TECHOLOGICAL INNOVATIONS

ININDIAN BANKING SECTOR

PRESENTED BY:-

SHWETA SINGH

SECTION B

INTRODUCTION Indian Banking Sector has undergone a huge

transformation in the years since independence. With 1995 regulation, the RBI was proclaimed

the central bank of India. In the 1990s, greater emphasis being placed on

technology and innovation. New concept like personal banking, retail

banking, total branch automation were introduced.

Need For Innovation Intense competition between banks which is

going to be more severe in the coming years and with more private players waiting to step in.

The choice before the customer today is far wider in the selection of banks as well products than ever before.

Technology In Banks

Increased operations efficiency, profitability & productivity

Superior customer service Improved management/Accountability Minimal transactions cost Improved financial analysis capabilities

Focus Aspects Of New Banking System

Core Banking Solution (CBS)

Customer Relationship Management (CRM)

Electronic Payment Services (E-Cheques)

Innovations In Banking

ATM It stands for ‘Automatic Teller Machine’ It enable the customers to perform financial

transactions. In simple words, it is ‘simple to use self

service solution.

Contd...

RTGS It stands for ‘Real Time Gross Settlement

System’ It is a fund transfer mechanism where transfer

of money takes place from one bank to another. It is primarily for large volume transaction. The time taken for effecting funds transfer from

one account to another is normally 2 hours.

Contd...

NEFT It stands for ‘National Electronic Funds

Transfer’ It facilitates transfer of funds to other bank

accounts in over 36000 bank branches across the country.

It is simple, secure, safe, faster, way to transfer funds.

Contd...

Debit Card It is also known as bank card or check card. It is an electronic card. It issued by bank which allows bank clients

access to their account to withdraw cash. Credit Card It is a payment card. It issued by financial company.

Contd...

It allows bank clients access to their account to withdraw cash or pay for goods and services.

It charge interest and are primarily used for short-term financing.

Conclusion

The Indian Banking has become stronger in terms of capital and the number of customers .

It has become globally competitive and diverse aiming, at higher productivity and efficiency.

The Indian Banking has improve in terms of technology, products & services, information systems etc.