Electronic banking, also known as e-banking, is an electronic payment system that enables customers of a bank or other financial institution to conduct a range of financial transactions through the internet.
In India, e-banking has become increasingly popular in recent years, with many banks offering a range of services to their customers.
Types of E-banking: The major types of e-banking are online internet banking, mobile banking, automated teller machine (ATM), and debit and credit cards. Through e-banking, a client can acquire his record and manage numerous exchanges utilising his cell phone or personal computer.
Services Offered: E-banking enables digital payments which are secure, transparent, and fast. it allows customers to transfer funds to a single account or with multiple accounts within a bank or other financial institutions.
E-banking is also helpful for non-financial transactions such as changing your ATM PIN, getting a mini statement, updating your personal details, balance inquiry or printing an account statement
Benefits: Electronic banking further enhances functionality and improves the efficiency of banking activities. With e-banking, customers can carry out banking transactions at any place and at any time, from their home or office, all they need is internet access
E-banking also offers better efficiency by allowing the computerisation of everyday, regularly scheduled payments.
Overall, e-banking has revolutionized the way people manage their finances in India, offering a range of benefits and services that make banking more convenient and accessible.
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