E - BANKING SEM 5 BANKING& INSURANCE PROJECT
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taruna dureja
New member
hi i want to view ur project
Priyamvada Pandey
New member
hi! even i am in tybi could u plz help me out for this e-banking project. Its urgent dear
mp_messiah
Mahesh Puttapaka
so dis is just req thread no 1 posts n e links here...?????
dk2424
DK 2424
TECHNOLOGICAL DEVELOPMENTS IN BANKING
During recent years commercial banks in India have adopted new technologies and have introduced innovative methods in performing their various business operations. As a consequence a bank branch now depicts a picture far different from the one that existed a decade back. This supplement briefly highlights the important technological developments involving banking practices:
(1) Full Computerisation of Branches
Most of the commercial banks have completely computerized most of the branches. Inter-connected computers have been installed at various desks in the bank premises. Entire accounting work is now handled by the computers. Thus bulky ledgers and other account books have been done away with. Even Pass Books are prepared with computer-printers. Automatic note counting machines have also been used in many branches. With computerization, banks render services to their customers much faster and economically.
(2) Telebanking
Many customers of the banks want to make necessary queries about their account’s position. Telebanking is an automated banking solution for handling such queries speedily. Under this system, a telephone line is connected to the telebanking computer. When a customer makes a call, the system picks up the call and attends the same. Thus the customers can get information about the balance in their accounts, a few last transactions, status of any particular debit or credit and may request the bank to send statement on fax. Thus accounts details may be obtained by a customer on phone itself, without visiting the bank branch.
(3) Automated Teller Machines (ATMs)
Automated teller machines have been installed by many banks within the branch premises as well as at other locations to facilitate withdrawal of money by the depositor as per their convenience any time during the day and on all days of the year. Banks store requisite number of currency notes in these machines and issue ATM cards to their customers to enable them to withdraw money from ATMs. These cards are plastic cards on which the name of the card holder and the card number engraved. A password is also allotted to the card holder. When the card holder wants to withdraw money at the ATM, he applies his card at the proper place and pushes the relevant buttons indicating his password and the amount required to be withdrawn. The machine will read necessary details of the card, record the payment and tender necessary currency notes and issues to the card holder a slip indicating the transaction and the closing balance in his account. The ATMs are connected to the computers at the branch concerned, which records the transaction immediately. Banks prescribe the ceiling limit also on the amount that can be withdrawn at any time at an ATM.
Thus the cost of transaction to the bank is reduced and the customer withdraws money easily & conveniently at any time of his choice.
Now many banks share their ATMs with one or more other banks also. A customer is thus benefited as he is able to transact his business from any ATM nearest to him, irrespective of his bank.
(4) Internet Banking
Banks are now using the services of internet to deliver round-the-clock services to their customer at lowest possible costs. Under the Internet Banking Service, the customer can operate their bank accounts from their homes or workplace through their desktop computers. A number of banking services such as Statement of Account, balance enquiry, transfer of funds, requisitioning for a cheque book, stop payment instructions, order for a draft, are available through Internet. Access to Internet is available at all times on any day from anywhere in the world. Banks have recently introduced online payment facility for online railway reservations through IRCTC Payment Gateway Project.
(5) Electronic Fund Transfer (EFT)
Electronic Fund Transfer scheme enables transfer of funds within the city or between cities and between branches of a bank and across banks. It is a non-conventional mode of retail funds transfer which uses RBI-EFT scheme. It is now available at 15 centres in the country. The maximum limit for any single transaction under EFT has been enhanced to Rs. 2 crore. Under the scheme credit is being given to the beneficiary’s account on the same day. It is paperless money transfer system, which is available to all the account holders of a bank. Under this system one branch of the Reserve Bank of India transfers money to another branch by code signals, from there it is credited to beneficiary’s account in the bank concerned. Thus it is a very safe, reliable, quick and economical means of transfer of funds.
(6) Electronic Clearing Services (ECS)
This scheme facilitates faster credit of interest and dividends to investor’s accounts directly by the companies and thus avoids delays and frauds. Under this scheme corporate bodies can make payment of interest and dividends to their creditors / shareholders without issuing paper instruments. For this purpose the creditors / shareholders are required by corporates to furnish to them the code number of their bank’s branch and their own bank account number. These details are passed on to the company’s bankers with the instruction to remit specified amounts to the credit of the shareholders / creditors account. Banks comply with the instruction by using RBI-EFT scheme.
