The scenario in banks now-a-days is very different.
One can withdraw and deposit money at his/her own convenience.
Having account in one place in India, one can transact in any part of the country.
Some of the new trends in banking sector are as follows:
A customer is given a password number (known as T-PIN i.e., Telephonic personal identification number) through which he can have access to his/ her account.
The customer can also access his account and give instructions by using the mobile phone.
The customer simply uses a password number and gets the details of transactions sitting at home.
ATM, the acronym for Automated Teller Machine, is increasingly becoming popular in banking industry.
ATM is a computerized machine used for most of the routine jobs of a bank.
It is operated by a magnetic plastic card popularly known as ATM card.
The ATM card in the machine and entering the PIN (Personal Identification Number) the customer can use it for withdrawals and deposits of money.
The customer can also get the information about the balance available in account
The mini-statement of last 5/10 transactions from the ATM.
A debit card is an electronic card that can be used conveniently while making payments.
This card is issued to the customers of the bank having current or savings deposit account.
The holder of this card can use this card at several outlets for purchase of goods and services.
This card allows the holder to spend up to the balance available in bank account.
It can also be used at ATMs just like ATM cards.
The cards are issued to individuals after verifying their credit worthiness.
The individual can use those cards at various outlets to make payments.
The issuing bank fixes a credit limit up to which the cardholder can purchase goods and services.
The bank issues a statement of transactions periodically and the individuals have to pay back the amount to the bank by a due date.
The customers get a credit period ranging from 10 to 55 days
No interest is charged if the payment is made within the due date.
If the customers fails to pay back by due date, the bank charges interest at a high rate on the amount due.
The cardholder can also use his/her card to withdraw cash from ATMs.
Purchasing tickets has become so easy now that you can make railway reservations sitting at home
If you have access to Internet you can have all the details of railway information and accordingly you can book a ticket.
You have to make payment through credit cards/debit cards for on-line booking of tickets.
You can also buy air tickets through similar methods.
The highest bidder avails the opportunity of travelling at a rate much lower than the original price.
The e-Ticketing service is also available through mobile phones.
Internet advertising has revolutionized marketing strategies.
Where as in the net-world the surfer will only click on the advertisement of his/her choice.
He may select advertisements of his own interest.
E-Advertising is still in its infancy stage and covers only a small portion of the advertising market.
On line trading started with the establishment of OTCEI.
The National Stock Exchange (NSE) and Bombay Stock Exchange (BSE) have also completely switched over to on-line trading
It is also taking off among small investors and traders in stock and shares.
Internet makes available to them up-to-the-minute information which, until recently, had only been available to financial institutions.
The use of on-line brokerage services automates the process of buying and selling.
This allows reduction in brokerage charges, makes trading transparent as they can access the information on market prices on-line, and the investor is able to deal at a price viewed immediately.
The transfer of ownership of stocks and shares can also be recorded electronically in investor’s Demat accounts thereby avoiding the need for physical delivery.
The settlement period to just 3-4 days.
You know about e-mail which is the fastest means of communication.
To send and receive any information through e-mail
We need to have a computer with Internet connectivity and the e-mail account of the sender and receiver.
This technology has not yet reached the rural and other remote areas of our country
The Department of Post has introduced e-Post facility.
E-Post is a service under which printed or even handwritten messages are transmitted as email on internet.
At the destination post offices, these messages are printed, enveloped and delivered through the postman like other letters.
The customer can make payment through a prepaid card that is available in the head post office and other outlets.
The customer has to register as a user and access the service at the e-Post portal http://indiapost.nic.in
The present tariff for sending the message in A4 size page is Rs.10 per addressee.