e-Banking is a method of banking in which the customer conducts transactions electronically via the Internet. It is a safe, fast, easy and efficient electronic service that enables to access the bank account to carry out financial transactions.
- Debit and Credit Card
- Online and Mobile Banking
- Mobile Wallets
- Unified Payment Interface (UPI) & BHIM
- Aadhaar Enabled Payment Systems (AEPS)
- USSD Payments
National Payments Corporation of India (NPCI)
- National Payments Corporation of India (NPCI) is an umbrella organization for all retail payments in India. It was set up with the guidance and support of the Reserve Bank of India (RBI) and Indian Banks Association (IBA) for creating a robust Payment & Settlement Infrastructure in India.
- It provides infrastructure to the entire Banking system in India for physical as well as electronic payment and settlement systems.
- The ten core promoter banks are State Bank of India, Punjab National Bank, Canara Bank, Bank of Baroda, Union Bank of India, Bank of India, ICICI Bank, HDFC Bank, Citibank N. A. and HSBC.
- The initiatives of NPCI includes; RuPay debit & credit card, Immediate Payment Service (IMPS), National Financial Switch (NFS) and Cheque Truncation System (CTS), Unified Payments Interface (UPI), Bharat Bill Payment System (BBPS), National Common Mobility Card (NCMC), National Electronic Toll Collection (NETC) etc.
Banking System in India
Immediate Payment Service (IMPS)
- IMPS is for transferring funds real time and that too 24X7X365. This service was launched on 22nd November 2010. IMPS could be accessed on multiple channels like Mobile, Internet, ATM, SMS, Branch and USSD(*99#).
Cheque Truncation System (CTS)
- CTS is a cheque clearing system undertaken by the RBI for faster clearing of cheques. It is based on online image-based cheque clearing system.
National Automated Clearing House (NACH)
- It is a web based solution to facilitate interbank, high volume, electronic transactions for Banks, Financial Institutions, Corporate and Government which are repetitive and periodic in nature. NACH System can be used for making bulk transactions towards distribution of subsidies, dividends, interest, salary, pension etc.
National Financial Switch (NFS)
- NFS provides basic transactions like Cash Withdrawal, Balance Enquiry, PIN Change and Mini Statement and also offers other Value Added Services like Card-to-Card Fund Transfer, Statement Request and Mobile Banking Registration etc.
Bharat Bill Payment System (BBPS)
- It is a one-stop payment platform for all bills and accessible anytime-anywhere bill payment service to all customers across India. It supports multiple payment channels like Internet, Internet Banking, Mobile, Mobile-Banking, POS (Point of Sale terminal), Mobile Wallets, MPOS (Mobile Point of Sale terminal), Kiosk, ATM, Bank Branch, Agents and Business Correspondents.
Unified Payments Interface (UPI)
- UPI is a system that powers multiple bank accounts into a single mobile application, merging several banking features, seamless fund routing & merchant payments into one hood. It also caters to the “Peer to Peer” collect request which can be scheduled and paid as per requirement and convenience. A Virtual Payment Address (VPA) is a unique identifier which you can use to send and receive money on UPI. Think of it as an email ID which you can use to transfer money.
- BHIM is a UPI based payment interface which allows real time fund transfer using a single identity like your mobile number or name. BHIM is not a wallet. One can also dial *99# to avail features of BHIM without internet on any mobile phone.
Aadhaar Enabled Payment Systems (AEPS)
- AEPS is a system to expedite financial Inclusion in the country by enabling Aadhaar based financial transactions. AePS allows online financial transaction at PoS (MicroATM) through the representative of any bank using the Aadhaar authentication. An individual only need to mention his bank name, Aadhar number and finger print for verification.
Unstructured Supplementary Service Data (USSD) Payments
- This service allows mobile banking transactions using basic feature mobile phone, there is no need to have mobile internet data facility for using USSD based mobile banking. *99# is a common number across all telecom service providers. Just by linking mobile number to your bank account you can access interbank account to account fund transfer, balance enquiry, mini statement etc. There is a Funds Transfer limit of Rs 5,000/day and Rs 50,000/annum.
SSL Certificate in e-Banking
- An SSL (Secure Sockets Layer) certificate is a digital certificate that authenticates the identity of a website and encrypts information sent to the server using SSL technology.
- Encryption is the process of converting data into an undecipherable format that can only be read with the proper decryption key.
- A certificate serves as an electronic \”passport\” that establishes an online entity\’s credentials on the Web. When an Internet user attempts to send confidential information to a Web server, the user\’s browser accesses the server\’s digital certificate and establishes a secure connection.
- An SSL certificate contains the following information:
1.The certificate holder\’s name
2.The certificate\’s serial number and expiration date
3.A copy of the certificate holder\’s public key
4.The digital signature of the certificate-issuing authority