The scheme has several advantages. Chances of interception in post and fraudulent encashment of cheques are totally eliminated. Payments are made on the due date without investor visiting their banks. Moreover, corporates save expenditure on printing, dispatching & reconciliation of paper instruments.
During recent years commercial banks in India have adopted new technologies and have introduced innovative methods in performing their various business operations. As a consequence a bank branch now depicts a picture far different from the one that existed a decade back. This supplement briefly highlights the important technological developments involving banking practices:
(1) Full Computerisation of Branches
Most of the commercial banks have completely computerized most of the branches. Inter-connected computers have been installed at various desks in the bank premises. Entire accounting work is now handled by the computers. Thus bulky ledgers and other account books have been done away with. Even Pass Books are prepared with computer-printers. Automatic note counting machines have also been used in many branches. With computerization, banks render services to their customers much faster and economically.
(2) Telebanking
Many customers of the banks want to make necessary queries about their account’s position. Telebanking is an automated banking solution for handling such queries speedily. Under this system, a telephone line is connected to the telebanking computer. When a customer makes a call, the system picks up the call and attends the same. Thus the customers can get information about the balance in their accounts, a few last transactions, status of any particular debit or credit and may request the bank to send statement on fax. Thus accounts details may be obtained by a customer on phone itself, without visiting the bank branch.
(3) Automated Teller Machines (ATMs)
Automated teller machines have been installed by many banks within the branch premises as well as at other locations to facilitate withdrawal of money by the depositor as per their convenience any time during the day and on all days of the year. Banks store requisite number of currency notes in these machines and issue ATM cards to their customers to enable them to withdraw money from ATMs. These cards are plastic cards on which the name of the card holder and the card number engraved. A password is also allotted to the card holder. When the card holder wants to withdraw money at the ATM, he applies his card at the proper place and pushes the relevant buttons indicating his password and the amount required to be withdrawn. The machine will read necessary details of the card, record the payment and tender necessary currency notes and issues to the card holder a slip indicating the transaction and the closing balance in his account. The ATMs are connected to the computers at the branch concerned, which records the transaction immediately. Banks prescribe the ceiling limit also on the amount that can be withdrawn at any time at an ATM.
Thus the cost of transaction to the bank is reduced and the customer withdraws money easily & conveniently at any time of his choice.
Now many banks share their ATMs with one or more other banks also. A customer is thus benefited as he is able to transact his business from any ATM nearest to him, irrespective of his bank.
(4) Internet Banking
Banks are now using the services of internet to deliver round-the-clock services to their customer at lowest possible costs. Under the Internet Banking Service, the customer can operate their bank accounts from their homes or workplace through their desktop computers. A number of banking services such as Statement of Account, balance enquiry, transfer of funds, requisitioning for a cheque book, stop payment instructions, order for a draft, are available through Internet. Access to Internet is available at all times on any day from anywhere in the world. Banks have recently introduced online payment facility for online railway reservations through IRCTC Payment Gateway Project.
(5) Electronic Fund Transfer (EFT)
Electronic Fund Transfer scheme enables transfer of funds within the city or between cities and between branches of a bank and across banks. It is a non-conventional mode of retail funds transfer which uses RBI-EFT scheme. It is now available at 15 centres in the country. The maximum limit for any single transaction under EFT has been enhanced to Rs. 2 crore. Under the scheme credit is being given to the beneficiary’s account on the same day. It is paperless money transfer system, which is available to all the account holders of a bank. Under this system one branch of the Reserve Bank of India transfers money to another branch by code signals, from there it is credited to beneficiary’s account in the bank concerned. Thus it is a very safe, reliable, quick and economical means of transfer of funds.
(6) Electronic Clearing Services (ECS)
This scheme facilitates faster credit of interest and dividends to investor’s accounts directly by the companies and thus avoids delays and frauds. Under this scheme corporate bodies can make payment of interest and dividends to their creditors / shareholders without issuing paper instruments. For this purpose the creditors / shareholders are required by corporates to furnish to them the code number of their bank’s branch and their own bank account number. These details are passed on to the company’s bankers with the instruction to remit specified amounts to the credit of the shareholders / creditors account. Banks comply with the instruction by using RBI-EFT scheme.
