Project report

(Submitted for the Degree of B.com Honours in Accounting and Finance under the
University of Calcutta)

Title of the project

Online Banking in India

Submitted By:
Name of the Candidate: Harsh Doshi
Registration No.: 017-1111-0016-17
College Roll No.: 0101170003
Name of the College: THE BHAWANIPUR EDUCATION SOCIETY
COLLEGE

Supervised By:
Name of the Supervisor: Dipparna Jana
Name of the College: THE BHAWANIPUR EDUCATION SOCIETY
COLLEGE

Month & Year of Submission

May 2020

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 ANNEXURE-1A

SUPERVISOR’S CERTIFICATE

This is to certify that Harsh Doshi a student of B.com (Honours) in Accounting and
Finance of The Bhawanipur Education Society College under the University of Calcutta
has worked under my supervision and guidance for his Project work with the title
“Online Banking ” which he is submitting is his genuine and original work to the best of
my knowledge .

Place: - Kolkata
Date
Signature: -
Name: - Dipparna Jana
Designation: -
Name of the College: - The Bhawanipur
Education Society College

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 ANNEXURE – 1B

STUDENT’S DECLARATION

I hereby declared that the project work with the title “ONLINE BANKING ” submitted
by me for the partial fulfilment of the degree of B.com (Honours) in Accounting and
Finance under the University of Calcutta is my original work and has not been submitted
earlier to any other University / Institution for the fulfilment of the requirement for any
courses of study.

I also declare that no chapter of this manuscript in whole or in part has been incorporated
in this report from any earlier work done by others or by me. However, extracts of any
literature has been used for this report has been duly acknowledged providing details of
such literature in this reference.

Signature: -
Name: - Harsh Doshi
Address: - 120, G.T Road Saraswati
Niwas Howrah – 1
Registration no.: -017-1111-0016-17
Place: - Kolkata
Date: - 15.05.2020

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 ACKNOWLEDGEMENT

While conducting the Online Banking project, innumerable people have given me various
suggestions and opinion while conducting this report. I have tried to incorporate all those
suggestions which are really relevant in preparing my final report. I think it is essential
to thank all those who have helped me throughout the project.
I pay my immense gratitude to Ma'am Dipparna Jana, faculty of The Bhawanipur
Education Society College for her continuous and deliberate discussion on the topic and
indeterminable burden taken by her in helping me throughout the project work.

I would also like to thank my friends who rendered their wholehearted cooperation the
successful completion of my project work.
Finally, I am thankful to the people who willingly responded to the questionnaire and
their contribution has been invaluable. This project would not been completed without
their participation.

I am pleased to state that the whole report is just the presentation of the facts that have
been found during the project through different sources and its each sentence is exact
representation of the information obtained and analysis thereof. I hope that I have
manifested my sincere attempts to represent all the information and other things to the
best of my ability.

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 INDEX

SL.NO PARTICULARS PAGE.

NO
CHAPTER- INTRODUCTION 6-9
1
• 1.1 BACKGROUND 6
• 1.2 HISTORY 6
• 1.3 REVIEW OF LITERATURE 7
• 1.4 OBJECTIVES OF THE TUDY 7
• 1.5 NEED OF THE STUDY 8
• 1.6 RESEARCH METHODOLOGY 8
9
• 1.7 LIMITATION OF THE STUDY
CHAPTER- 10-25
2 CONCEPTUAL
FRAMEWORK/NATIONAL/INTERNATION
SCENARIO
• 2.1 ONLINE-BANKING AN OVERVIEW 10-13
• 2.2 DIFFERENT TYPES OF ONLINE BANKING 13-17
• 2.3 SECURITY ISSUES IN INTERNET BANKING 17-19
• 2.4 ONLINE-BANKING IN INDIA GUIDELINES 20-21
BY RBI
• 2.5 NATIONAL SCENARIO 22-23
• 2.6 INTERNATIONAL SCENARIO 24-25
CHAPTER- PRESENTATION, ANALYSIS, FINDINGS 26-38
3
• 3.1 DATA ANALYSIS AND INTERPRETATION 26-37
• 3.2 FINDINGS 37-38
CHAPTER- CONCLUSION AND RECOMMENDATIONS 39-40
4
• 4.1 CONCLUSION 39
39-40
• 4.2 RECOMMENDATIONS

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 CHAPTRER- 1
INTRODUCTION

1.1 BACKGROUND
Electronic banking or e- banking is the term that describes all the transactions that
take place among companies, organisations, individuals and their banking
institutions. First conceptualised in the mid-1970s, some banks offered customers
electronic banking in1985. However, lack of internet users and cost associated with
the using of online banking, stunted growth. The internet explosion in the late 1990s
made people more comfortable with making the transactions over the web. Despite
the dotcom crash, e-banking grew alongside the internet.
• Online banking allows customers of a financial institution to conduct financial
transaction on a secure website operated by the institution, which can be a retail
or virtual bank, credit union or building society.
• Online banking is the practice of making bank transactions or paying bills via
internet. Thanks to technology and the internet in particular, people no longer
have to leave the house to shop, communicate or even do their banking. Online
banking allows a customer to make deposits, withdrawals and pay bills with the
click of the mouse.

1.2 HISTORY
The concept of Internet banking has been simultaneously evolving with the development
of the world wide web. Programmers working on banking data bases came up with ideas
for online banking transactions, sometime during the 1980s. The creative process of
development of these services were probably sparked off after many companies started
the concept of online shopping. The online shopping promoted the use of credit cards
through Internet. Many banking organizations had already started creating data ware
housing facilities to ease their working staffs. The development of these database were
widely used during the development of ATM’s.

Sometime in 1980s, banking and finance organizations in Europe and United States
started suggestive researches and programming experiments on the concept of ‘home
banking’. Initially in the 80’s when computers and Internet were not so well-developed,
‘home banking’ basically made use of fax machines and telephones to facilitate their
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customers. The widespread of Internet and programming facilities created further
opportunities for development of home banking.

In 1983, the Nottingham Building Society, commonly abbreviated and referred to as the
NBS, launched the first Internet banking service in United Kingdom. This service formed
the basis for most of the Internet banking facilities that followed. This facility was not
very well-developed and restricted the number of transactions and functions that account
holders could execute. The facility introduced by Nottingham Building Society is said to
have been derived from a system known as Prestel, that is deployed by the postal service
department of United Kingdom.

