Name: R. Lilambeswara singh, K.Zarkada
Country: India

Year: 2015
Volume: Volume-2, Issue-2 (July-December)
Page Number: 1-9

The banking sector is in a transitional mode towards a vibrant global market and sophisticated information technology. Due to this changing scenario, banks are paying more attention to expanding their activities from just lending and borrowings to other ends like, insurance merchant banking, leasing, and electronic banking etc. even though these changes were expected after the nationalization of banks in 1969, it was noticed that it had only slow and steady progress necessitating a total revamping of the banking sector. Various reform measures were taken to strengthen the foundation of the system by improving asset quality, enhancing capital and improving profitability along with structural changes in the system. During this transition, banks have seen fierce competition, risk, and revolutionary changes forcing them to take immediate steps to retain market share, redress the grievances of customers as fast as possible by maintaining good ambience, rendering courteous services to customers with the help of latest technological innovations and products like internet banking, ATM, debit/credit cards, EFT, E-cheque, phone banking, mobile banking etc.
Key words: e-banking, electronic fund transfer (EFT), electronic clearing services (ECS).