The scheme has several advantages. Chances of interception in post and fraudulent encashment of cheques are totally eliminated. Payments are made on the due date without investor visiting their banks. Moreover, corporates save expenditure on printing, dispatching & reconciliation of paper instruments.
dk2424
DK 2424
(7) Anywhere Anytime Banking
The technological advancement has led to an innovative method of networking and connecting of branches. As a consequence, customers are able to access his account from anywhere and at anytime. For this purpose many bank have embarked upon an ambitious project, Centralised Banking Solution (CBS), aimed at providing anywhere anytime banking. Under CBS customers across cities may enjoy total banking facilitates from any CBS networked outlet. For examples, they can undertake collection of cheques, deposit of funds, instant access to statement of account and a number of other value added services through any of the interconnected branches. Banks are also issuing Multi-city Cheque Books to the customers of CBS networked branches. These cheques can be used at any city under CBS network.
(8) Electronic Cheque
The Negotiable Instruments (Amendments and Miscellaneous Provisions) Act 2002, which was enforced with effect from February 6, 2003, has introduced the concepts of ‘electronic cheque’ and ‘cheque truncation’ by expanding the definition of ‘cheque’ as given in the existing Act.
The definition of cheque (section 6) now also includes the electronic image of truncated cheque and a cheque in the electronic form.
A cheque in the electronic form means a cheque which contains the exact mirror image of a paper cheque. It is generated written and signed in a secure system ensuring maximum safety standards with the use of digital signature and asymmetric crypso system.
A truncated cheque means ‘a cheque which is truncated during the course of a clearing cycle, either by the clearing house or by the bank, whether paying or receiving payment, immediately on generation of an electronic image for transmission, substituting the further physical movement of the cheque in writing’.
The characteristics of a truncated cheque are as follows:
1. The electronic image will replace the physical cheque.
2. The banks concerned and the Clearing House can create an electronic image of a cheque. It is called truncation of the cheque.
3. Physical cheque will be substituted by the truncated cheque from the point and time of truncation. It is done during the course of a clearing cycle to reduce the time taken in realizing its payment.
4. The paper cheque is retained by the Bank / Clearing House after truncation. The Bank / Clearing House may at its option add its digital signature to the electronic image.
An electronic cheque is an electronic image of a paper cheque, i.e., it is an exact mirror image. It is signed compulsorily using digital signature of the drawer. Bio-metric signature may or may not be added.
Firstly, a physical paper cheque is prepared in the usual manner. Then, an electronic image of cheque is created by scanning the paper cheque and digital signature of the drawer is added to the electronic image to make it secure under asymmetric crypso system (i.e. by using the private key of the drawer.) Addition of biometrics signature to the electronic image 0f the cheque is optional.
The digital cheque prepared as above can be forwarded by the drawer to any person for payment. The drawee bank shall have to honour such a cheque by opening and verifying the digital signature of the drawer with the ‘public key’ of the drawer.
The Reserve Bank of India constituted a Working Group on cheque truncation and e-cheques (chairman: Dr. R.B.Barman).In its report submitted in July 2003, the Working Group has recommended that:
(a) Truncation of physical cheques be at the place of first deposit (i.e. presenting bank) and settlement on basis of the current structure of MICR fields, and
(b) In the first phase the scheme should be introduced in the four metro cities including all banks and clearings at a centre from a cut off date.
(9) Real Time Gross Settlement System (RTGS)
This is a new system introduced in 11 banks only so far. This system enables instant transfer of funds between banks and financial institutions. Under this system RTGS facility is extended all over the country by integrating the Centralised Banking Branch (CBB) network and Structured Financial Messaging System (SFMS) enabled branches with RTGS System. Customers of CBBs will avail the RTGS facility directly, while customers of other branches in RBI identified centres will use SFMS network to access the RTGS facility for instant inter bank funds transfers. RTGS will facilitate large value inter-bank payments and settlement in real time on-line mode on a transaction by transaction basis.
The technological advancement has led to an innovative method of networking and connecting of branches. As a consequence, customers are able to access his account from anywhere and at anytime. For this purpose many bank have embarked upon an ambitious project, Centralised Banking Solution (CBS), aimed at providing anywhere anytime banking. Under CBS customers across cities may enjoy total banking facilitates from any CBS networked outlet. For examples, they can undertake collection of cheques, deposit of funds, instant access to statement of account and a number of other value added services through any of the interconnected branches. Banks are also issuing Multi-city Cheque Books to the customers of CBS networked branches. These cheques can be used at any city under CBS network.