The first online banking service in United States was introduced, in October 1994. The
service was developed by Stanford Federal Credit Union, which is a financial institution.
The online banking services are becoming more and more prevalent due to the well-
developed systems. Though there are pros and cons of electronic cash, it has become a
revolution that is enhancing the banking sector.

1.3 REVIEW OF LITERATURE

➢ Sudhakar A.M., Suryanarayana (2011) “Emerging mobile banking scenario and its
adoption in India: a study”
➢ Rakesh H M & Ramya T J (2014) “A Study on Factors influencing consumer
Adoption of Internet Banking in India”
➢ Pooja Malhotra & Balwinder Singh (2009) “The impact of Internet Banking on
Bank Performance and Risk: The Indian Experience”
➢ V. Raja, Joe A. (2012) “Global e-banking scenario and challenges in banking
system”
➢ Shaza W. Ezzi (April 2014) “A Theoretical Modal for Internet Banking: Beyond
Perceived Usefulness and Ease of use”

1.4 OBJECTIVES OF THE STUDY

• To understand the genesis and concept of online banking.
• To analyse the importance, functions, advantages and limitation of online
banking.
• To explain the different form of online banking and to analyse the rules and
regulations regarding online banking guided by RBI.
• To highlighting on the security problems of online banking and how to reduce the
security issues with the help of security control tools.
• To analyse the trend of online banking with the help of primary data.
• To analyse the present e-banking scenario concerned with ATMs, internet
banking, mobile banking, credit card-debit card, fund transfer and other e-
banking services.
• To examine the impact of ATMs, internet banking, mobile banking on customer
satisfaction by analysing the problem faced by the customer.

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1.5 NEED OF THE STUDY
This study is needed to find out the working of online banking and its importance. Its
advantages and disadvantages, how people are using it and it’s impact in daily life.

1.6 RESEARCH METHODOLOGY

Research is a procedure of logical and systematic application of the fundamental of
science to the general and overall question of the study and scientific technique which
provide precise tools, specific procedure and technical rather than philosophical
means for getting and ordering the data prior to their logical analysis and
manipulation. Different type of research design is available depending upon the
nature of research project, availability of able manpower and circumstances. This has
been carried out to know about that people use online banking
➢ RESEARCH DESIGN
The research design is the blueprint for the fulfilment of objectives and answering
questions. It is a masterplan specifying the method and procedures for collecting
and analysing needed information. Descriptive study is used in this study as the
main aim is to describe characteristics of the phenomena or a situation.

➢ DATA COLLECTION
• PRIMARY SOURCE – This study is based on both primary and secondary
data. For the purpose of the case study of primary data have been collected
from the people of my locality, relatives, friends, office employees.

• SECONDARY DATA – The secondary data have been collected from

different articles & websites resources such as www.wikipedia.com,
www.academia.edu, slideshare.net, and some others. We have used simple
pictures, tables, graphs, to analyse and present the data. Apart from this I
have followed Supervisor’s instructions to finish the project.

❖ SAMPLING METHODOLOG: -
The primary data have been collected through a survey with a pre- tasted
structured Questionnaire on a sample of randomly selected people from my
locality, relatives, friends, and office employees, in which some are college
students, businessmen, service holders, working women and some people
who belong to the age group of 20 – 60. I have collected review of 62people.
The data collected from those people are used to present and analysis the
trend of net-banking.

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1.7 LIMITATION OF THE STUDY
The major limitation of the study are:
• There is a small sample size of respondents are taken to primary data analysis, so
I could not draw proper inferences about the respondents from the sample size.
• I have not used modern statistical tools to analyse the data.
• Due to shortage of time I have not been able to make depth study.
• This study is based on the prevailing respondent’s satisfaction. But their
satisfaction may change according to time, fashion, need etc.

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 CHAPTER – 2

CONCEPTUAL FRAMEWORK
2.1 ONLINE BANKING AN OVERVIEW

❖ DEFINITION
• Online banking is an electronic payment system that enables customers of a
financial institution to conduct financial transactions on a website operated by the
institution, such as a retail bank, virtual bank, credit union or building society.
Online banking is also referred as internet banking, e - banking, virtual banking
and by other terms.
• Online banking is an umbrella term for the process by which the customer may
perform banking transactions electronically without visiting a brick and mortar
institution.
• Online banking is a practice of making bank transactions or paying bills via
internet. Thanks to the technology and the internet in particular, people no longer
have to leave the house to shop, communicate, or even do their banking.

❖ FIRST ONLINE BANKING IN INDIA

ICICI bank is the first one to have introduced Online-Banking in 1994 for a
limited range of services such as access to account information, correspondence
and, recently, funds transfer between its branches. ICICI is also getting into e-
trading, thus offering a broader range of integrated services to the customer.

❖ FEATURES OF ONLINE BANKING

Online banking facilities offered various financial

institutions have many features and capabilities
in common but also have some that are
application specific.

(A) A bank customer can perform non transactional tasks through online banking
including-
• Viewing account balances.
• Viewing recent transactions.
• Downloading bank statements, example in pdf format.
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 • Viewing images of paid cheques.
• Ordering cheque books.
• Download periodic account statements.
• Downloading applications for M- banking, E- banking etc.

(B) Bank customers can transact banking tasks through online banking including-
• Fund transfers between the customers linked accounts.
• Paying third parties including bill payments and the third-party fund transfers.
• Investment purchase or sale.
• Loan applications and transactions such as repayment of enrolments.
• Credit card applications.
• Register utility billers and make bill payments.
• Financial institution administration.
• Management of multiple users having varying levels of authority.
• Transactions approval process.

❖ ADVANTAGES AND DISADVANTAGES OF ONLINE BANKING

➢ ADVANTAGES

Many banks have begun to offer the option of online or internet banking, a practice
has advantages to both the parties.

• Customer convenience – Direct banks are open for business anywhere there is an
internet connection. They are also 24 hours a day, 365 days a year open while if
internet service is not available, customer service is normally provided around the
clock via telephone. Real time account balances and information are available at
the touch of few buttons thus making banking transactions faster, easier and more
efficient.
• Services – Direct banks typically have more robust websites that offer a
comprehensive set of features that may not be found on the websites of traditional
banks. These include functional budgeting and forecasting tools, financial
planning capabilities, investment analysis tools, loan calculators and equity
trading platforms. In addition, they offer free online bill payments, online tax
forms and tax preparation.

