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St. Mary’s technical campus, KOLKATA

Technical Project Report

Title: -Internet Banking System
A brief technical report on theInternet Banking System
Prepared by:-
Name: - Avijit Manna
Roll:-28600116028
Session: 2016-2020
Second year
Fourth semester

Guided by:-
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Certificate

This is to certify that AVIJIT MANNA student St. Mary’s Technical Campus,

Kolkata, bearing roll no: -28600116028 from the Department of CSEhas successfully

completed the project on the topic INTERNETBANKINGunder my supervision during

the year 2018 in partial fulfillment of Humanities practical examination conducted by

MACAUT. His behavior was quite good during the project work.

Signature of Guide Signature of Principal

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Acknowledgement
In the accomplishment of this project successfully, many people have best owned
upon me their blessings and the heart Pledged support, this time I am utilizing to
thank all the people who have been concerned with project.
This dissertation would not have been possible without the guidance and the help
of several individuals who in one way or another contributed and extended their
valuable assistance in the presentation and competition of the report. First and
foremost I want to thank my academic advisor, Prof. Whose sincerity and
encouragement I will never forget. His excellent guidance, patience and providing
me with an excellent atmosphere for doing research has resulted in this report.
Then I would like to thank my parents who have helped me a lot with their valuable
suggestion and guidance in various phases of this project.
At last but not least I want to thank my friends who helped me with their materials
and suggestions which helped me a lot to overcome the associated problems of this
project.

[AVIJIT MANNA]
(Department of Computer Science)
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Contents

 Abstract
 Introduction
 Types Of E-Banking
 Salient Features
 Internet Banking
 Business Intelligence
 Customer Management
 Risk Management and Information Security
 Financial Inclusion
 Payment Systems
 Mobile Banking
 Driving Channel Adoption
 Moving Towards a Digital Business Model
 Data Analysis
 Findings and suggestions
 Conclusions
 Bibliography
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Abstract

Financial sector plays an important role in the economic development of a

country. A strong and healthy banking system is important requirement for
economic growth. Indian banking industry today is observing an IT revolution.
A combination of regulatory and competitive reasons has led to increasing
importance of total banking automation in the Indian Banking Industry.
Information Technology has basically been used under two different avenues in
Banking. One is Communication and Connectivity and other is Business Process
Reengineering. Information technology enables sophisticated product
development, better market infrastructure, implementation of reliable
techniques for control of risks and helps the financial intermediaries to reach
geographically distant and diversified markets. The shift towards internet
banking is fueled by the changing dynamics in India. By 2020 the average age of
India will be 29 years and this young consumer base is internet savvy and wants
real time online information. Indian banks therefore need to aspire high and
move toward implementing a world class internet banking capability. The
objective of the present paper is to examine and analyze the progress made by
Internet Banking in India. The study is secondary based and analytical in nature.
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Introduction
E-banking is the wave of the future. It provides enormous benefits to consumers in terms of ease and cost of
transactions, either through Internet, telephone or other electronic delivery. Electronic finance (E-finance)
has become one of the most essential technological changes in the financial industry. E-finance is the provision
of financial services and markets using electronic communication and computation. In practice, e-finance
includes-payment, e-trading, and e-banking.

Internet plays vital role between banks and customers to receive and deliver information, this form of banking
is described as Internet banking (Reserve Bank of India, 2001). The process in which internet and computer
device are used as a medium to facilitate banking services is termed as internet banking. Internet banking is a
web-based service that enables the banks authorized customers to access their account information. It permits
the customers to log on to the banks website with the help of bank’s issued identification and personal
identification number (PIN). The banking system verifies the user and provides access to the requested
services, the range of products and service offered by each bank on the internet differs widely in their content.
Banks are using electronic and telecommunication networks for delivering a wide range of value added
products and services. The delivery channels include direct dial – up connections, private networks, public
networks etc. and the devices include Personal Computers. With the popularity of Electronic Gadgets, easy
access to Internet and World Wide Web, Internet is increasingly used by banks as a channel for receiving
instructions and delivering their products and services to their customers. Previously many researchers
performed research on internet banking in different parameters in different parts of the globe and described
about the internet banking.

