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SERVICES PROVIDED BY THE BANKS THROUGH E- BANKING IN INDIA

SR.NO

PARTICULARS

ACKNOWLEDGEMENT
I feel deeply in debted towards people who have guided me in this project. It would have not have been possible to make such an extensive report without the help, guidance and inputs from them. Most of my information source has been from professional books of

Project GuideProf: Amruta Gaikar

I would firstly like to express my gratitude towards my guide PROF. AMRUTA GAIKAR for having shown so much of flexibilit y & guiding in such a way that I was really learning the subject all the time. She helped me in deciding the project topic. She showed a lot of openness in her approach and I would like to thank her for her support in a way that has lead to proper & effective learning.

EXECUTIVE SUMMARY
E-banking
E-banking- The execution of financial services via internet, reducing cost and increase in convenience for the customer to access the transaction. e- banking is an umbrella term for the process by which a customer may perform banking transactions electronically without visiting a brick-and-mortar institution. Internet banking means any user with a personal computer and a browser can get connected to his banks website to perform any of the virtual banking functions. In Internet banking the bank has centralized database that is well enabled. All the services that the bank has permitted on the internet are displayed in menu. Any services can be selected and further interaction is dictated by the nature of services. Once the branch offices of bank are interconnected through terrestrial satellite link, there would be no physical identity for any branch. It would a borderless entity permitting anytime, any where, anyhow banking. The delivery channel include direct dialup connections, private network, public net. The internet is revolutionizing the way the financial industry conducts business online, has created new players who offer personalize services through the web portals. This increase to find new ways and increase customer loyalty to add the value to this product and services. Smart card is a new trend which provides the opportunity to build an incremental revenue stream by providing an ideal platform for extended application and services. Banks have strong relationships with corporate and business customers and a wide experience in providing them with corporate banking services.

CHAPTER 1. INTRODUCTION
1.1 Introduction to topic
Traditionally 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 ways 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. The world is changing at a staggering rate and technology is considered to be the key driver for these changes around us. An analysis of technology and its uses show that it has permeated in almost every aspect of our life. Many activities are handled electronically due to the acceptance of information technology at home as well as at workplace. Slowly but steadily, the Indian customer is moving towards the e-banking. The ATM and the Net transactions are becoming popular. But the customers clear on one thing that he wants net-banking to be simple and the banking sector is matching its steps to the march of technology. E-banking or Online banking is a generic term for the delivery of banking services and products through the electronic channels such as the telephone, the internet, the cell phone etc. The concept and scope of e-banking is still evolving. It facilitates an effective payment and accounting system thereby enhancing the speed of delivery of banking services considerably. Several initiatives have been taken by the Government of India as well as the RBI(Reserve Bank of India); have facilitated the development of e-banking in India. The government of India enacted the IT Act, 2000, which provides legal recognition to electronic transactions and other means of electronic commerce. The RBI has been preparing to upgrade itself as regulator and supervisor of the technologically dominated financial system. It issued guidelines on the risks and controls in computer and telecommunication systems to all banks, advising them to evaluate the risks inherent in the systems and put in place adequate control mechanisms to address these risk.

TYPES OF E-BANKING

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:
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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. Internet Banking - Using a Web browser, a user can access their account, once the bank's application server has validated the user's identity.

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. Text Phone Banking Many of thebanks 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:


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Traditional banks and building societies use the Internet as an add-on service with which to give businesses access to their accounts. New Internet-only banks have no bricks and mortar presence on the High Street. Therefore, they have lower overheads and can offer higher rates of interest and lower charges.

Features of E-Banking y y E-Banking provide exceptional rates on Savings, CDs, and IRAs Checking with no monthly fee, free bill payment and rebates on ATM surcharges credit cards with low rates

y y y y y y y y

Easy online applications for all accounts, including personal loans and mortgages 24 hour account access. It provides Quality customer service with personal attention It provides the quick services to their customers. Enables transfer of funds from one place to another(banks). Exchange of statisticals information amongs banks. Enables foreign exchange operations. Inter-bank applications like settlement of funds between banks. Provides facilities like demat operation,ATM operation,online banking.