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 • Mobility – Internet banking also includes mobile capabilities. New applications
are continually being created to expand and improve this capability or smart
phones and other mobile services.
• Ease of use – Online accounts is easy to set up and require no more information
than a traditional bank account. May offer the option of inputting the customers
data online or downloading the forms and mailing them in. if the customers run
into a problem, he has the option of calling or e-mailing the banks directly.
• Environment friendly – Internet banking is also environmentally friendly.
Electronic transmissions require no paper, reduce vehicle traffic and are virtually
pollution free. They also eliminate the need for buildings and the office equipment.

➢ DISDVANTAGES

Internet banking seems like an obvious choice to leave the hassles of traditional money
management behind in exchange for it. However, there are potential problems
associated with internet banking that customers face. The disadvantages of this are –

• Bank relationship – A traditional bank provides the opportunity to develop a

personal relation with the bank. Getting to know people personally at bank may
help customer when they are in need of loan or special services. They can customer
in solving problems like reversing undeserved fees. If the customer has business
account than it may help them if they need their capital to expand.
• Transaction issues – Sometimes a face to face meeting is required to complete
complex transactions and address complicated problems. A traditional bank can
host meetings and call in experts to solve specific issue. Moreover, international
transactions may be more difficult with some direct banks if customer deposits
cash on a regular basis, a traditional bank with a drive through window may be
more practical and efficient.
• Service issues – Direct banks may not offer all the c comprehensive financial
services such as insurance and brokerage accounts that traditional bank offer.
Traditional banks sometimes offer special services to loyal customers such as
preferred rates and investment advice at no extra charge.

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 • Security – Direct banks are subject to the same laws and regulations as traditional
banks and accounts are protected by the FDIC. Sophisticated encryption software
is designed to protect your account information but no system is perfect. Most
banks now make scanned copies of cleared checks available online which helps to
avoid and identify fraud. The timely discovery of discrepancies can be reported
and investigated immediately.
• Connectivity – Another issue is that sometimes it becomes difficult to note whether
your transaction was successful or not. It may be due to the loss of net connectivity
in between or due to a slow connection or the banks server is down.

❖ IMPACT OF IT ON BANKING SYSTEM

The banking system is slowly shifting from the Traditional Banking towards
relationship banking. Traditionally the relationship between the bank and its customers
has been on a one tone level via the branch network. This was put into operation with
clearing and decision-making responsibilities concentrated at the individual branch level.
The head office had responsibility for the overall clearing network, the size of the branch
network and the training of staff in the branch network. The bank monitored the
organization’s performance and set the decision-making parameters, but the information
available to both branch staff and their customers was limited to one geographical
location.

2.2DIFFERENT TYPES OF ONLINE BANKING

A) CORE BANKING SOLUTION- Core banking is a banking service provided by

a group of networked bank branches where customers may access their account and
perform basic transactions from any of the member branch offers. Core banking is
often associated with retail banking and many banks treat the retail customers as their
core banking customers. Core banking cover basic depositing and lending of money.
The core banking services rely heavily on computer and network technology to allow
bank to centralise its record keeping and allow access from any location. It has been
the development of banking software that has allowed core banking solution to be
developed.

B) ATM BANKING – Computerized

machine that permits bank customers
to gain access to their accounts with a
magnetically encoded plastic card and
a code number. It enables the
customers to perform several banking
operations without the help of a teller,
such as to withdraw cash, make

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 deposits, obtain account statement, also called automated banking machine,
automatic teller machine,

C) DIGITAL WALLET - A digital wallet also known as "e-Wallet" refers to

an electronic device, online service, or software program that allows an one party to
make electronic transactions with another party bartering digital currency units for
goods and services. This can include purchasing items on-line with a computer or
using a smartphone to purchase something at a store. Money can be deposited in the
digital wallet prior to any transactions or, in other cases, an individual's bank account
can be linked to the digital wallet.

D) NEFT (NATIONAL ELECTRONIC FUND TRANSFER) – is an electronic

funds transfer system maintained by the Reserve Bank of India (RBI). Started in
November 2005, the setup was established and maintained by Institute for
Development and Research in Banking Technology (IDRBT). NEFT enables bank
customers in India to transfer funds between any to NEFT-enabled bank accounts to
a one-to-one basis. It is done via electronic messages.
Unlike real-time gross settlement (RTGS), fund transfers through the NEFT system
do not occur in real-time basis. NEFT settles fund transfers in hourly batches with 23
settlements occurring between 00:30 hrs. to 00:00 hrs
From December 16, 2019, there would be 48 half-hourly batches occurring between
00.30 am to 00:00 am everyday regardless of a Holiday or otherwise.

As of November 30, 2019, NEFT facilities were available at 1,48,477branches/offices

of 216 Banks across the country and online through the website of NEFT-enabled
banks. NEFT has gained popularity due to the ease and efficiency with which the
transactions can be concluded.
There is no limit – either minimum or maximum – on the amount of funds that could
be transferred using NEFT

E. RTGS (REAL-TIME GROSS

SETTLEMENT)-
Systems are specialist funds transfer systems where the
transfer of money or securities takes place from one bank to any other bank on a
"real-time" and on a "gross" basis. Settlement in "real time" means a payment
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 transaction is not subjected to any waiting period, with transactions being settled as
soon as they are processed. "Gross settlement" means the transaction is settled on a
one-to-one without bundling or netting with any other transaction. "Settlement"
means that once processed, payments are final and irrevocable.

E) IMPS (IMMEDIATE PAYMENT SERVICE)-

IMPS is an instant payment inter-bank

electronic fund transfer system in India. IMPS
offer an inter-bank electronic fund transfer
service through mobile phones. Unlike RTGS,
the service is available 24*7 throughout the year including bank holidays. NEFT is
also made available 24*7 from Dec 2019.
It is managed by the National Payments Corporation of India (NPCI) and is built
upon the existing National Financial Switch network. In 2010, the NPCI initially
carried out a pilot for mobile banking payment system with 4 member banks (State
Bank of India, Union Bank of India and ICICI Bank), and expanded it to include Yes
Bank, Axis Bank and HDFC Bank later that year. IMPS was publicly launched on
November 22,2010.
Around 200million IMPS transactions amounting to roughly 20billion dollars of
transaction amount happens every month in India.

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F) UPI (UNIFIED PAYMENT INTERFACE) –

UPI is an instant real-time payment

system developed by National Payment
Corporation facilitating inter-bank transactions.
The interface is regulated by the Reserve Bank of
India and works by instantly transferring funds between two bank accounts on
a Mobile Platform. As of March2019 there are 142 banks live on UPI with a monthly
volume of 799.54 million transactions and a value of ₹1.334
trillion (US$19 billion). UPI witnessed 1,029.44 crore transactions until August 2019.
The mobile-only payment system helped transact a total of ₹17.29 lakh
crore (US$240 billion) during the 37 months of operation starting from 2016.

