Impact Of Technology In Banking

In the world of banking and finance nothing stands still. The biggest change of all is in the, scope of the business of banking. Banking in its traditional from is concerned with the acceptance of deposits from the customers, the lending of surplus of deposited money to suitable customers who wish to borrow and transmission of funds. Apart from traditional business, banks now a days provide a wide range of services to satisfy the financial and non financial needs of all types of customers from the smallest account holder to the largest company and in some cases of non customers. The range of services offered differs from bank to bank depending mainly on the type and size of the bank.

RESERVE BANK’S EARLY INITIATIVES
As a central bank in a developing country, the Reserve Bank of India (RBI) has adopted development of the banking and financial market as one of its prime objectives. “Institutional development” was the hallmark of this approach from 1950s to 1970s. In the 1980s, the Reserve Bank focused on “improvements in the productivity” of the banking sector. Being convinced that technology is the key for improving in productivity, the Reserve Bank took several initiatives to popularize usage of technology by banks in India.

Periodically, almost once in five years since the early 1980s, the Reserve Bank appointed committees and working Groups to deliberate on and recommend the appropriate use of technology by banks give the circumstances and the need. These committees are as follows:
-Rangarajan committee -1 in early 1980s.
-Rangarajan committee -11 in late 1980s.
-Saraf working group in early 1990s.
-Vasudevan working group in late 1990s.
-Barman working group in early 2000s.

Based on the recommendations of these committees and working groups, the Reserve Bank issued suitable guidelines for the banks. In the 1980s, usage of technology for the back office operations of the banks predominated the scene. It was in the form of accounting of transactions and collection of MIS. In the inter-bank payment systems, it was in the form of clearing and settlement using the MICR technology.

Two momentous decisions of the Reserve Bank in the 1990s changed the scenario for ever there are:
a) The prescription of compulsory usage of technology in full measure by the new private sector banks as a precondition of the license and
b) The establishment of an exclusive research institute for banking technology institute for development and Research in Banking Technology.

As the new private sector banks came on the scene as technology-savvy banks and offered several innovative products at the front office for the customers based on technology, the demonstration effect caught on the reset of the banks. Multi channel offerings like machine based (ATMs and pc-Banking), card based (credit/Debit/Smart cards), Communication based (Tele-Banking and Internet Banking) ushered in Anytime and Anywhere Banking by the banks in India. The IDRBT has been instrumental in establishing a safe and secure, state of the art communication backbone in the from of the Indian Financial NETwork (INFINET) as a closed user group exclusively for the banking and financial sector in India.

CHANGING FACE OF BANKING SERVICES
Liberalization brought several changes to Indian service industry. Probably Indian banking industry learnt a tremendous lesson. Pre-liberalization, all we did at a bank was deposit and withdraw money. Service standards were pathetic, but all we could do was grin and bear it. Post-liberalization, the tables have turned. It’s a consumer oriented market there.

Technology is revolutionizing every field of human endeavor and activity. One of them is introduction of information technology into capital market. The internet banking is changing the banking industry and is having the major effects on banking relationship. Web is more important for retail financial services than for many other industries.

Retail banking in India is maturing with time, several products, which further could be customized. Most happening sector is housing loan, which is witnessing a cut-throat competition. The home loans are very popular as they help you to realize your most cherished dream. Interest rates are coming down and market has seen some innovative products as well. Other retail banking products are personal loan, education loan and vehicles loan. Almost every bank and financial institution is offering these products, but it is essential to understand the different aspects of these loan products, which are not mentioned in their colored advertisements.

PLASTIC MONEY
Plastic money was a delicious gift to Indian market. Giving respite from carrying too much cash. Now several new features added to plastic money to make it more attractive. It works on formula purchase now repay later. There are different facts of plastic money credit card is synonyms of all.

Credit card is a financial instrument, which can be used more than once to borrow money or buy products and services on credit. Banks, retail stores and other businesses generally issue these. On the basis of their credit limit, they are of different kinds like classic, gold or silver.