Various researchers have discussed internet banking concept in following way: Jun and Cai (2001) defined
Internet banking as the use of Internet as a delivery channel for banking services which include opening a
deposit account, transferring funds, electronic bill presentment and payment. Internet banking is an
integrated system that provides their customers a flexible, convenient and inexpensive platform with
integrated services including online bank balance checking and savings accounts, money market accounts,
certificates of deposit, credit cards, home equity loans, home mortgage, insurance, investment services,
portfolio management, and other related financial services (Bhattacherjee, 2001).

According to Siu and Mou (2005) the internet (electronic) banking is prominent example of information
technology in the service industry; it is convenient and time saving in comparison to traditional banking. In
traditional retail banking, one has to visit branch to conduct banking activity like money transfer, to issue
cheque book, DD etc. but with the use of internet in banking, user can conduct these activities from any part
of the globe, it requires internet connection and computer only. Apart from these activities user can
purchase/sell, pay bills etc. from any convenient place. It has not only created opportunities for businesses to
reach out to consumers directly but also allows consumers an immediate access to the electronic markets
(Gupta and Bansal, 2012). This result in growth in the internet banking users, almost all banks i.e. private,
public and foreign banks are providing this facility to their customer. Banks also advertise or may say promote
this service among the customers.
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Types of E-Banking
E-Commerce
conducting business through electronic networks

E-Money
E-Finance
Stored value or prepaid
Providing electronic services through payment mechanisms
electronic channels

E Banking Other financial services

and products
Providing banking products
and services through electronic
delivery channels Insurance,Online brokaring etc.

Internet Banking

Telephone Banking

Other Electronic Delivery Channels

The common assumption is that Internet banking is the only method of on-line banking.
However, this is not strictly the case, as several types of service are currently available:
1. PC Banking - The forerunner to Internet banking has been around since the late 1980's and is still widely
used today. Individual banks provide software which is loaded on to an SME's office computer.
The SME can then access their bank account via a modem and telephone link to the bank. Access
is not necessarily via the Internet.
2. Internet Banking - Using a Web browser, a user can access their account, once the bank's application
server has validated the user's identity.
3. Digital TV Banking- Using the standard digital reception equipment (set top box and remote control),
users can access their bank account. Abbey National and HSBC services are available via Digital
TV providers. One of its main selling points is that no account details are transmitted via the
World Wide Web;
4. Text Phone Banking - HSBC have introduced this service to allow customers with text phones to check
their balance, pay bills and transfer money.
Internet banking can be split into two distinct groups:
1. Traditional banks and building societies use the Internet as an add-on service with which to
give businesses access to their accounts.
2. New Internet-only banks have no bricks and mortar presence on theHigh Street. Therefore,
they have lower overheads and can offer higher rates of interest and lower charges.
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Features:-
Online banking facilities typically have many features and capabilities in common, but also
have some that are application specific. The common features fall broadly into several
categories: A bank customer can perform non-transactional tasks through online banking,
including:
• Viewing account balances
• Viewing recent transactions
• Downloading bank statements, for example in PDF format
• Viewing images of paid cheques
• Ordering cheque books
• Download periodic account statements
• Downloading applications for M-banking, E-banking etc.
• Bank customers can transact banking tasks through online banking, including:
• Funds transfers between the customer's linked accounts
• Paying third parties, including bill payments (see, e.g., BPAY) and third party fund
transfers (see, e.g., FAST)
• Investment purchase or sale
• Loan applications and transactions, such as repayments of enrollments
• Credit card applications
• Register utility billers and make bill payments
• Financial institution administration
• Management of multiple users having varying levels of authority
• Transaction approval process
Some financial institutions offer special internet banking services, for example:
• Personal financial management support, such as importing data into personal
accounting software. Some online banking platforms support account aggregation to allow the
customers to monitor all of their accounts in one place whether they are with their main bank
or with other institutions.
Banking today is a flourishing industry, focused on technological innovation. Internet banking has
emerged as the biggest focus area in the “Digital Transformation” agenda of banks.

In 2012-13, Indian banks deployed technology-intensive solutions to increase revenue,

enhance customer experience, optimize cost structure and manage enterprise risk.
However, there is a wide variation in the technology agendas and implementation
capability across different players of the banking industry:
 Enhancing core banking value
 Revamping the digital agenda
 Moving from information to insight
 Dealing with a changing risk regime
 From cash to electronic modes of payment
 Grappling with financial inclusion
 Empowering employees
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1. Internet banking:
The shift towards internet banking is fuelled by the
changing dynamics in India. By 2020 the average age
of India will be 29 years and this young consumer base
is internet savvy and wants real time online
information. Indian banks therefore need to aspire
high and move toward implementing a world class
internet banking capability.
Urban areas had a total of 205 million internet users in
October 2013 that accounts for 40% yoy growth, while
rural India have 68 million users and a growth rate of 58% yoy.

