The Role of Electronic Banking Services in Indian Banking Sector

The banking sector in India has realized a some changes. And to meet the challenges of changing needs and perceptions of customers, new regulations over the years and countless advances in technologies, most of the banks have introduced to take an innovative approach towards banking with the objective of generating more value for customers in the banks. Today we have electronic payment system laterally with currency notes. India’s financial sector is moving towards a scenario, where it can have new instruments along with liquidity and safety. The arrival of the card, an introduction of Electronic Clearing Service (ECS) in late 1990’s, , the introduction of Electronic Funds Transfer, Real Time Gross Settlement (RTGS), an introduction of NEFT (National Electronic Funds Transfer), mobile banking, online banking are the various innovations in banking. Banks are investing heavily in the adoption of hese innovations. This paper highpoints the benefits of changing banking trends.