E Banking:
E-banking, short for electronic banking, refers to the provision of banking services and transactions conducted over electronic channels such as the internet, mobile devices, or automated teller machines (ATMs). This includes activities like online fund transfers, bill payments, checking account balances, applying for loans, and other financial services accessible through digital platforms. Essentially, e-banking enables customers to perform banking activities remotely without the need to visit a physical bank branch.
Electronic Payment and Settlement Systems in India:
The Reserve Bank of India is doing its best to encourage alternative methods of payments which will ensure security and efficiency to the payments system and make the whole process easier for banks. The Indian banking sector has been growing successfully, innovating and trying to adopt and implement electronic payment systems. The Indian payment systems had always been dominated by paper-based transactions. But since the introduction of e-payments in India, the banking sector has witnessed growth like never before.
In the case of India, the RBI has played a pivotal role in facilitating e-payments by making it compulsory for banks to route high value transactions through Real Time Gross Settlement (RTGS) and also by introducing NEFT (National Electronic Funds Transfer) and NECS (National Electronic Clearing Services) which have encouraged individuals and businesses to switch to electronic methods of payment. With the changing times and technology we have changed the methods of payments in India. E-payments in India have been growing at a fast speed in recent years.
E-payments have to be continuously promoted showing consumers the various routes through which they can make these payments like ATM’s, the internet, mobile phones and drop boxes.