G) MOBILE BANKING -

Mobile Banking is a service provided by a bank or

other financial institution that allows its customers to
conduct financial transaction remotely using a mobile
device such as a smartphone or tablet. Unlike the
related internet banking it uses software, usually called
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 an app, provided by the financial institution
for the purpose. Mobile banking is usually
available on a 24-hour basis. Some financial
institutions have restrictions on which
accounts may be accessed through mobile
banking, as well as a limit on the amount
that can be transacted. Mobile banking is
dependent on the availability of an internet
or data connection to the mobile device.

2.3 SECURITY ISSUES IN INTERNET BANKING

➢ INTRODUCTION

• The Internet has made banking,

shopping, and conducting other
financial transaction online quite
convenient. But when it comes to
your money, you want to make
sure your transaction are safe.
Security of a customer’s financial
information is very important, without which online banking could not
operate.
• Presently, Internet banking customers only need a computer with access to
the Internet to use Internet banking service. Customers can access their
banking account from anywhere in the world. Each customer is provided
a login ID and a password to access the service. It is indeed easy and
convenient customers.
• However, the use of password does not provide adequate protection against
internet fraud such as phishing. The problem with password is that when
it has been compromised, the fraudsters can easily control transactions. In
such cases, the password is no longer works as an authentication token
because we cannot be sure who is behind the keyboard typing that
password in. However, easy access and convenience should not be at the
expense and mercy of the security of information. This is important in
order to ensure the confidentiality of information and that is not being
manipulated or compromised by the fraudsters.

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 ➢ TYPES OF FRAUDS
Nowadays, the nature of attacks is more active rather
than passive, Previously, the threats were all passive such
as password guessing, dumpster diving and shoulder
surfing. Here are some of the techniques used by the attackers today: -

• Trojan Attack
The attacker installed a trojan, such as key logger program, on a user’s
computer. This happens when users visited certain websites and
downloaded programs. As they are doing this, key logger program is also
installed on their computer without their knowledge. When users log into

their bank’s website, the information keyed in during that session will be
captured and sent to the attacker. Here, the attacker uses the Trojan as an
agent to piggybank information from the user’s computer to his backyard
and make any fraudulent transactions whenever he wants.
• Man-In-The-Middle Attack
Here, the attacker creates a fake website and catches the attention of uses
to that website. Normally, the attacker was able to trick the users by
disguising their identity to make it appear that the message was coming
from a trusted source. Once successful, instead of going to the designated
website, user do not realise that they actually go to the fraudster’s website.
The information keyed in during that season will be captured and the
fraudsters can make their own transactions at the same time.
• Spyware
Spyware is the number one way that online banking credentials are stolen
and used for fraudulent activities. Spyware works by capturing
information either on your computer, or while it is transmitted between
your computer and websites. Often times, it is installed through fake “pop
up” ads asking you to download software. Industry standard Antivirus
products detect and remove software of this type, usually by blocking the
download and installation before it can infect your computer.

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 • Viruses
Viruses are designed to compromise your computer systems, and allow
others to gain access to your files, etc. This is different than spyware in that
a virus may search for information considered to be of values, where
spyware will wait for input or action from whomever is using the computer.
A system that is compromised may be used to attack other systems, denying
people legitimate access to services.
• Hacking
Hacking works
similarly to
viruses. A
“hacker” uses
software to probe
for vulnerabilities,
and then uses
programming
techniques,
software utilities,
or system
commands to
exploit the
vulnerability. The primary objective is to gain access to your system. Once
this access is obtained, you can think of it like a burglary – they search for
anything of value and often times leave damage behind. More threatening
are those hackers who simply take control of your system and wait to see
what information becomes available or what other systems they can gain
access to.

• Spam
Spam is an electronic “junk mail” or unwanted message sent to your email
account or mobile phone. These messages vary but are essentially
commercial and often annoying in their sheer volume. They may try to
persuade you to buy a product or service or visit a website where you can
make purchases; or they may attempts trick you into divulging your bank
account or credit card details.

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2.4 ONLINE BANKING IN INDIA – GUIDELINES BY RBI

➢ Guidelines by RBI on internet banking facility to customers of Regional Rural

Banks (RRBs)

1) Technology and Security Standards:

(a) RRBs should have appropriate information security policy duly approved by the
Board of Directors. They should be clear segregation of duties between the
Information Technology (IT) Divisions. The Information Technology Division will
actually implement the computer systems. There should be a separate Information
Security Officer dealing exclusively with Information System Security. Further,
an Information Systems Auditor will audit the Information Systems.
(b) The bank should designate a Network and Database Administrator with clearly
defined roles as per the IS audit policy duly approved by their Board.
(c) Local access control to data, systems, application software, utilities,
telecommunication lines, libraries, system software etc. should be in place.
(d) The bank should ensure that there is no direct connection between the Internet
and the banks system.
(e) All unnecessary services on the application server such as File Transfer Protocol
(FTP), telnet should be disabled. The application server should be isolated from
the e-mail server.
(f) The Information Security Officer and the Information System Auditor should
conduct periodic penetration tests of the system, which should include-
❖ Attempting to guess passwords using password cracking tools.
❖ Search for back door traps in the programs.
❖ Attempt to overload the system using Distributed Denial of Service (DDS) &
Denial of Service (DOS) attacks.
❖ Check if commonly known holes in the software, especially the browser and the
email software exist.
❖ The penetration testing may also be carried out by engaging outside experts.
(g) Physical access control should be strictly enforced. Physical security should cover
all the Information System and sites where they are housed, both against internal
and external threats.
(h) The banks should have proper infrastructure and schedules for backing up data.

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 2) Legal issues:
(a) Banks may provide internet banking facility to a customer only at his/her option
based on specific written or authenticated electronic requisition along with a
positive acknowledgement.
(b) Considering the prevailing legal position, there is an obligation on the part of
banks not only to establish the identity but also to make enquires about the
integrity and reputation of the customer opting for internet banking. Therefore,
even though request for opening an account may be accepted over internet,
accounts should be opened only after verification of the identity of the customer
and adherence to KYC guidelines.

➢ AUTHENTICATION PRACTICES FOR INTERNET BANKING

A. Single Factor Authentication
An authentication mechanism that utilizes any one of the factors is called single factor
authentication. This is the basic authentication method.

