Answer:
E-banking (electronic banking) means providing banking products and services to customers through electronic channels such as the internet, mobile phones, ATMs and cards, without visiting the bank branch. The main e-banking services are:
- ATM (Automated Teller Machine): Customers can withdraw cash, check balance, get mini statements and transfer funds 24×7 using an ATM card.
- Debit card and credit card: A debit card allows payment directly from the customer's bank account; a credit card allows purchases on credit up to a limit, to be repaid later.
- Internet banking (net banking): Customers can check accounts, pay bills, transfer funds and open deposits through the bank's website.
- Mobile banking and UPI: Banking transactions and instant payments can be done through mobile apps.
- NEFT (National Electronic Funds Transfer): Electronic transfer of funds from one bank account to another in batches.
- RTGS (Real Time Gross Settlement): Transfer of large amounts (minimum ₹2 lakh) on a real-time, one-to-one basis.
- IMPS (Immediate Payment Service): Instant interbank transfer available 24×7 through mobile, internet or ATM.
- ECS (Electronic Clearing Service): Used for bulk and repetitive payments like salary, dividend, EMI and utility bills.
E-banking saves time and cost, gives 24×7 service from anywhere and reduces the use of cash.