INTERNET BANKING IN INDIA The Internet banking is changing the banking industry and is having the major effects on banking relationships. Even the Morgan Stanley Dean Witter Internet research emphasized that Web is more important for retail financial services than for many other industries. Internet banking involves use of Internet for delivery of banking products & services. It falls into four main categories, from Level 1 - minimum functionality sites that offer only access to deposit account data - to Level 4 sites - highly sophisticated offerings enabling integrated sales of additional products and access to other financial services- such as investment and insurance. DRIVERS OF CHANGE Advantages previously held by large financial institutions have shrunk considerably. The Internet has leveled the playing field and afforded open access to customers in the global marketplace. Internet banking is a cost-effective delivery channel for financial institutions. Consumers are embracing the many benefits of Internet banking. Access to one's accounts at anytime and from any location via the World Wide Web is a convenience unknown a short time ago. The six primary drivers of Internet banking includes, in order of primacy are:       Improve customer access Facilitate the offering of more services Increase customer loyalty Attract new customers Provide services offered by competitors Reduce customer attrition

The banking industry in India is facing unprecedented competition from nontraditional banking institutions, which now offer banking and financial services over the Internet. The deregulation of the banking industry coupled with the

emergence of new technologies, are enabling new competitors to enter the financial services market quickly and efficiently.

1.2 Objective of Study


y y y y To understand the concept of e-banking To study the awareness of e banking among the people. To find the customer satisfaction relating to e-banking services. To find out whether the customer are using the e-banking services or not.

1.3 Scope of the Study

1.4 Limitations of the Study


y y Sufficient information regarding e-banking was not provided by the banks. Approaching the employees of the bank was not possible.

CHAPTER 2. COMPANY PROFILE

IDBI BANK

CHAPTER 3. RESEARCH METHODOLOGY


3.1 Research Design

3.2 Sampling Techniques


Questionnaire technique was used to conduct the survey. Sample size is 20.

3.3 Data Collection


Primary and secondary data was collected to conduct the survey. Primary data:In this research, with a sample size of nearly 20 customer data was collected in form of questionnaire collected in terms of different questions influencing the use of internet banking. Secondary data:Secondary data such as information about IDBI bank, e-banking was collected through books, manuals, websites, etc.

DANGERS OF E-BANKING most services suffer from disadvantages, and on-line banking is no exception. Recently, there

have been a number of technical incidents, where customer information was disclosed to other users. Banks have been quick to react, and have either reverted back to the previous system or have solved the problem immediately. The main disadvantages are those related to fear of the unknown. The main fear is that transferring money electronically will somehow cause it to disappear into the electronic abyss. Banks are aware of this concern and do assure account holders that such an event should not occur. There is some speculation, currently, that Internet-only banks will not be able to sustain their high interest rates. Other drawbacks to using Internet-only banks include:
y y

Penalties for phone transactions; Access to cash (ensure that there is sufficient access to ATMs).

We may perceive this method of banking to be instantaneous. For example, when a bill is paid, the expectation is that the transaction is completed with immediate effect. However, this is not the case, as the systems are still connected to the UK clearing system, which takes three working days to clear payments., it appears that in many cases basic risk principles have been ignored in the rush. Banks could lose the whole e-trust business if they are unable to rise to the challenge of meeting customers' ever-rising demands in a secure trading environment. Use Dangers in Ebanking to reduce the level of risks to a minimal level whilst ensuring that your business is not justify behind in the race to retain and win new electronic customers. How can this report help you? - It identifies the major risks which have been encountered so far and pinpoints areas which are to become big risks for e-bankers in the future. SECURITY One of the main concerns with on-line banking is that of security. Fraudulent and accidental security breaches are a rare occurrence. Banks employ many procedures and systems in order to prevent these incidents. As a result they invest a considerable amount of time and money in developing systems which will prevent fraud and unauthorized access. If a security breach is discovered, the bank is liable for all money stolen, and, as a result, insures them against the possibility. The security used in on-line banking is a combination of technology and user authentication. The bank will use a 128 bit Secure Session Layer (SSL) encryption protocol, between its server and the user's browser. The user's browser will show a padlock when the session is secure. Using SSL can be thought of as preventing eavesdropping. If a hacker were to attempt to listen to the data transmission, they would have to guess the decryption key - which is a 1 in 3.4 x10 to the power of 38 chances, making it infinitely secure. From a technology point of view, on-line banking is secure. The weakest link of on-line banking is user authentication. Typically, a user has to supply a set of answers to questions, which they have previously entered upon registration, as well as a

username and password. The banks place the responsibility of keeping these answers secure with the user. If any are disclosed and money is stolen, the liability lies solely with the account holder, not the bank. With this in mind the following is sound advice to users:
y y y y y y y y y y y y y

Make sure the Web Address starts https:\\ rather than http:\\, this shows that the session is encrypted; Look for the closed padlock in the browser; Do not use simple or easily guessable passwords (use a combination of letters and numbers) and change it frequently; Do not write down any username, password or any other information required; Always empty the cache of the browser after banking; Always sign-off when you are finished; Do not leave the PC unattended while banking; Do not use the "Auto Complete" feature within the browser; Check the Terms and Conditions for any notes on where you can and cannot access the on-line accounts. (e.g. an Internet caf is not as secure as your home PC); Use additional software that your bank might recommend (firewall or anti-virus software) Keep your Web browser up-to-date with the latest patches and versions; Never send any account information in an email as this is insecure. Be wary of any eMails from your bank which ask you to send details via email, banks will not do this; Also, be wary of emails from banks which ask you to log into a Web site and resubmit your details. These fake Web sites have been set-up by fraudsters. If you are unsure of an email play it safe and contact your bank to verify the email.