B. Two Factor Authentication

An authentication mechanism that utilizes a combination of two factors i.e. User knows,
User possesses. This method is used by various banks for authentication for online
banking. Example- User using a password as the first factor (user knows) and a One Time
Password (OTP) as the second factor (user possesses) to perform say, a fund transfer
transaction.

C. Multi Factor Authentication

An authentication mechanism where two or more factors are used in here one of the
factors is necessarily pertaining to the users.
For example- a large value transaction authorized in a bank by using a combination of
the person’s user id, a smart card and his biometric authentication factor.

➢ Implementation of authentication and other security measures of

internet banking:
A) An effective authentication method should take into consideration customer
acceptance, ease of use, reliable performance, scalability to accommodate growth
and interoperability with other systems.
B) An authentication session, together with its encryption protocol, should remain
intact throughout the interaction with the customer.
C) Changes in the mobile phone number may be done through request from a branch
only.
D) Virtual keyboard should be implemented.
E) Risk based transaction monitoring or surveillance process needs to be considered
as an adjunct.
21 | O n l i n e B a n k i n g
2.5 NATIONAL SCENARIO OF ONLINE BANKING
The Internet has revolutionized the way we live, shop, entertain and interact and also
the way we save and invest. Internet banking arrived in India in the late 1990s. ICICI
was the first bank to champion its usage and introduced internet banking to its customers
in 1996. With lower internet costs and increased awareness about electronic media, online
banking established itself only in 1999. Other banks followed suit, including HDFC,
Citibank, IndusInd and the now redundant Times Bank.

Internet banking changed both the banking industry as well as banks’ services to its
customers. ‘Anywhere banking’ came to be recognized as an opportunity also for
differentiated and competitive services. Ancillary online services like checking account
status, fund transfer, ordering demand drafts, loan applications, credit card verifications,
shopping portals etc. as well as not requiring a visit to the branch during office hours
were viewed as high-value offerings and increasingly started to become a necessity rather
than a service

Nationalized banks initially viewed online banking as insecure and counterintuitive and
were therefore hesitant. But eventually, SBI, Canara Bank, Allahabad Bank, Punjab
National Bank, Bank of Baroda, Syndicate Bank and others introduced it. SBI launched
internet banking in 2001 and experienced good response. In general, internet banking
saw an exponential rise in users.

Today, banks encourage their customers to use online banking. Besides cost and revenue
impacts, this paradigm shift is because they also recognize that self-control transactions
have greater potential for customer satisfaction and retention. Online banking has thus
come to be among essential banking services.

The new generation which has been banking for less than a decade prefers faster
transactions and more professional relationships as compared to the traditional
customer. For them, opening a bank account is incidental and connected to their direct
deposit salary accounts. The private sector bank has captured the corporates and IT
sector as compared to the public sector bank. As a result, banks in the public sector tend
to have a huge user base, but very few of their customers have the technology orientation
or the inclination to use electronic media for banking.

The demonetization of November 2016 was arguably the major catalyst in digitizing the
country. At the time, Indian Prime Minister Narendra Modi announced an overnight
demonetization of the 500- and 1000-rupee banknotes, causing economic disruption
across the country. Even though the action was critiqued long after it happened and its
impact was debatable, what emerged was the rise of India’s digital economy.

22 | O n l i n e B a n k i n g
Just like the rest of the world, the Indian market was witnessing a dramatic growth in
digital markets, specifically in payments. The value of digital payments in the south Asian
country recorded a whopping 769% share of GDP in the Fiscal year 2019. A collective
leap in the direction towards cashless payments has got all the stakeholders on board.
From only 1.5 million locations where these were processed in the fiscal year 2017, the
modes of online payments had reached over 10 million by 2019.

India was estimated to see the fastest growth in the transactions of mobile payments in
terms of value, with a CAGR of over 20% between 2019 and 2023. This figure includes
reaching nearly 660 million Indians. Incidentally, the country will contribute about 2.2%
to the world’s digital payment market.

The government’s efforts to support digitization led to discounts in the use of mobile
banking wallets and UPI transactions. Non-banking players like Google pay, Paytm and
PhonePe benefitted from regulatory measures that helped in their successful foothold in
the market. To expand these facilities to all Indians, Jan Dhan (directly translating
“people’s wealth” in Hindi) accounts were created as a part of the Padhnan Mantri’s Jan
Dhan Yojana. In cooperation with the NPCI and its many initiatives including BHIM and
RuPay, mobile payments for Indians, specifically in rural areas, were made accessible.
Aadhar-linked accounts were an essential change in the policy framework of digitizing
India.

23 | O n l i n e B a n k i n g
2.6INTERNATIONAL SCENARIO OF ONLINE BANKING
The advent of Internet has initiated an electronic revolution in the global banking
sector. The dynamic and flexible nature of this communication channel as well as its
ubiquitous reach has helped in leveraging a variety of banking activities. New banking
intermediaries offering entirely new types of banking services have emerged as a result
of innovative e-business models. The Internet has emerged as one of the major
distribution channels of banking products and services, for the banks in US and in the
European countries. Initially, banks promoted their core capabilities i.e., products,
services and advice through Internet. Then, they entered the e-commerce market as
providers/distributors of their own products and services. More recently, due to
advances in Internet security and the advent of relevant protocols, banks have
discovered that they can play their primary role as financial intermediators and
facilitators of complete commercial transactions via electronic networks especially
through the Internet. The trend towards electronic delivery of banking products and
services is occurring partly as a result of consumer demand and partly because of the
increasing competitive environment in the global banking industry. The Internet has
changed the customers' behaviors who are demanding more customized
products/services at a lower price. Moreover, new competition from pure online banks
has put the profitability of even established brick and mortar banks under pressure.
However, very few banks have been successful in developing effective strategies for fully
exploiting the opportunities offered by the Internet.

In early 2001, approximately 60 percent of E-business in UK was concentrated in the

financial services sector, and with the expected 10-fold increase of the British E-business
market by 2005, the share of the financial services will further increase. Around one
fifth of Finish and Swedish bank customers are banking online, while in US, according
to UNCTAD, online banking is growing at an annual rate of 60 percent and the number
of online accounts has approximately reached 15 million by 2006. The banks in US are
using the Web to reach opportunities in three different categories i.e., to market
information, to deliver banking products and services, and to improve customer
relationship.

