Page 35 - Banking Finance November 2017

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Further, in a significant move recently RBI has allowed banks Y Tax Payment
to offer a wide gamut of products and services like loans, Y Insurance Premium Payment
credit cards and insurance through ATMs, which will go a
Y Opening of new Accounts
long way in enhancing customer experience.
Y Online Nomination in Accounts
RuPay card is an Indian version of debit / credit card. It is Y NPS Contribution, etc.
very similar to international cards such as Visa / Master.
National Payment Corporation of India (NPCI) initiated the Internet banking is gaining popularity among the customers
launch of RuPay card in India. It was done with the intention at a rapid pace. Banks are also making all efforts to woo
to integrate the payment system in the country. RuPay debit their customers to internet banking, as transaction cost is
card is similar to any other debit card. A person can access very less in internet banking compared to branch banking.
1.45 lakh ATMs and 8.75 lakh POS terminals with this card Further, banks keep making available a number of value-
across the country. It is also accepted on 10000 e-commerce added services through this channel to keep their internet
websites. banking attractive to their customers.

All major public sector banks, including SBI, have started 4. Mobile Banking
issuing these cards to their customers. The card comes with
Mobile phones, as a medium for extending banking services,
a high end technology chip named EMV (Europay, Master
have attained greater significance because of their
Card and Visa) especially for high end transactions. It also
ubiquitous nature. The rapid growth of mobile users in India,
has an embedded micro processor circuit with information
through wider coverage of mobile phone networks, have
about the card holder. RuPay is critical for financial
made this medium an important platform for extending
inclusion. Banks understand that there is huge business
banking services to every segment of banking clientele in
opportunity at the bottom of the pyramid these are the
general and the unbanked segment in particular. Banks are
people who have aspirations, who have surplus income and
permitted to offer mobile banking services (through SMS,
who also have credit needs. Due to lower transaction cost,
USSD or mobile banking application) after obtaining
facility of SMS alerts and reduced processing fee popularity necessary permission from the Department of Payment &
of RuPay card is likely to increase considerably in the coming
Settlement Systems, Reserve Bank of India.
days.
3. Internet Banking
Internet banking or online banking is an electronic payment
system, which enables customers of a bank to conduct
financial transactions on a website operated by the bank. It
provides anytime anywhere banking facility to the
customers. It also provides immense ease of doing banking
transaction. Through, Internet banking a number of
transactions can be performed, viz.
Y Fund Transfer
Y RTGS / NEFT

Y Request for Cheque Book
Y Request for Stop Payment
Y Request for Draft
Y Booking of rail / air ticket
Y Bill Payment

BANKING FINANCE | NOVEMBER | 2017 | 35

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