2. Business intelligence:
India’s banking industry is on the
cusp of a major transformation,
with new banking licenses expected
to bring in more players in an
already competitive environment. In
such an environment, banks across
India are increasingly adopting
business intelligence (BI) and
analytics to drive their overall
profitability.

RBI has also encouraged banks to

adopt BI to increase transparency and
control over the banking business.
The Automated Data Flow (ADF)
initiative has been a strategic step in
this direction, seeking to ensure
submission of correct and consistent
data from banks’ systems to the RBI without any manual intervention.
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3. Customer Management

Banks need to clearly articulate and measure the expected benefits from the winning strategies
which would be dependent on the value various initiatives provide customers. These include:
 Customer segmentation
 Co-creation
 CRM to customer experience
 Use of alternative channels
4. Risk Management and Information Security
The Indian Bank’s Association (IBA) survey and EY analysis reveals that Core Banking System
(CBS) is widely used across the banks for transaction management. However, its integration with
risk management and other enterprise level applications is still at preliminary stages.
Some key risk management methods include:
 Enterprise Risk Management Systems
 Liquidity risk systems
 Credit systems
With the advent of mobile computing, social media,
cloud computing and increasing sophistication of
hackers it is evident that the risk environment is
changing. With more and more cases being
registered under the IT Act 2000, banks can no longer ignore privacy of customers.
To tackle this challenge, EY suggests a three-pronged approach to improve, expand and innovate
information security.
Technology in training and e-learning:
The last decade, which marks the era of liberalization and reforms in the country, has been an
eventful one for the banking sector, changing the face of the industry in a big way. The increase in
investment on training and development by banks in India is caused by a variety of motives, which
include — new technology adoption, productivity, responding to skills deficiencies, new hire
inculcation, and staff performance management
5. Financial inclusion:
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The six cornerstones pillars of financial inclusion

The ability of Electronic Regulators Interoperability Keeping pace Government
technology to payments are should can create value with can incentivize
bring services to accelerating this consider for customers to technology service
people wherever drive, and new relaxing attract large changes in providers to
they are and developments, restrictions in volumes. the financial introduce
whenever they including Big areas that inclusion technology
need them is the Data, ubiquitous disproportion space will enhanced
biggest driver of internet access ally affect require business
achieving and cloud unbanked significant models that
comprehensive computing, are customers, investments improve last
financial expected to have e.g., through in the mile delivery
inclusion. enormous KYC, agent regulatory by deploying
impact. banking and capacity and their own
mobile changes made resources, e.g.,
banking. in regulatory DBT payments
processes. and universal
service funds.

The spread of digital connectivity and mobile phones have created attractive opportunities in the
Indian financial inclusion landscape. In particular, technology promises to enable hundreds of
millions of people to access financial services for the first time due to its wide reach, convenience
and low cost of delivery.
India is experimenting with several new ideas in financial inclusion in almost all areas requiring
immediate focus — banking and payment channels, technology platforms, regulatory. Significant
progress is required in financial inclusion, as indicated clearly by the World Bank Index Survey
2012.
6. Payment Systems
In the last decade, India has seen a shift from traditional payment methods, i.e., cash/paper-based
payments to modern electronic payment systems. However, 97% of payment transactions for
public sector banks are paper based as compared to 60% for private sector banks.
In the recent past, the RBI has taken multiple steps to promote electrification of payment
instruments such as:
1. Framing the Payment & Settlements Systems Act to provide for the regulation and supervision
of payment systems in India
2. Providing robust RTGS/NEFT platform, establishing National Payments Corporation of India
(NPCI) to act as an umbrella institution for all the retail payment systems
3. Regulation and promotion of acceptance channels including ATMs, POS and payment gateway
policy
4. Issuance guidelines and security measures for all card transactions.
Debit cards (43%), credit cards (28%), internet banking (29%) all comprise a substantial
percentage of the overall number of electronic transactions for private sector banks.
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7. Mobile Banking:
Mobile banking continues to be a focus area for all banks in India. Our survey indicates that they
are not only looking at this channel as a way to increase their customer engagement in urban areas,
but also to reach out to new ones in rural regions, and thereby significantly further their financial
inclusion agenda.