Now, with the emergence of Wireless Application Protocol (WAP) technology, banks
can use the infrastructure and applications developed for the Internet and move it to
mobile phones. Now people no longer have to be tied to a desktop PC to do their
banking. The WAP interface is much faster and convenient than the Internet, allowing
customers to see account details, transaction details, make bill payments, and even
check credit card balance. The cost of the average payment transaction on the Internet
is minimum. Several studies found that the estimated transaction cost through mobile
phone is 16 cents, a fully computerized bank using its own software is 26 cents, a

24 | O n l i n e B a n k i n g
telephone bank is 54 cents, a bank branch, $1.27, an ATM, 27 cents, and on the Internet
it costs just 13 cents. As a result, the use of the Internet for commercial transactions
started to gain momentum in 1995. More than 2,000 banks in the world now have
transactional websites and the growth of online lending solutions is making them more
cost efficient. Recent developments are now encouraging banks to target small
businesses as a separate lending category online.

Internet banking is gaining ground. Banks increasingly operate websites through which
customers are able not only to inquire about account balances and interest and
exchange rates but also to conduct a range of transactions. Unfortunately, data on
Internet banking are scarce, and differences in definitions make cross-country
comparisons difficult. Even so, one finds that Internet banking is particularly
widespread in Austria, Korea, the Scandinavian countries, Singapore, Spain, and
Switzerland, where more than 75 percent of all banks offer such services (see chart).
The Scandinavian countries have the largest number of Internet users, with up to one-
third of bank customers in Finland and Sweden taking advantage of E-banking.
In the United States, Internet banking is still concentrated in the largest banks. In mid-
2001, 44 percent of national banks maintained transactional websites, almost double the
number in the third quarter of 1999. These banks account for over 90 percent of
national banking system assets. The larger banks tend to offer a wider array of
electronic banking services, including loan applications and brokerage services. While
most U.S. consumers have accounts with banks that offer Internet services, only about 6
percent of them use these services.
To date, most banks have combined the new electronic delivery channels with
traditional brick and mortar branches ("brick and click" banks), but a small number
have emerged that offer their products and services predominantly, or only, through
electronic distribution channels. These "virtual" or Internet-only banks do not have a
branch network but might have a physical presence, for example, an administrative
office or non-branch facilities like kiosks or automatic teller machines. The United
States has about 30 virtual banks; Asia has 2, launched in 2000 and 2001; and the
European Union has several—either as separately licensed entities or as subsidiaries or
branches of brick and mortar banks.

25 | O n l i n e B a n k i n g
 CHAPTER- 3
PRESENTATION, FINDINGS AND ANALYSIS

➢ SURVEY ON ONLINE-BANKING

❑ SURVEY PROFILE
• For case study a survey was conducted on topic “Online Banking”. This
survey was done on the basis of 62 respondents from various sectors.

• Mainly the objective of the research is to understand online banking user’s

behaviours, opinion, preferences and expectations. The questions were
designed in such way to cover all the relating fields.

3.1 DATA ANALYSIS AND INTERPRETATION

1. AGE BASIS ANALYSIS.

AGE GROUP
1.61% 3.23%

9.68%

85.48%

BELOW 20 20-35 35-50 ABOVE 50

AGE GROUP FREQUENCY PERCENTAGE

BELOW 20 2 3.23%
20 – 35 53 85.48%
35 – 50 6 9.68%
ABOVE 50 1 1.61%

26 | O n l i n e B a n k i n g
INTERPRETATION:
Out of 62 respondents 2 are in below 20age group, 53 in 20-35 age group, 6 in 35-50 age
group and 1 in above 50age group. This is shown with the help of a Pie chart.

2. GENDER BASIS ANALYSIS.

GENDER

MALE
37.10%

62.90% FEMALE

GENDER FREQUENCY PERCENTAGE

MALE 39 62.90%
FEMALE 23 37.10%

INTERPRETATION:
Out of 62 respondents 39 are male, and 23 are female. This is show with the help of a Pie
chart.

3. OCCUPATION BASIS ANALYSIS.

OCCUPATION
12.90% STUDENT

16.13% EMPLOYEE
51.61%

BUSINESS
19.36%

PROFESSION

27 | O n l i n e B a n k i n g
 OCCUPATION FREQUENCY PERCENTAGE
STUDENT 32 51.61
EMPLOYEE 12 19.36
BUSINESS 10 16.13
PROFESSION 8 12.90

INTERPRETATION:
Among 62 respondents 32 are Student, 12 are Employee, 10 are Business Man, 8
Professionals. This is show with help of a Pie Chart.

4. IN WHICH BANK DO YOU HAVE AN ACCOUNT?

PREFERABLE BANKS
30.00%
24.19%
25.00%

20.00%
16.13%
14.52%
15.00% 12.90%
11.29%
9.68%
10.00% 8.06%

5.00% 3.23%

0.00%

PREFERABLE BANKS

NAME OF THE BANKS FREQUENCY PERCENTAGE

OTHERS 15 24.19%
SBI 10 16.13%
HDFC 9 14.52%
AXIS 8 12.90%
BOB 7 11.29%
ICICI 6 9.68%
KOTAK 5 8.06%
CORPORATION 2 3.23%

28 | O n l i n e B a n k i n g
INTERPRETATION:
Among 62 respondents 2 have their account in Corporation Bank, 5 have their account
in Kotak Bank, 6 have their account in ICICI Bank, 7 have their account in BOB (Bank
of Baroda), 8 have their account in AXIS Bank, 9 have their account in HDFC Bank, 10
have their account in SBI, 15 have their account in other banks. This is shown with the
help of Column Chart.

5. DO YOU AVAIL ALL BANKING FACILITIES ONLINE?

ONLINE BANKING FACILITIES

24.19%
YES

75.81%

NO

ONLINE BANKIG FREQUENCY PERCENTAGE

FACILTIES
YES 47 75.81%
NO 15 24.19%

INTERPRETATION
Among 62 respondents 47 avail Online Banking facilities, and 15 do not. This is shown
with the help of a Pie Chart.

6. HOW FREQUENTLY DO YOU USE ONLINE BANKING SERVICES?

USE OF ONLINE BANKING

8.06% DAILY
1.62%
WEEKLY
17.74%
14.52%
MONTHLY
19.35%
38.71% OCCASIONALLY

YEARLY

NEVER

29 | O n l i n e B a n k i n g
 USE OF ONLINE FREQUENCY PERCENTAGE
BANKING
DAILY 11 17.74%
WEEKLY 24 38.71%
MONTHLY 12 19.35%
OCCASIONALLY 9 14.52%
YEARLY 1 1.62%
NEVER 5 8.06%

INTERPRETATION:
Most of the people do not need the services of the bank regularly. They may transact with
banks on weekly basis, monthly. This chart shows the habits of people in case of use of
online banking.

