Authors

1. Dr. Shubhra Gupta
2. Ms. Vandana Sachdeva

Affiliation

• Assistant Professor The IIS University Jaipur
• Assistant Professor The IIS University Jaipur

Abstract

The Indian banking sector has undergone significant transformation during last two decades. Economic reform, advent of Information Technology & emerging middle class group has resulted greater demand of banking & other financial services. Present banking scenario is totally customer driven & technology oriented which has rapidly improved the efficiency, productivity & profitability of banks. The unprecedented growth of information technology has led to an intense competition in this sector. The rapid adoption of technology is the strong reason for providing services electronically all over the world. Electronic fund transfer, Electronic Data Interchange, Real Time Gross Settlement & Net banking has made sea changes in performance of banking operations in term of immediate fund transfer, account balance, account opening & efficient cash management. Although the e-banking has the great potential to support banking business but it also has a dark side which reflect by lack of security, high initial infrastructure cost& illegal access of data. The concerned banks should pay serious attention to make use of available technology for ensuring security & preventing unauthorized access by firewall encryption, filtering routes etc. to expand their business. Private & foreign banks have a robust automated banking environment whereas nationalized banks are unable to evolve as the same. Several banks have become one stop service providers with variety of product range including transactional service, investment services, bill payment, bookings electronically. Thus various banks are investing in automation to cater their customers by speedy services at cheaper rate. Electronic banking as an emerging technology for commercial world is widely demanded by people, companies and various other organizations. For any electronic transactions banks should use reliable methods to verify and identify these operations to save the interest of customers. Although the policies of the Reserve bank continued to oriented towards promoting orderly development of the payment system functioned in an efficient and secure manner, it is essential for banking business to confirm that a particular communication, transaction, or access should reliable. For leveraging the role of information technology in enhancing the proper operations of financial system, the RBI undertook important steps covering IT infrastructure & implementation of new applications.

Keywords

Firewall encryption, Real Time Gross Settlement, Electronic clearing system

References

1. http://rbidocs.rbi.org.in/rdocs/AnnualReport/PDFs/0RBIAN240810_ F.pdf.
2. http://www.npci.org.in/pss.aspx
3. http://rbi.org.in/scripts/images/GP2_ ST020311.gif
4. Subbarao, Duvvuri (2009). ‘Should Banking Be Made Boring? - An Indian Perspective’, RBI Bulletin, December.
5. R H Patil Committee (2005). “High Level Expert Committee on Corporate Bonds and Securitisation”, Ministry of Finance, Government of India, New Delhi
6. Deepak Parekh Committee Report (2007). “The Report of the Committee on Infrastructure Financing”, Planning Commission, New Delhi.
7. Chabra T.N. Suri R.K., (2011). “e-commerce” Dhanpad Rai Co.
8. Bhargaya Saxena Sharma, (2011). “e-commerce”, RBD Publications
9. Iyengar Vigayaragavan, (2008). “Introduction to Banking”, Excel books.