E-Banking in India : Challenges and Opportunities

Contents: Editors' note on the book. 1. Banking sector reforms and E-Banking in India/R.K. Uppal. 2. Universal banking in India: strategies for successful implementation/S. Ganesan and S. Shanmuga Pria. 3. Role of information technology in banking sector/Puja Arora, Deepak Kumar and Monika Kansal. 4. Application of information technology in banking/Seema Kapoor and Deepak Dhingra. 5. Plastic money/Preety Sharma and Pooja Mehta. 6. Internet Payments: the role of Central Bank/Neetu Gupta. 7. Internet banking: a new paradigm/Deepak Kumar, Shashi Kapoor and Neelam Khullar. 8. Economics of ATM/Leena Kakkar. 9. Is web business good business?/Rimpi Jatana, Nittu Gupta and R.K. Uppal. 10. Information technology in banking Industry/R.K. Uppal and Rimpi Jatana. 11. E-Banking in India: dream vs. reality/Shiwani Gupta and Neetu Khanna. 12. Internet banking: boon or bane/Nitu Gupta. Appendix: Major policy initiatives regarding commercial banks since 2004. Glossary of E-Banking. Bibliography. Index.

"Finland was the first country in the world to have taken a lead in E-Banking. In India, it was ICICI Bank which initiated E-Banking as early as 1997 under the brand name Infinity.

Electronic Banking (E-Banking) is a generic term encompassing internet banking, telephone banking, mobile banking etc. In other words, it is a process of delivery of banking services and products through electronic channels such as telephone, internet, cell phone etc. The concept and scope of E-Banking is still evolving.

E-Banking facilitates an effective payment and accounting system thereby enhancing the speed of delivery of banking services considerably. While E-Banking has improved efficiency and convenience, it has also posed several challenges to the regulators and supervisors.

Several initiatives taken by the Government of India as well as the Reserve Bank of India (RBI) have facilitated the development of E-Banking  in India. The Government of India enacted the IT Act, 2000 with effect from October 17, 2000, which provides legal recognition to electronic transactions and other means of electronic commerce.

The RBI has been gearing up to upgrading itself as a regulator and supervisor of the technologically dominated financial system. It issued guidelines on risks and control in computer and telecommunication system in February 1998 to all the banks advising them to evaluate the risks inherent in the systems and put in place adequate control mechanisms to address these risks, which can be broadly put under three heads, viz. IT environment risks, IT operations risks and product risks.

The existing regulatory framework over banks has also been extended to E-Banking. It covers various issues that fall within the framework of technology, security standards and legal and regulatory issues.

This book contains 12 articles by scholars specialising in the area of banking. It will be useful for all those who want to understand recent technological developments in Indian banking." (jacket)