E-Banking In India: Challenges

Financial sector plays an important role in the economic development of a country. Banking is the lifeline of an economy. A strong and healthy banking system is important requirement for economic growth and development of a country. Indian banking industry today is an IT basis transaction. The implementation of internet in banking organizations has modernized the banks. Implementing the internet banking approach has benefited the both i.e. consumers as well as banks. Considering the benefits, the banks all over the globe have implemented the internet banking and banking organizations in India are no exception. 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, debit cards, credit cards etc. Through E-Banking the bank wants to introduce the core concept of IT based Enabled Services (ITES). The E-Banking services are executed only the customer and these e-banking services would fully integrate with the core banking solution that is already in usage. The objective of the present paper is to examine and analyze the progress made by Internet banking services in India.