Charged cards-these too carry almost same features as credit cards. The fundamental difference is you can not defer payments charged generally have higher credit limits or some times no credit limits.
Debit cards-this card is may be characterized as accountholder’s mobile ATM, for this you have to have account with any bank offering credit card.

Over the years, the banking sector in India has seen a no. of changes. Most of the banks have begun to take an innovative approach towards banking with the objective of creating more value for customers and consequently, the banks. Some of the significant changes in the banking sector are discussed below.

MOBILE BANKING
Taking advantages of the booming market for mobile phones and cellular services, several banks have introduced mobile banking which allows customers to perform banking transactions using their mobile phones. For instances HDFC has introduced SMS services. Mobile banking has been especially targeted at people who travel frequently and to keep track of their banking transaction.

RURAL BANKING
One of the innovative scheme to be launched in rural banking was the KISAN CREDIT CARD (KCC) SCHMME started in fiscal 1998-1999 by NABARD. KCC mode it easier for framers to purchase important agricultural inputs. In addition to regular agricultural loans, banks to offer several other products geared to the needs of the rural people.

Private sector Banks also realized the potential in rural market. In the early 2000’s ICICI bank began setting up internet kiosks in rural Tamilnadu along with ATM machines.

NRI SERVICES
With a substantial number of Indians having relatives abroad, banks have begun to offer service that allows expatriate Indians to send money more conveniently to relatives India which is one of the major improvements in money transfer.

E-BANKING
E-Banking is becoming increasingly popular among retail banking customers. E-Banking helps in cutting costs by providing cheaper and faster ways of delivering products to customers. It also helps the customer to choose the time, place and method by which he wants to use the services and gives effect to multichannel delivery of service by the bank. This E-Banking is driven by twin engine of “customer-pull and Bank-push”.

CONCLUSION
Technology has been one of the most important factors for the development of mankind. Information and communication technology is the major advent in the field of technology which is used for access, process, storage and dissemination of information electronically. Banking industry is fast growing with the use of technology in the from of ATMs, on-line banking, Telephone banking, Mobile banking etc., plastic card is one of the banking products that cater to the needs of retail segment has seen its number grow in geometric progression in recent years. This growth has been strongly supported by the development of in the field of technology, without which this could not have been possible of course it will change our lifestyle in coming years.

Read More

Learning The “Secrets” of

Factors to Consider When Looking for the Best Lawyer in Indiana

It is important understand that lawyers can prove to be very important professionals especially when it comes to helping people get information regarding different types of legal implications. One thing that you need to understand is that so many people today will always consider hiring the services of attorneys for a variety of purposes. For example, somebody to hire the services of an attorney to provide them with different types of legal services that can help them especially when they have been taken to court for a variety of purposes. One of the most important things that need to understand is that when you hire the services of a good attorney, there is a high likelihood that you will be able to enjoy so many advantages. They can be able to protect your rights and also ensure that you get all the necessary legal services that you need. Sometimes, being in a position to hire the services of the best attorney may not be very easy and this might require that you consider looking at some very vital factors.

Anytime you are planning to hire the services of a good lawyer, you need to ensure that you ask yourself whether that particular has the level of experience that is required. This is very important because the field of law is considered to be very complex and for this, you should only engage somebody that has a lot of experience when it comes to providing people with different types of legal services. One of the most important questions you probably want to ask yourself when choosing the best attorney is that that particular lawyer may have specialized in your area of need. There are different types of lawyers are available in the world today and therefore, identifying the specific lawyer that you need can be very important. For example, you might find that different lawyers may have specialized in criminal defense law while others may have specialized in personal injury law and real estate law. It is therefore important that you consider identifying the specialization of a particular lawyer before you hire them.

You will need to pay that particular lawyer when you hire their services and therefore, you must ensure that you focus on the cost implications of choosing the best lawyer in your region. This can prove to be very important because when you hire a lawyer that is quite affordable, you will realize that you will not have to struggle getting quality legal services which is considered to be very important. Another important question you probably want to ask yourself is the quality of services that particular lawyer may have provided to people in the past. This will give you the confidence that you will be able to get quality legal services when you hire a lawyer that has been providing quality services in the past. You can also use the Internet to get information regarding different types of lawyers that can always engage.

