Electronic Banking – An Indian Experience

Abstract The term "e-banking," or "electronic banking," describes how banks and other financial organisations use digital platforms to provide services including loan applications, fund transfers, balance enquiries, and bill payments, among others. Over the past 20 years, e-banking use in India has increased significantly, particularly following the IT revolution and economic liberalisation in the 1990s. In today's environment, the significance of e-banking is immense. Without e-banking, banks cannot operate effectively. Digital transformation involves shifting from conventional banking methods to a electronics environment. It represents an essential change in the approach of banks and various financial institutions engage with, I comprehend, and safeguard their customers. Numerous countries implemented a range of financial sector liberalization policies in the late 1980s and 1990s, which included the liberalization of interest rates, deregulation of market entry, lowering reserve requirements, and the elimination of credit allocation. Financial institutions, particularly the banking sector, are currently undergoing a transitional phase. Banks have established their presence on the internet to leverage its capabilities and reach, adapting to the rapidly changing business environment. The well-known statement by Bill Gates indicates that banking is a sign of a robust economy, yet banks themselves do not emphasize the critical role that electronic forces play in impacting them more than any other group of financial service provides. This study provides basic information of E-Banking and experience in the financial system