Notes

Impact Of Technology In Banking
In the planet of banking and finance nothing stands still. The largest change of most 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 want to borrow and transmission of funds. Aside from traditional business, banks now a days provide a wide variety of services to fulfill the financial and non financial needs of most types of customers from the tiniest account holder to the largest company and perhaps 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 hallmark 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 because the early 1980s, the Reserve Bank appointed committees and working Groups to deliberate on and recommend the appropriate use of technology by banks supply the circumstances and the need. These committees are the following:
-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.

In line with the recommendations of these committees and working groups, the Reserve Bank issued suitable guidelines for the banks. In the 1980s, using technology for the back office operations of the banks predominated the scene. It had been by means of accounting of transactions and collection 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 a special 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 end 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 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 tremendous lesson. Pre-liberalization, all we did at a bank was deposit and withdraw money. Service standards were pathetic, but all we're able to do was grin and bear it. Post-liberalization, the tables have turned. It is 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 getting the major effects on banking relationship. Web is more important for retail financial services than for most other industries.

Retail banking in India is maturing as time passes, several products, which further could possibly be customized. Most happening sector is housing loan, that is witnessing a cut-throat competition. The home loans are very popular as they allow you to realize your most cherished dream. Interest rates are decreasing and market has seen some innovative products as well. Other retail banking products are personal loan, education loan and vehicles loan. Nearly every bank and lender is offering the products, but it is essential to understand the different areas 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 put into plastic money to create it more appealing. It works on formula purchase now repay later. There are different facts of plastic money credit card is synonyms of most.

Credit card is a financial instrument, that can be used more than once to borrow funds or buy products on credit. Banks, retail stores and other businesses generally issue these. On the basis of their credit limit, they're of different types like classic, gold or silver.

Charged cards-these too carry almost same features as credit cards. The essential difference is you can't 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, because of this you have to have account with any bank offering credit card.

Through the years, the banking sector in India has seen a no. of changes. The majority of the banks have begun to take an innovative approach towards banking with the aim of creating more value for customers and therefore, the banks. Some of the significant changes in the banking sector are discussed below.

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

RURAL BANKING
One of many innovative scheme to be launched in rural banking was the KISAN CREDIT CARD (KCC) SCHMME were only available in fiscal 1998-1999 by NABARD. KCC mode it easier for framers to get important agricultural inputs. As well as regular agricultural loans, banks to offer several other products targeted at the requirements 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 alongside 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 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 gives 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 one of the most important factors for the development of mankind. Information and communication technology is the major advent in neuro-scientific technology which is used for access, process, storage and dissemination of information electronically. how to clean mouse pad is fast growing with the use of technology in the from of ATMs, on-line banking, Telephone banking, Mobile banking etc., credit card is among the banking products that cater to 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 could not need been possible needless to say it'll change our lifestyle in coming years.

E.Jeevitha
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