Driving Channel Adoption

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Based on the results of our survey, we see several clear evidence of increasing usage of the internet
banking channel across all segments of the Indian banking space.
Internet banking continues to grow in terms of number of registered users as well as in the number
and value of daily transactions executed.
Banks are acknowledging this change and understand that to attract, service and retain the “new
age” customer, they need to use the most effective channel to personalize and market their product
and services.
Number of registered customers continues 100%
to grow at a rapid pace — especially for 90%
public sector banks, which currently have 80%
low penetration in this channel across their 70%
customer base. However, apart from 60%
foreign banks, the level of activity is very 50%
low with almost 65% of the registered 40%
customer base remaining inactive for 30%
public as well as private banks (Fig 2). 20%
Furthermore, despite the double digit 10%
percentage growth across the number of 0%
registered users, internet banking still Public Category 2 Category 3
ranges between 2% and 8% of overall
number of banking transactions across all Inactive Customer
channels for Indian banks. Active Customer
Therefore, there exists a significant Figure 2: Internet Banking - Active Vs
opportunity to migrate more customers to the Inactive customers:
internet banking channel.
There are several reasons for low adoption rates. The key issue is consumer behavior — many
banks have large customer segments, who are not computer savvy and still do not have access to
the internet. This segment has grown up with a deep-rooted faith in paper transactions and the
belief that the branch is the place to conduct all banking transactions. Added to this is the fear of
transacting online. While measures such as 3-factor authentication and one time passwords are
starting to make a difference, online security is still a very big concern, especially for the older
generation of banking customers.
Banks are therefore, undertaking channel migration initiatives to increase enrolment of new
customers and increase usage across customers who have already enrolled for the internet banking
service. In order to increase enrolment and activation, banks are integrating the opening of an
online account along with the basic account opening process, so that a new customer receives his
or her online banking credentials along with the welcome kit. Once the customer has been enrolled
there is a need to create an ecosystem that drives the channel usage for enrolled customers. For
example a mid-sized public sector bank has less than 2% of its retail customers enrolled for internet
banking with only 50%–55% having activeaccounts. Moreover, up to 45% of active accounts log-
in only twice in a given month clearly demonstrating the opportunity to improve adoption.

Moving Towards a Digital Business Model

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Indian banks need to aspire high and move toward implementing a world class internet
banking capability. This involves some key foundational steps.

1. Define the digital business model

Any internet banking initiative can only be successful if it is situated within a holistic digital charter
for the enterprise. Digital transformation involves delivery of new consumer propositions that are
engaging, comprehensible, intuitive, personalized and contextual to customers by leveraging
underlying digital technologies such as the internet, mobile, social cloud and analytics.
2. Transform the customer experience
Banks need to fundamentally transform the customer experience in the internet banking channel
in several ways:-
a) Offer insight coupled with ease of transacting currently most banks are offering
basic transactional capability for its retail customers related to:
• Account and product information
• Payments (own and third party intra and interbank, bill payments, tax payments)
• FD/Term Deposit and RD
• Other value-add services (loan information, recharge — mobile and DTH, donations, challan
view, e-shopping, tuition fees).
b) Implement channel handoffs:
Integrating the web channel with the branch is critical — the branch is where most interactions
happen today and the internet and mobile channel is where banks would like them to happen. Banks
could start focusing on creating customer journeys for relevant segments where channel handoffs
make sense and increase adoption. How easy it will be for an SME to discuss different customized
product offerings in a branch with the RM, who after thinking it through at home applies for it
online.
c) Broaden the partner ecosystem:
To cater to the holistic financial need of its customers, banks are also tying up with other financial
organizations that specialize in products such as insurance, trading, mutual funds and credit cards
(with certain public sector banks going for co-branded cards with large airlines, retailers, etc.).
These offerings can be made more effective when they are linked to a single view of the customer,
complemented by key analytical capabilities.
d) Personalize rewards and offer management:
Banks have been struggling to effectively use rewards and offer management for its customers.
Banks must leverage analytics (behavioral, lifestyle and transactional) to understand the need of
customers and serve them with appropriate offers including cross sell and up sell of products and
services. The data must also be leveraged to create appropriate reward programs by bringing in
appropriate business partnerships for its customer base.
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We can avail the following services through E-Banking:

1.Bill payment service:- We can facilitate payment of electricity and telephone bills, mobile
phone, credit card and insurance premium bills as each bank has tie-ups with various utility
companies, service providers and insurance companies, across the country. To pay your bills, all
you need to do is complete a simple one-time registration for each biller. You can also set up
standing instructions online to pay your recurring bills, automatically. Generally, the bank does
not charge customers for online bill payment.
2. Fund transfer: - We can transfer any amount from one account to another of the same or any
another bank. Customers can send money anywhere in India. Once you login to your account, you
need to mention the payees’ account number, his bank and the branch. The transfer will take place
in a day or so, whereas in a traditional method, it takes about three working days.
3. Credit card customers:- With Internet banking, customers can not only pay their credit card
bills online but also get a loan on their cards. If you lose your credit card, you can report lost card
online.
4. Investing through Internet Banking:- Now investors with interlinked demat account and bank
account can easily trade in the stock market and the amount will be automatically debited from
their respective bank accounts and the shares will be credited in their demat account. Moreover,
some banks even give you the facility to purchase mutual funds directly from the online banking
system.
5. Recharging your prepaid phone: - Now just top-up your prepaid mobile cards by logging in
to Internet banking. By just selecting your operator's name, entering your mobile number and the
amount for recharge, your phone is again back in action within few minutes.
6. Shopping: - With a range of all kind of products, you can shop online and the payment is also
made conveniently through your account. You can also buy railway and air tickets through Internet
banking.

Advantages of Internet Banking:-

As per the Internet and Mobile Association of India's report on online banking2006, "There are
many advantages of online banking. It is convenient, it isn't bound by operational timings, there
are no geographical barriers and the services can be offered at a very low cost.
“Through Internet banking, you can check your transactions at any time of the day, and as many
times as you want to. In a traditional method, you get quarterly statements from the bank. If the
fund transfer has to be made outstation, where the banks does not have a branch, the bank would
demand outstation charges, whereas with the help of Internet banking it will be absolutely free for
you.

1. Opening & closing of accounts

2. Make the payments of merchandise transaction through Debit &Credit cards.
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3. It gives reliefs to their customer from carrying heavy cash.

4. Enables prompt & speedy operation to clients.
5. It saves lot of time to their customers &convenient to access.

Disadvantages of Internet Banking:-

1. Customer may have to face risky transaction & fraud.
2. Failure of power supply cause to break down of system.
3. Loss of heavy income at times of settlement of higher magnitude.
4. Cost involved in training staff may not be profitable especially in times of attrition.

Security Precautions:-
Customers should never share personal information like PIN numbers, passwords etc. with anyone,
including employees of the bank. It is important that documents that contain confidential
information are safeguarded. PIN or password mailers should not be stored, the PIN and/or
passwords should be changed immediately and memorized before destroying the mailers.
Customers are advised not to provide sensitive account-related information over unsecured e-mails
or over the phone. Take simple precautions like changing the ATM PIN and online login and
transaction passwords on a regular basis. Also ensure that the logged in session is properly signed
out.

Plastic Cards as Media for Payment:-

There are four types of plastic cards being used as media for making payments. These are:
1. Credit Card2. Debit Card
3. Smart Card4. ATM Card
1. Credit Cards: -The Credit Card is a postpaid card. The credit card enables the cardholders to:
Purchase any item like clothes, jewelry, railway/air tickets, etc. Pay bills for dining in a restaurant
or boarding and lodging in hotel etc.
2. Debit Cards: -A Debit Card, on the other hand, is a prepaid card with some stored value. Every
time a person uses this card, the Internet Banking house gets money transferred toits account from
the bank of the buyer. The buyers account is debited with the exact amount of purchases.
3. Smart Cards: -Smart Cards have a built-in microcomputer chip, which can be used for storing
and processing information. For example, a person can have a smart card from a bank with the
specified amount stored electronically on it. The specified amount is utilized by the customer, he
can approach the bank to get his card validated for a further specified amount. Such cards are used
for paying small amounts like telephone calls, petrol bills etc.
4. ATM Cards: -The card contains a PIN (Personal Identification Number) which is selected by
the customer or conveyed to the customer and enables him to withdraw cash up to the transaction
limit for the day. He can also deposit cash or cheque.
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Role of Customer When Using e-Banking (for Security):-

