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.

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Tips on Becoming a Certified Scuba Diver

More than half of the world is made of water hence the reason why you should consider exploring what is underneath. In order to allowed to explore under deep, you must first have a valid scuba license. There are numerous benefits that come with becoming a certified scuba diver and thus why you should consider starting your lessons. Your safety is important as you will be exploring what is underneath water hence the reason why you should consider being a certified scuba diver. Since you will be interacting with experts, you will be taught on how to set up the scuba diving gears and other safety procedures.

Becoming a certified scuba diver comes with a lot of hassles hence the reason why you should consider going to the right experts or schools. There are numerous options out there that you can choose from and finding the right one can sometimes be an overwhelming task. SCUBA diving requires a specialized training before you can get started and there are certain basic requirements that you should also meet. To understand what SCUBA diving is all about and what you are getting into, it is important that you first talk to an experienced SCUBA diver.

There are a lot of international organization where you can get your SCUBA diving certification but almost all of them have the same techniques. The first phase of becoming a certified scuba diver is the knowledge development period when the learner will learn some basic principles of scuba diver. The learner will also be taught on what to plan when planning for scuba diving activities and the right gears they will use for such activities. You will also be subjected to short tests at the end of the lessons to establish whether or not you are ready for the next phase. There are numerous methods that you can use to learn the basic principles of SCUBA diving but the most common one involves using videos to preview scuba diving skills.

After passing the knowledge development section, the next phases involves learning basic scuba dives in either a pool or confined water. This phases are important to the learners because the basic scuba skills they will learn are going to help them become more familiar with the scuba gears. You will also be taught basic water navigation skills and the safety procedures you will use while driving. You will learn all of these skills with the instructor until they are certain that you are ready for the next phase. After the confined water dives, the learner will then be exposed to the reality but still under the supervision of an instructor.

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Benefits of Buying Water Health Products from the Best Company

When you drink water regularly, you are guaranteed of enhancing the health of your skin. This is because the more water you drink, the more you will be able to get rid of some toxic substances in your skin. So that you can be sure of achieving more benefits as far as your skin health is concerned, it is a good idea for you to use water health products. Water health products are manufactured using various active ingredients that are meant to improve the skin health and also the general wellness of your body. In case you are considering purchasing water health products so that to also reap the benefits above, you should consider purchasing the water health products from a trusted manufacturer. This article is going to provide you with more information about some of the top advantages of purchasing your water health products from a reputable manufacturer.

One of the top advantages of buying your water health products from a reputable manufacturer is that you are going to be offered an excellent customer support. In case of encountering any problems with their water health products that you purchase, you will be happy to know that a reputable manufacturer is going to assigned to you a team of customer support staff that will help to resolve the problems within a very short time. Because you are going to enjoy an excellent network of client support, this is going to ensure that you have a great experience as you use the products and thus get the best value for your money.

The other reason why it is beneficial to buy your water health products from the best company is that you are going to enjoy a variety of products to choose from. For many people, there is always a need for them to combine multiple water health products so that to obtain the desired outcomes with regards to the skin health and wellness. For this reason, you need to ensure that you source for your water health products from a manufacturer that can offer you different quantities and flavors so that you choose the products that will match your preferences. It is also important to note that by accessing a wide range of water health products from a single source, you are going to enjoy a lot of convenience and also save a lot of time because you will not need to look for your products from multiple sources. Ensure that you click here for more information about the other top advantages of buying your water health products from a reputable manufacturer.

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