPI. …