(8) Electronic Cheque
The Negotiable Instruments (Amendments and Miscellaneous Provisions) Act 2002, which was enforced with effect from February 6, 2003, has introduced the concepts of ‘electronic cheque’ and ‘cheque truncation’ by expanding the definition of ‘cheque’ as given in the existing Act.
The definition of cheque (section 6) now also includes the electronic image of truncated cheque and a cheque in the electronic form.
A cheque in the electronic form means a cheque which contains the exact mirror image of a paper cheque. It is generated written and signed in a secure system ensuring maximum safety standards with the use of digital signature and asymmetric crypso system.
A truncated cheque means ‘a cheque which is truncated during the course of a clearing cycle, either by the clearing house or by the bank, whether paying or receiving payment, immediately on generation of an electronic image for transmission, substituting the further physical movement of the cheque in writing’.
The characteristics of a truncated cheque are as follows:
1. The electronic image will replace the physical cheque.
2. The banks concerned and the Clearing House can create an electronic image of a cheque. It is called truncation of the cheque.
3. Physical cheque will be substituted by the truncated cheque from the point and time of truncation. It is done during the course of a clearing cycle to reduce the time taken in realizing its payment.
4. The paper cheque is retained by the Bank / Clearing House after truncation. The Bank / Clearing House may at its option add its digital signature to the electronic image.
An electronic cheque is an electronic image of a paper cheque, i.e., it is an exact mirror image. It is signed compulsorily using digital signature of the drawer. Bio-metric signature may or may not be added.
Firstly, a physical paper cheque is prepared in the usual manner. Then, an electronic image of cheque is created by scanning the paper cheque and digital signature of the drawer is added to the electronic image to make it secure under asymmetric crypso system (i.e. by using the private key of the drawer.) Addition of biometrics signature to the electronic image 0f the cheque is optional.
The digital cheque prepared as above can be forwarded by the drawer to any person for payment. The drawee bank shall have to honour such a cheque by opening and verifying the digital signature of the drawer with the ‘public key’ of the drawer.
The Reserve Bank of India constituted a Working Group on cheque truncation and e-cheques (chairman: Dr. R.B.Barman).In its report submitted in July 2003, the Working Group has recommended that:
(a) Truncation of physical cheques be at the place of first deposit (i.e. presenting bank) and settlement on basis of the current structure of MICR fields, and
(b) In the first phase the scheme should be introduced in the four metro cities including all banks and clearings at a centre from a cut off date.
(9) Real Time Gross Settlement System (RTGS)
This is a new system introduced in 11 banks only so far. This system enables instant transfer of funds between banks and financial institutions. Under this system RTGS facility is extended all over the country by integrating the Centralised Banking Branch (CBB) network and Structured Financial Messaging System (SFMS) enabled branches with RTGS System. Customers of CBBs will avail the RTGS facility directly, while customers of other branches in RBI identified centres will use SFMS network to access the RTGS facility for instant inter bank funds transfers. RTGS will facilitate large value inter-bank payments and settlement in real time on-line mode on a transaction by transaction basis.
tinu sharma
New member
hi.........
i m 4m mumbai doing bbi i want a project on e-banking in india plz help
i m 4m mumbai doing bbi i want a project on e-banking in india plz help
nilesh_singh
Nilesh Singh
thank u yaar i really needed thiS project thankv a lot
rohankakka735
Banned
hey !!!!!!!!!!!!!!!!!!!!!!!!!!!!!
priti joshi143
New member
hii i want project information on liability management
plzzzz anyone can help me plz plzzzz
plzzzz anyone can help me plz plzzzz
priti joshi143
New member
hii i want project information on liability management
plzzzz anyone can help me plz plzzzz
plzzzz anyone can help me plz plzzzz
maheshgreathai
New member
where is the file ?
vinaygawas
New member
hi i am student of Patkar College - Mumbai & had taken a project on 100 marks project on "E-banking" can anybody will be able to sent me the project to my email id - "[email protected]" if possible as it is a bit too urgent or can post the link here since the information i required should be about 70-75 pages.
Thanks in advance
Thanks in advance
vinaygawas
New member
thanks a lot for the project
hrishikesh_desai
Hrishikesh Desai
hey thanks... nice project.... good show!!!
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