7. HOW MUCH DO YOU SPEND FOR A SINGLE ONLINE TRANSACTION?

MONEY SPEND FOR SINGLE TRANSACTION

1.61% 0-1000
1.61%

12.90% 1000-5000
32.26%

5000-10000

10000-20000
51.62%

ABOVE 20000

TRANSACTION FREQUENCY PERCENTAGE

AMOUNT
0-1000 20 32.26%
1000-5000 32 51.62%
5000-10000 8 12.90%
10000-20000 1 1.61%
ABOVE 20000 1 1.61%

INTERPRETATION:
Most of the online banking users have a tendency to spend Rs. 1000-5000 in a single
transaction.

30 | O n l i n e B a n k i n g
 8. WHY DO YOU AVAIL ONLINE BANKING ?

PURPOSE OF ONLINE BANKING

54.84% 51.61%
60.00% 45.16%
35.48%
40.00%

20.00%
1.61%
0.00%
PRIVAVY 24*7 BUSINESS CONVENIENCE SAVE TIME OTHERS
HOURS

PURPOSE OF ONLINE BANKING

NOTE: - EVERY INDIVIDUAL HAS GIVEN MULTIPAL ANSWERS.

PURPOSE OF ONLINE BANKING FREQUENCY

PRIVACY 22
24*7 BUSINESS HOURS 28
CONVENIENCE 34
SAVING TIME 32
OTHER 1

INTERPRETATION:
Most of the respondents felt that it is very Convenient and saves time this is the highest
motivating factor for an individual to use internet banking and rest prefer privacy, 24*7
business hours and other.

9. RATING OF THE MAIN TRANSACTIONS?

45
39 39
40 36 37
35
35
30 26 25
25
19 20
20 18 18 18
15 14
15 12 11
10 8
6
3 3 2 3 4 3 4 3 3 3 4 3 3
5 1 0 0 0
0
FUND ATM BANKING BALANCE ONLINE FIXED REQUEST A PAY BILLS ONLINE
TRANFER ENQUIRY DEPOSIT DEMAND SHOPPING
DRAFT

EXCELLENT GOOD AVERAGE POOR NOT APPLICABLE

31 | O n l i n e B a n k i n g
 TRANSACTIONS EXCELLENT GOOD AVERAGE POOR NOT
APPLICABLE
FUND TRANSFER 36 19 3 3 2

ATM BANKING 39 18 1 3 0
BALANCE 35 20 4 3 0
ENQUIRY
ONLINE FIXED 26 15 12 4 6
DEPOSIT
REQUEST A 25 14 11 3 8
DEMAND DRAFT
PAY BILLS 39 18 3 3 0
ONLINE 37 18 4 3 3
SHOPPING

INTERPRETATION:
It is interesting to see that most of the respondent gave “EXCELLENT” rating to ATM
BANKING, FUND TRANSFER, BALANCE ENQUIRY, PAYMENT OF BILLS VIA
NET BANKING, ONLINE SHOPPING and REQUEST DEMAND DRAFT.

10. ARE YOU AWARE OF THE SECURITY THREATS AND FRAUDS IN

ONLINE BANKING AND FAMILIAR WITH THE METHODS OF
SECURED ONLINE BANKING TRANSACTIONS?

AWARENESS OF FRAUDS

100.00%

80.00%

60.00%
85.48%
40.00%

20.00%
3.23% 11.29%
0.00%
YES NO CAN'T SAY

AWARENESS OF FRAUDS

AWARENESS OF FREQUENCY PERCENTAGE

FRAUDS
YES 53 85.48%
NO 2 3.23%
CAN’T SAY 7 11.29%

32 | O n l i n e B a n k i n g
INTERPRTATION:
It is good to see that most of the people are aware about the fraud and security issues of
net banking but even with the increasingly knowledge of internet banking some people
were unaware about the method taken up by the bank to secure each and every
transaction.

11. DOES YOUR BANK UPGRADE ONLINE SERVICES REGULARLY?

UPGRADATION OF ONLINE SERVICES

YES
27.42%
NO
61.29%
11.29% CAN'T SAY

UPGRADATION FREQUENCY PERCENTAGE

OF ONLINE
SERVICES
YES 38 61.29%
NO 7 11.29%
CAN’T SAY 17 27.42%

INTERPRETATION:
This is very interesting to see that most of the online banking users think that their banks
upgrade their services regularly. But some people did not think so and some did not come
to a conclusion.

12. ARE YOU IN THE OPINION THAT YOU’RE BANK CHARGES

UNNECESSARILY FOR ONLINE SERVICES?

VOTE FOR FREQUENCY PERCENTAGE

UNNECESSARILY
BANK CHARGES
YES 14 22.58%
NO 32 51.61%
CAN’T SAY 16 25.81%

33 | O n l i n e B a n k i n g
 RATNG FOR BANK CHARGES

60.00%
50.00%
40.00%
30.00% 51.61%
20.00% 25.81%
22.58%
10.00%
0.00%
YES NO CAN'T SAY
RATNG FOR BANK CHARGES

INTERPRETATION:
Out of 62 (100%) respondents, 14 (22.58%) respondents think that their bank charges
unnecessarily for online services. While 32 (51.61%) thinks that their bank doesn’t do
such and 16 (25.81%) are unable to answer the question.

13. DO YOU THINK ONLINE BANKING IS BETTER SUBSTITUTE OF

TRADITIONAL BANKING SYSTEM?

ONLINE BANKING BETTER SUBSTITUTE

9.68%
YES
11.29%

NO

CAN'T SAY
79.03%

ONLINE BANKING FREQUENCY PERCENTAGE

BETTER SUBSTITUTE
YES 49 79.03%
NO 7 11.29%
CAN’T SAY 6 9.68%

INTERPRETATION:
It was witnessed that most of the respondents preferred using internet banking over
there traditional banking system. Thus, internet banking has a bright future.
34 | O n l i n e B a n k i n g
 14. WHICH FACTOR DO YOU THINK RESPONSIBLE FOR NON-
ACCESSBILITY OF ONLINE BANKING BY MAJORITY OF PEOPLE IN
YOUR AREA?

REASON OF NON-ACCESSIBILITY OF NET BANKING

LESS INTERNET CONNECTION 13

LACK OF KNOWLEDGE 43

INADEQUATE ATM SERVICE 9

RURAL AREA 9

LACK OF AWARNESS 42

0 5 10 15 20 25 30 35 40 45 50

REASON OF NON-ACCESSIBILITY OF NET BANKING

NOTE: - EVERY INDIVIDUAL HAS GIVEN MULTIPAL ANSWERS.

