ELECTRONIC BANKING IN INDIA

E-Banking is one of the latest approaches to provide comfort to the client regarding monetary transactions. Banking is the lifeline of an economy. The present and future of any economy depends upon the success and development of banking. The objective can’t be achieved with the traditional banking as now is the age of technology. Indian banking industry, today, is in the midst of an IT (Information Technology) revolution. The competition among the banks has led to the increasing total banking automation in the Indian banking industry. E-Banking is a generic term encompassing internet banking, telephone banking, mobile banking etc. In other words, it is a process of banking services and products through electronic channels such as telephone, internet, cell phone etc. The concept and scope of E- banking is still evolving. The present paper has focused on the need and benefits of E-banking. It has also revealed the current status of financial innovations in Indian Banking sector. It also highlighted the challenges faced in E-banking and the opportunities available with the banks in E-banking.