In the world of banking and finance nothing stands. The biggest change in everything is in the scope of the commercial bank. Banking in traditional business is about accepting deposits from customers, lending a surplus of money to relevant clients who want to lend and transfer funds. Apart from traditional business, the banks nowadays offer a wide range of services to satisfy the financial and non-financial needs of all customers from the smallest account holder to the largest company and, in some cases, from other transactions. The service offers different from bank to bank, primarily depending on the type and size of the bank.
As a central bank in developing countries, the Central Bank of India (RBI) has approved the development of the banking and financial markets as one of its main objectives. "Organizational development" was the characteristic of this method from 1950 to 1970. In the 1980s, the Central Bank focused on "improvements in productivity" of the banking system. Be convinced that technology is the key to improving productivity, the Central Bank took some measures to increase the use of technology by banks in India.
Regularly, almost once for five years since the early 1990s, the Central Bank appointed committees and working groups to decide and recommend that the banks use appropriate technology to provide conditions and needs. These committees are as follows:
-Rangarajan named -1 in the early nineties.
-Rangarajan Committee -11 in the late 1980s.
-Social workgroup in the early 1990s.
-Vasudevan working group in the late 1990s.
-Barget working group in the early 2000s.
Based on the recommendations of these committees and working groups, the Central Bank issued cost-effective guidelines for the banks. In the 1990s, the use of technology for the banking operations of the banks usually held a platform. It was in the form of accounting for transactions and billing of MIS. In the interbank payment system, it was in the form of cleaning and settlement using MICR technology.
Two obvious decisions of the Central Bank of Iceland in the 1990s that changed the scenario forever are:
a) Regulations on mandatory use of technology to a full extent by new private banks as the premise of the license and
b) The establishment of an exclusive research institute for banking for development and research in banking technology.
As new private sector banks came to the scene as tech-savvy banks and offered some new products to prime ministers for technology-based customers, the objection to the restoration of the banks is aimed at. Multi-channel offers such as machine-based (ATMs and PC-banks), Card-based (Credit / Debit / Smart Cards), Tele-Banking and Internet Banking, participated in where and wherever Banking in India. The IDRBT has been the leader in establishing a safe and secure position for the information technology equipment in the Indian Financial Network (INFINET) as a closed user group exclusively for the banking and financial system in India.
BREAKDOWN OF BANK AFFAIRS SERVICE
Liberal government bought some changes to Indian service companies. Probably Indian banking learned a tremendous lesson. Pre-liberalization, all we did in the bank was a deposit and cancellation of money. Service conditions were sad, but all we could do was kidding and carrying it. After liberalization, the tablets have turned. There is a consumer oriented marketplace there.
Technology is revolutionized in all areas of human endeavors and activities. One of them is the introduction of information technology in the capital market. The netbank changes the banking system and has a major impact on banking. Web is more important for retail services than in many other industries.
Business banking in India is maturing over time, some customizable products. The most prominent sector is housing mortgages, which witnesses a competition for sore throat. The homeland is very popular as they help you realize your cherishment of your dreams. Interest rates are coming down and the market has also seen some new products. Other retail goods include private loans, student loans and vehicle loans. Almost every bank and financial institution offers these products, but it is necessary to understand different aspects of these credit products, which are not specified in colored ads.
Plastpening was a delicious gift in India. Responding to carrying too much money. Now add some new features to plastic money to make it more attractive. It works on a formula, refund now later. There are different facts about plastic money cards that are synonymous with all.
Credit cards are a financial instrument that can be used more than once to borrow money or buy goods and services on credit. Banks, retailers and other companies issue this in general. Based on their credit ratings, they are of different types, such as classic, gold or silver.
Loaded cards – these also have the same features as credit cards. The basic difference is that you can not postpone payments that are charged usually have a higher credit limit or sometimes no credit limit.
Credit Cards – This card can be characterized as a mobile ATM account, which requires an account with banks that offer credit cards.
Over the years, the banking system in India has seen no. of changes. Most banks have begun to take a new purpose in banking with the aim of creating more value for customers and, consequently, the banks. A few important changes to the banking system are discussed below.
By benefiting from the growing mobile and mobile phone market, many banks have introduced mobile phone services that enable customers to do business with mobile phones. For example, HDFC has introduced SMS services. Mobile banking has been especially targeted at people who travel frequently and monitor the commercial bank.
One of the innovation programs that began in the country's bank was the KISAN KREDIT CARD (KCC) SCHMME, started in fiscal 1998-1999 by NABARD. The KCC inhibits it for framers to purchase important agricultural inputs. In addition to regular agricultural loans, the banks offer some other products based on the needs of the countryside.
Private sector Banks also realized the potential of the rural market. At the beginning of 2000, ICICI began to set up a kiosk in Tamilnadu, along with ATM machines.
With a significant number of Indians who have relatives abroad, banks have begun offering services that enable foreigners to send money better to India's family, which is one of the main reforms in money transfer.
E-banking is becoming increasingly popular with retail customers. E-Banking helps reduce costs by offering cheaper and faster ways to deliver products to customers. It also helps the customer to choose the time, location and method for which he wants to use the service, indicating that the media provide the bank's services. This e-banking operation is driven by a dual-engineer of "customer-pull and bank-push".
Technology has been one of the most important factors in human development. Information and communication technology is the main feature of technology used to access, process, store and disseminate information electronically. Banking is growing fast by using ATM technology, online banking, telephone banking, mobile banking, etc., a plastic card is one of the banking operations that cater to the needs of the retail sector has seen its numbers grow in geometric advances in recent years. This growth has been continuously supported by technology development, but without this, it could not have been of course, it will change our lifestyle in the coming years.