•You can access Internet Banking only by using your User ID and Password. During the first login
attempt, it is mandatory to change both passwords -login and transaction – which would have been
mailed to you by the bank.
•If you forget your password, you will have written to us using the "Email Us" option. The Bank
will then issue a new password and send it to your mailing address as per our records. Kindly check
with your branch that this address is updated...
•Make sure no one can see the account login name or password you are entering when you log on
to banking sites.
•Logout of your site before moving on to other Websites.
•Before leaving the PC please "close" the browser.
•Do not write your login name or password anywhere.
•Do not leave your login name and password such that someone sitting at your computer could see
them.
•Never present your login name and password to anyone (no representative of banks will ever ask
you for your password).
•Notify bank immediately if you notice any unusual account activity.
•Keep all documents that include your account information in a secure location.
•When you login you can view the date and time of your last log in.

Features offered by Banks for internet banking:-

•Balance enquiry and statement
•Transfer fund online
•Card to card fund transfer
•Use debit card online
•Prepaid mobile recharge
•Subscribe for mobile banking
•Lock / activate debit cards /ATM
•Request a cheque book
•Stop payment
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Data Analysis

1. No. of users of major banks:-

Users

SBI
ICICI
HDFC
PNB
Others

2. Preference for online bill payment services: -

Bill Payment

Yes
No

Majority of the customers are now opt online bill payment i.e. 60% of the bank customers are
now using online bill payment.
3. Preference for online shopping: -
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Online Shopping

Yes
No

Similarly, 70% of the customers are now using online shopping that saves the precious time
of the customers

4. Preference for online fund transfer: -

Online Fund Transfer

Yes
No

Only few customers are using online fund transfer policy.

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5. Satisfied Customers:-

Satisfied Customers

Yes
No

Most of the customers are satisfied, as they are saving their time.

Findings
1.65% customers are using the features of internet banking.
2. In these services the SBI bank is top in service of E-banking.
3. The services that are mostly used by maximum customers are transactions, online trading, bill payment,
shopping etc.
4. The mode of transaction that a customer used more often is through cash, cheque & e-banking
respectively.
5. Different banks charge different rates for online service.

Suggestions: -

1. Demonstration of E-Banking should be provided to the existing customers to promote E-

Banking.
2. Encourage customers that E-banking is totally safe if you take necessary precautions like
protect your password from others.
3. Provide discounts on shopping through E-Banking.

Conclusion
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Thus reaching to the conclusion of our project we observe that Traditional banks offer many
services to their customers, including accepting customer money deposits, providing various
banking services to customers, and making loans to individuals and companies. Compared
with traditional channels of offering banking services through physical branches, e-banking
uses the Internet to deliver traditional banking services to their customers, such as opening
accounts, transferring funds, and electronic bill payment’s-banking can be offered in two main
ways. First, an existing bank with physical offices can also establish an online site and offer e-
banking services to its customers in addition to the regular channel. For example, Citibank is
a leader in e-banking, offering walk-in, face-to-face banking at its branches throughout many
parts of the world as well as e-banking services through the World Wide Web. Generally, e-
banking is provided without extra cost to customers. Customers are attracted by the
convenience of e-banking through the Internet, and in turn, banks can operate more efficiently
when customers perform transactions by themselves rather than going to a branch and dealing
with a branch representative. E-banking services are delivered to customers through the
Internet and the web using Hypertext Markup Language (HTML). In order to use e-banking
services, customers need Internet access and web browser software. Multimedia information
in HTML format from online banks can be displayed in web browsers. The heart of the e-
banking application is the computer system, which includes web servers, database
management systems, and web application programs that can generate dynamic HTML pages.
One of the main concerns of e-banking is security. Without great confidence in security,
customers are unwilling to use a public network, such as the Internet, to view their financial
information online and conduct financial transactions. Some of the security threats include
invasion of individuals' privacy and theft of confidential information.
The range of e-banking services is likely to increase in the future. Some banks plan to
introduce electronic money and electronic checks. Electronic money can be stored in
computers or smart cards and consumers can use the electronic money to purchase small value
items over the Internet
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Bibliography

 http://www.scribd.com
 www.google.com
 Wikipedia
 Banking on technology: A report by Reserve Bank Of India.