Notes

Impact Of Technology In Banking
In the world of banking and finance nothing stands still. how to clean mouse pad of all is in the, scope of the business of banking. Banking in its traditional from can be involved 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 more recently provide a wide range of services to fulfill the financial and non financial needs of all types of customers from the tiniest 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 sort 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 sign of this process 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.

Using the recommendations of the committees and working groups, the Reserve Bank issued suitable guidelines for the banks. In the 1980s, using technology for the trunk office operations of the banks predominated the scene. It was in the form of accounting of transactions and assortment of MIS. In the inter-bank payment systems, it was by means of clearing and settlement utilizing 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 brand 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 clients 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 sound, 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 significant 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 these 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 very important to retail financial services than for most other industries.

Retail banking in India is maturing with time, several products, which further could be customized. Most happening sector is housing loan, that is witnessing a cut-throat competition. The home loans have become popular as they enable you to realize your most cherished dream. Interest levels are decreasing and market has seen some innovative products aswell. Other retail banking products are unsecured loan, education loan and vehicles loan. Nearly every bank and lender is offering the products, but it is vital to understand the various areas of these loan products, which are not mentioned within their colored advertisements.

PLASTIC MONEY
Plastic money was a delicious gift to Indian market. Giving rest from carrying an excessive amount of cash. Now several new features put into plastic money to create it more appealing. It works on formula purchase now repay later. There are different facts of plastic money charge card is synonyms of all.

Credit card is a financial instrument, and this can be used more than once to borrow money or buy products and services on credit. Banks, retail stores along with other businesses generally issue these. Based on their credit limit, they're of different kinds like classic, gold or silver.

Charged cards-these too carry almost same features as bank cards. The essential 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 time, the banking sector in India has seen a no. of changes. Almost all 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. A number of the significant changes in the banking sector are discussed below.

MOBILE BANKING
Taking advantages of the booming market for cell phones and cellular services, several banks have introduced mobile banking which allows customers to execute banking transactions utilizing their cell phones. For instances HDFC has introduced SMS services. Mobile banking has been especially targeted at individuals who travel frequently also to keep an eye on their banking transaction.

RURAL BANKING
Among the innovative scheme to be launched in rural banking was the KISAN CHARGE CARD (KCC) SCHMME were only available in fiscal 1998-1999 by NABARD. KCC mode it easier for framers to purchase important agricultural inputs. As well as regular agricultural loans, banks to offer several other products targeted at the needs of the rural people.

Private sector Banks also realized the potential in rural market. In the first 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 provide service which allows expatriate Indians to send money more conveniently to relatives India that is among the major improvements in money transfer.

E-BANKING
E-Banking is becoming ever more popular among retail banking customers. E-Banking helps in cutting costs by giving 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 utilize the services and provides effect to multichannel delivery of service by the lender. This E-Banking is driven by twin engine of "customer-pull and Bank-push".

CONCLUSION
Technology has been the most critical indicators for the development of mankind. Information and communication technology may be the major advent in neuro-scientific 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 focus on the requirements 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 may not have been possible needless to say it'll change our lifestyle in coming years.

E.Jeevitha
Read More: https://udyamoldisgold.com/how-to-clean-mouse-pads/