NON-ACCESSIBILITY FREQUENCY

LACK OF AWARNESS OF PEOPLE 42

RURAL AREA 9
INADEQUATE ATM SERVICE 9
LACK OF KNOWLEDGE 43
LESS INTERNET CONNECTION 13

INTERPRETATION:
Among 62 respondents 42 choose “LACK OF AWARNESS OF PEOPLE” 43 choose
“LACK OF KNOWLEDGE” 13 choose “LESS INTERNET CONNECTION” 9 choose
“RURAL AREA” and 9 choose “INADEQUATE ATM SERVICE” option.

35 | O n l i n e B a n k i n g
 15. IN YOUR OPINION WHICH ONLINE OPERATION SHOULD BE
MODIFIED PROMPTLY FOR BETTER SERVICES IN FUTURE?

MODIFICATION OF SERVICES

OTHER CUSTOMER RELATIONSHIP SERVICES 21

INTERNET SECURITY SERVICES 26
LOANS & CREDIT SERVICES 17
MARKET INVESTMENTS & DEMAT SERVICES 10
E-DEPOSIT 17
E-TAX PAYMENT 7
BILL PAYMENT 9
FUND TRANSFER 9
ACCOUNT SERVICES 14
ATM SERVICES 20

0 5 10 15 20 25 30

MODIFICATION OF SERVICES

NOTE: - EVERY INDIVIDUAL HAS GIVEN MULTIPAL ANSWERS.

MODIFICATION OF SERVICES FREQUENCY

ATM SERVICE 20
ACCOUNT SERVICE 14
FUND TRANSFER 9
BILL PAYMENT 9
E-TAX PAYMENT 7
E-DEPOSIT 17
MARKET INVESTMENTS & DEMAT SERVICES 10
LOANS & CREDIT SERVICE 17
INTERNET SECURITY SERVICE 26

CUSTOMER RELATIONSHIP SERVICE 21

INTERPRETATION:
This chart shows that “INTERNET SECURITY SERVICE”, “CUSTOMER
RELATIONSHIP SERVICE”, “ATM SERVICE” should ne modified in the near future.

36 | O n l i n e B a n k i n g
 16. RATING FOR ONLINE BANKING SERVICES

VOTING FOR ONLINE BANKING SERVICES

EXCELLENT
19.35 %
30.65%
VERY GOOD

GOOD
50.00%
POOR

RATING FREQUENCY PERCENTAGE

EXCELLENT 12 19.35%
VERY GOOD 31 50%
GOOD 19 30.65%
POOR - -

INTERPRETATION:
The satisfaction level of people with the online banking services of their banks has a mixed
review. This may due to multiple reasons. Moreover 31 people choose “VERY GOOD”
option.

3.2 FINDINGS
➢ 62 People respond to this study. But out of which only 47 People claim that they
prefer using Online Banking services.
➢ Most of the respondents are in age group of 20-35 who are using E-banking
➢ It is interesting to see that most of the user are students.
➢ We found that most of the people use Online Banking “WEEKLY”
➢ Convenience is the main benefit which Online Banking user have seen among
other options.
➢ Among 62 respondents 27 People suggested that Internet Security Service should
be modified promptly.
➢ 43 respondents said that “Lack of Knowledge” is responsible for Non-Accessibility
of Online Banking by majority of people in their area.
➢ This study also revealed that most of the user claim that they are aware
of security threats and they took recommends steps to secure the net banking.

37 | O n l i n e B a n k i n g
 ➢ 49 respondents said that Online Banking is better substitute of traditional banking
system.
➢ Among 62 respondents 32 said that their bank do not charge unnecessarily for
Online Banking services.
➢ 38 respondents said that their bank upgrade their online services regularly.
➢ Most of the Online Banking users have a tendency to spend Rs. 1000-5000 or 0-
1000 in a single transaction
➢ Most of the people are satisfied with the Online Banking services.

38 | O n l i n e B a n k i n g
 CHAPTER- 4
CONCLUSION AND RECOMMENDATIONS

4.1 CONCLUSION

In the country like India, there is need for providing better and customized services to
the customers. Banks must be concerned about the attitudes of customers with regard to
acceptance of internet banking. The importance of security and privacy for acceptance
of internet banking has been noted in many earlier studies and it was found that people
claim that they have knowledge about the security issues but they have no clear idea about
all kind of frauds. The present study shows that customers are more reluctant to accept
new technologies or methods that might contain little risk. Hence, banks should design
the website to address security and trust issues.

The survey was conducted with 62 people. So, we can’t say that this is the real trends of
net banking of the whole country.

People are not confident enough to whether to rely completely on online banking. There
is hesitancy in their minds with regards to preference. So, they use both online and offline
banking. Another point is people haven’t disclosed their personal data truly. Due to
shortage of time data has not been collected from all types of people. The study was
conducted with the help of students, service holders and businessmen etc.

4.2 RECOMMENDATIONS

❖ RECOMMENDATIONS TO BANKS:
• Internet banking facilities must be available in all the banks as well as in all the
branches.
• Now some banks install automated balance update machine to avoid customer
harassment but all banks should except this system very quickly.
• Banks should give proper training to customers to use net banking.
• Banks should always update their security systems and create a trust in the mind
of customers towards security of their accounts.
• Banks should make their sites more users friendly. Customers should be motivated
to use internet banking facilities more.
• Banks are now using two factor authentications i.e. password and OTP but they
should improve that and using three factor authentications because hackers
sometimes break the two-factor authentication system.

39 | O n l i n e B a n k i n g
 ❖ RECOMMENDATION TO USERES:

• Use anti-virus and maintain the integrity of your computer by scanning regularly
for computer viruses.
• Always use original operating system with original commercial anti-virus which
could be better than crack version or free sample.
• If you are using computer with multiple operating system, you must separately
install anti-viruses for each O.S.
• Does not use e-mail to send sensitive information?
• Consider installing a spyware detection program.
• Verify the secure session in the browser.
• Avoid using automatic login features that save your personal details.
• Frequently change your password combination for better protection.

40 | O n l i n e B a n k i n g
BIBLIOGRAPHY

❖ WEBSITES
• www.google.com
• www.wikipedia.com
• www.slideshare.net
• www.scribed.in
• www.investopedia.com
• www.sbionline.com
• www.sbi.co.in
• www.rbi.in

41 | O n l i n e B a n k i n g