Banking is defined as “Accepting of deposits of money from public for the purpose of Lending or Investment, repayable on demand or otherwise and withdraw able by cheque, draft, or otherwise”.
In recent period there is many changes in banking sector, Recent trends has made whole process of banking in easy way.
Recent Trends in Banking are as follows.
- Electronic Payment Services
Now a days we are hearing about the E – Commerce, E- mail, E- tail etc. In the same thing a new technology is being developed in US for introduction of E Cheque, which have eventually replaced the conventional paper cheque.A negotiable instrument act has been included in the amendment.
- Real Time Gross Settlement (RTGS)
The RTGS has introduced in India in March 2004. The RTGS System is maintained and operated by Reserve Bank of India.
So, it is operated by the RBI who provides it the faster and efficient way to transfer the funds while facilitating the various financial operations. Thus, the money send under this system is instantaneous and the beneficiary gets the money within two hours.
- Electronic Fund Transfer (EFT)
Electronic fund Transfer (EFT) system is transfer money from one’s bank account to other bank account. can approach his bank and make cash payment or give instructions/authorization to transfer funds directly from his own account to the bank account of the other bank account. For transfer money require complete details of other person such as Receiver Name, Bank account Number, Bank account type (savings or current account), bank name, city, branch name etc. should be furnished to the bank at the time of requesting for such transfers so that the amount reaches the beneficiaries’ account correctly and faster. Reserve bank of India is service provider of Electronic Fund Transfer (EFT).
- Electronic Clearing Service
Electronic Clearing Service is an electronic mode of funds transfer from one bank account to another. This is used for large transactions.It is used by institutions or governments for making payments such as distribution of dividend interest, salary, pension, among others
- Automatic Teller Machine (ATM)
Automatic Teller Machine, popularly knowns as ATMs, are one of the most useful advancements in the banking sector. ATM is most popular device in India. ATMs allow banking customers to avail quick self-serviced transactions, such as cash withdrawal, deposit, and fund transfers. ATMs enable individuals t make banking transactions without help of an actual teller. Most transactions can be availed with the use of a debit or credit card. there are some transactions that need no debit o credit card. the customers can enable this service to withdraw the money 24 by 7.
- Point of Sale Terminal
Making a payment in exchange of for goods and for retail transaction point of sale is useful. The transaction Making a payment in exchange of for goods and for retail transaction point of sale is useful. The transaction is using overall the world. To complete pose transaction cards usually authenticated with a pin number. The information transmitted via the pin number travel through ATM network until it reaches the bank it is used to register products by a bar scanner and to read the descriptions and price on the tag of every time. All the activities can be done automatically like finding the total balance deducts any discounts and applies the sales tax and sending customer information to marketing database and transactions record to an investors system. Once payment has been credited to the account the post terminal check of validity of cards and connects to bank.
- Tele Banking
Tele Banking facilitates the customer to do entire non-cash related banking on telephone. Under this devise Automatic Voice Recorder is used for simpler queries and transactions. For complicated queries and transactions, manned phone terminals are used.
- Electronic Data Interchange (EDI)
Electronic Data Interchange (EDI) is the computer-to-computer exchange of business documents like Purchase Order, Invoices Shipping Notice, etc. in a standard electronic format between business partners.
By moving from a paper-based exchange of business document to one that is electronic, businesses enjoy major benefits such as reduced cost, increased processing speed, reduced errors and improved relationships with business partners.
Aishwarya Says:
I have always been against Glorifying Over Work and therefore, in the year 2021, I have decided to launch this campaign “Balancing Life”and talk about this wrong practice, that we have been following since last few years. I will be talking to and interviewing around 1 lakh people in the coming 2021 and publish their interview regarding their opinion on glamourising Over Work.
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