CHAPTER 4. DATA PROCESSING & ANALYSIS


1)Are you aware of the banks ? YES 14 70% NO 6 30% TOTAL 20 100%

Sales

YES NO

Interpretation: In this survey, it was observed that 70% i.e. 14 people are aware of e-banking facilities and the rest 30% are unaware of the benefits of e-banking.

2) In which bank you have your account ? ICICI 6 30% SBI 4 20% AXIS 3 15% HDFC 1 5% HSBC 0 0% BOI 6 30% TOTAL 20 100%

1 2 3 4 5 6

Interpretation: In the above survey 30% of the people have their account in ICICI and BANK OF INDIA.

3) Do you feel safe on disclosing your details on Internet ? YES 10 50% NO 10 50% TOTAL 20 100%

Sales

1 2

Interpretations: In the above survey, 50% i.e 10 people out of 20 feel safe to disclose their details on internet.

4) Are you satisfy by your bank services ? YES 15 75% NO 5 25% TOTAL 20 100%

1st Qtr 2nd Qtr

Interpretations: In this survey, 15 people i.e. 75% are satisfied with the services provided by the bank and 25% people are dissatisfied.

5) What are your main transactions you would prefer to do by internet? Money Transfer 8 40% Checking Balance 2 10% Create Fixed Deposits 0 0% Request A Demand Draft 2 5% Pay Bills 6 30% Order a Cheque Book 2 5% Request Total

0 0%

20 100%

1 2 3 4 5 6 7

Enterpretation; In the above survey 40% people use facility of money transfer and 30% people use paybills facility.

6)Are you aware of the benefits which are available ? YES 13 65% NO 7 35% TOTAL 20 100%

1 2

Enterpretation; In this survey 70% of the people are aware of the benefits provided by their banks and 30% people are unaware.

7) Are you aware of the methods which can be undertaken to avoid any kind of frauds? YES 8 40% NO 12 60% TOTAL 20 100%

1 2

Interpretations; In the above survey 40% of the people are aware of the methods which can be undertaken of making frauds and other 30% are unaware of this fact. 8) Are you aware of all the methods which can be taken up to secure your transactions? YES 14 70% NO 6 30% TOTAL 20 100%

1 2

Enterpretation; In this survey 70% of the people want to secure the transaction of their account and the rest 30% do not know what is e-banking.

9) Does your bank educate you about the Internet banking services being offered ? YES 16 80% NO 4 20% TOTAL 20 100%

Sales

1 2

Interpretation; In the above survey 80% of the customer agree that their bank follow the duty of educating about the services offered.

10)Would you prefer using internet banking instead of visiting your bank every now and then ? YES 13 65% NO 7 35% TOTAL 20 100%

Sales

1st Qtr 2nd Qtr

Interpretations; In this survey 65% of the people would prefer using e-banking services instead of coming to the bank everyday.

11) What benefits do you see in internet banking ? COVENIENCE 8 40% SPEED 5 25% TRANSPARENCY TIME 1 6 5% 30% TOTAL 20 100%

1 2 3 4

CHAPTER 5. FINDINGS

CHAPTER 6. CONCLUSION

BIBLIOGRAPHY

ANNEXURE
QUESTIONNAIRE Name: Age Group: Occupation: 1) Are you aware of net banking services offered by the banks? a) Yes 2) In which bank you have your account? a) ICICI BANK . b) SBI BANK . c) AXIS . 3) Do you feel safe in disclosing your details on net? a) Yes 4) Are you satisfy with your bank services? a) Yes b) No b) No b) No

d) HDFC e) HSBC . f) BANK OF INDIA .

5) What are your main transactions you would prefer to do by net (a) (b) (c) (d) (e) (f) (g) Money transfers Checking of your current balance Create Fixed Deposits Online Request a Demand Draft Pay Bills Order a Cheque Book Request Stop Payment on a Cheque

6) Are you aware of the benefits of net banking which are available (a) Yes (b) No

7) Are you aware of the methods which can be undertaken to make any kind of fraud (a) Yes (b) No

8) Are you aware of all the methods which can be taken up to secure your transaction (a) Yes (b) No

9) Does your bank educate you about the internet banking services being offered? (a) Yes (b) No

10) What benefits do you see in internat banking? (a) Convenience (b) Speed (c) Transparency (d) Time

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