Technological Developments in Indian Banking Sector
Technological Developments in Indian Banking Sector
N. Mohan Babu,
Asst. Professor,
Vignan Degree and P.G. College,
Palakaluru Road, Guntur – 5.
Abstract The origin of Banking in the modern era is traced in Italy. Banking is a business like any other business, banking sector place a significant role in development of Indian Economy. So, Banks need to have technology to improve their productivity and efficiency, to provide faster and better services to the customers. Technology enables the banks to contribute more for overall growth and development of the country. After Industrial Revolution, Financial institutions including Banks have used Information Technology to achieve desired level of efficiency and to maximize the profitability. IT improves the front end operations with back end and helps in bringing down the transaction costs for the customers. Electronic Fund Transfer (EFT), Automatic Teller Machines (ATMs), Telephone Banking, Home Banking, Credit Card facility, Internet Banking etc. are most useful technological advances for banking sector to serve customers effectively now a days. So, the effective use of technology has multiplier effect on growth and development.
The bank of Venice, founded in 1157, was the first public banking Institution. The Bank of Barcelona and the Bank of Genoa wee established in 1401 and 1407 respectively. The Banking companies Act-1949 of India defines bank as – “A Bank is a financial Institution which accepts money from the public for the purpose of lending or Investment repayable on demand or otherwise withdrawal by cheques, drafts or order or otherwise.”
Technological Development in Banks After the industrial revolution, the information revolution has been hailed as the most significant development in this country. Financial Institutions including Banks have used Information Technology to handle large volumes of business with the desired level of efficiency and maximizing profitabilility of operations. IT
N. Mohan Babu,
Asst. Professor,
Vignan Degree and P.G. College,
Palakaluru Road, Guntur – 5.
Abstract The origin of Banking in the modern era is traced in Italy. Banking is a business like any other business, banking sector place a significant role in development of Indian Economy. So, Banks need to have technology to improve their productivity and efficiency, to provide faster and better services to the customers. Technology enables the banks to contribute more for overall growth and development of the country. After Industrial Revolution, Financial institutions including Banks have used Information Technology to achieve desired level of efficiency and to maximize the profitability. IT improves the front end operations with back end and helps in bringing down the transaction costs for the customers. Electronic Fund Transfer (EFT), Automatic Teller Machines (ATMs), Telephone Banking, Home Banking, Credit Card facility, Internet Banking etc. are most useful technological advances for banking sector to serve customers effectively now a days. So, the effective use of technology has multiplier effect on growth and development.
The bank of Venice, founded in 1157, was the first public banking Institution. The Bank of Barcelona and the Bank of Genoa wee established in 1401 and 1407 respectively. The Banking companies Act-1949 of India defines bank as – “A Bank is a financial Institution which accepts money from the public for the purpose of lending or Investment repayable on demand or otherwise withdrawal by cheques, drafts or order or otherwise.”
Technological Development in Banks After the industrial revolution, the information revolution has been hailed as the most significant development in this country. Financial Institutions including Banks have used Information Technology to handle large volumes of business with the desired level of efficiency and maximizing profitabilility of operations. IT