The services provided through e banking :
In the case of India, the RBI has played a pivotal role in facilitating e-payments by making it compulsory for banks to route high value transactions through Real Time Gross Settlement (RTGS) and also by introducing NEFT (National Electronic Funds Transfer) and NECS (National Electronic Clearing Services) which have encouraged individuals and businesses to switch to electronic methods of payment. With the changing times and technology we have changed the methods of payments in India. E-payments in India have been growing at a fast speed in recent years.
E-payments have to be continuously promoted showing consumers the various routes through which they can make these payments like ATM’s, the internet, mobile phones and drop boxes.
Benefits of E Banking:
There are plenty of benefits perks that customers who adopt this mode of banking can derive from it. Some of the key benefits of internet banking are:
- Convenience
- Better Interest Rates
- Services
- Mobility
- Environment Friendly
- Environment Friendly
- Very low incidence of errors
- internet banking has helped to cut down the usage of paper, thereby being good for the environment where it helps to reduce pollution. People do not have to visit the bank. In a growing country like India, efficient and faster payments method helps in the development of economy as a whole.
Electronic Clearing Services (ECS):
ECS is an electronic mode of payment / receipt for transactions that are repetitive and periodic in nature. ECS is used by institutions for making bulk payment of amounts towards distribution of dividends, interest, salaries, pension, etc., or for bulk collection of amounts towards telephone / electricity / water dues, cess / tax collections, loan instalment repayments, periodic investments in mutual funds, insurance premium etc. Essentially, ECS facilitates transfer of monies from one bank account into many banks accounts or vice versa.
