Online Banking

Online Banking has become the need of the modern era. Today businesses and professionals are continuously on the move and hence they require a banking system that helps them in the smooth functioning of their work.

The concept of online banking in India was introduced by the Saraf Committee which was appointed by the then Governor of the Reserve Bank of India. Realizing the important of modern technology the Governor of the Reserve Bank formed a Committee under the leadership of Shri W.S.Saraf. The committee was appointed with the aim of finding out the latest issues relating to the use of modern technology in the Indian banking industry. It was this committee that made recommendations regarding the establishment of Electronic Funds Transfer Systems in India.

The Indian banking industry was well known for its stability and also extreme stubbornness. The introduction of online banking took banking services in India to new heights. The public banks in India were famous for their resistance change in their style of working and maintained a routine work culture. But after realizing the fact that India was lagging behind in banking technology as compared to foreign countries the government introduced certain latest banking techniques which all the banks had to follow.

Online banking was already popular in the developed countries and after liberalization modern banking methods had to be implemented in India. Since a number of foreign players started coming to India online or internet banking had to be introduced in Indian system of banking.

Internet Banking has become the buzz word today. It has become extremely popular in India mostly due to the host of benefits that is offers. Since online banking offers the flexibility of banking from anywhere it is attracting more and more people. Gone are days of standing in long queues for getting a cheque book or depositing cash. Internet Banking is actually fast and hassle free, no wastage of time and no paperwork. With the help of internet banking most of the banks in India have also tuned into a 24/7 service provider.

Online banking does not only benefit the user but the bank as well. Through the introduction of online banking services banks can increase their base of high networking clients. Online banking also gives banks an edge in the global banking scenario and gives them the opportunity to stand alongside the best banks in the world. Many banks in the country today have numerous overseas clients and it is only because of online banking that these banks can take care of the needs of their currents.

Advantage of Internet Banking Facility

Facilitate easy offering of more services
Enhance customer access
Attract new customers
Enhance customer loyalty towards the bank
Provide all kinds of services that are offered by competitors
Reduce the rate of customer attrition

Banks offering Internet Banking in India

Currently almost every bank in India offers internet banking facilities. Online banking has still penetrated into the rural areas in India. But now some of the banks are taking the initiative to tap the rural market and make them aware of the benefits of online banking. This will only enhance the knowledge of the rural population about the system of banking in the country and also bring them at par with the rest of the country.

Below is a list of the banks offering online banking in India
ICICI Net Banking
HDFC Net Banking
State Bank of India
Andhra Bank
Canara Bank
HSBC
CitiBank
Standard Chartered Bank
Axis Bank