A Quick Overlook of – Your Cheatsheet

Interesting Research on – Things You Probably Never Knew

Read More

6 Facts About Everyone Thinks Are True

Folding Chairs- Your Tips in Buying the Most Good Quality Chairs

There are ample of reasons why you should spend your money in folding chairs. Folding chairs are perfect to use in any events like parties, weddings, family gatherings and more.

In this article, you will learn some of the best tips that will help you find the right folding chairs to buy.

1. Look for a reliable retailer.

It is very important for you to understand that not all companies are the same. This would simply mean that some are selling high quality products compared to others. So, be sure to check the folding chairs they are selling and compare from one company to another to get the best one.

2. Take note that the grade matters.

Most of the folding chairs are used for certain events only. But, these chairs can also be a great use at home. If your folding chair is intended for regular use at home, then a chair with commercial grade is advisable since it is stronger.

3. Know the weight limit.

The chairs are not the same, some may be stronger than the others. The strength of the chairs will less likely be an issue if only children are to occupy it. Though, this will be a real issue when adults are to occupy it. For this reason, you have to find chairs that can bear the weight of big people.

4. Buy chairs with warranty.

Most of the folding chairs have warranty. This is something you need to take advantage of. According to the warranty, the retailer will be replacing or repairing your chair for free if damages happen. Although damages may less likely to happen, still the warranty can offer you benefits.

5. Find chairs that is very pleasant to look at.

In any event, the chair plays a very important role in making more interesting. Do not just pick any chairs out there, be sure that it will fit your event. With patience and enough research, you will sure find the right chair.

6. Look for easy fold-able chairs.

Folding chairs are basically made to be folded and stored at one place. This is perfect to those having limited space. But take note that some folding chairs are more easy to fold than the others. In order to know which one easily folds, then do compare each model.

7. Check reviews online.

If you want what’s best for you, then be sure to read reviews before purchasing an item. If you are knowledgeable on the experiences of other customers with the chairs helps you realize if it is the right pick or not.

Why not learn more about ?

Smart Ideas: Revisited

Read More

Getting To The Point –

Factors to Consider When Doing Fencing
Most individuals in the network encompass their homes and workplaces with a fence when building them. The individuals can utilize various kinds of wall contingent upon different issues. The individuals can utilize the one that is made utilizing iron and put it in their compound from time to time. An individual can get a great deal of advantages when they fence their compound at any time. Some of the advantages may incorporate that they utilize iron fence when they need to improve their security. When one has a fence they will prevent the gatecrashers from getting to their premises without the consent from the owners. The fence will advance the security of the people, and they will live easily at all times.
A customer ought to get the specialists who will assist them with putting up the kind of fence they need in their compound at any time. The accomplished individuals will think that its simple to introduce the fence and thus it won’t require some investment to finish the task. The specialists will put the fence around the homes of their customers inside a brief period, and they will begin living in a safe place. The makers will make the fence such that it will make it simple to introduce the fence in the homes and workplaces of the clients.
The people in the general public should keep up their fence so it can keep going for long after they have fixed it. When the individuals do the fix and support of their fence, they will bring about less measure of cash to do that work. The toughness of the fence will get expanded when the individuals become accustomed to fixing it and keeping up it from time to time. The individuals will consistently have the option to set aside their cash once the fence that they set in their compound last for long. The customers ought to get the specialists who are acquainted with the fix and upkeep of the fence.
The estimation of the homes will get included once the individuals have put a fence that will make their compound to look rich at all times. When a home has a high worth, the people are probably going to get more cash-flow when they sell their homes. The individuals will consistently feel good when living in a spot that is exquisite and henceforth they will live joyfully at all times. The individuals who will put the fence should utilize various styles of fencing so they can cause the spot to look more to beautiful. The materials used to make the fence should consistently contain high-caliber so their toughness can profit the customers who will have gotten them from the market.

Read More