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A. Automated Teller Machines

The document discusses various virtual financial services available in the Indian banking industry, including automated teller machines, remote banking services, smart cards, internet banking, interbank mobile payment service, mobile banking, and unified payment interface. These services allow customers to access accounts, transfer funds, make payments, and manage finances remotely through technologies like ATMs, online and mobile banking apps, and smart cards. The industry is transforming from traditional social banking to a more technology-driven, customer-centric, and competitive model enabled by these new virtual services.

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jayesh mirchandani
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21 views

A. Automated Teller Machines

The document discusses various virtual financial services available in the Indian banking industry, including automated teller machines, remote banking services, smart cards, internet banking, interbank mobile payment service, mobile banking, and unified payment interface. These services allow customers to access accounts, transfer funds, make payments, and manage finances remotely through technologies like ATMs, online and mobile banking apps, and smart cards. The industry is transforming from traditional social banking to a more technology-driven, customer-centric, and competitive model enabled by these new virtual services.

Uploaded by

jayesh mirchandani
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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The term transformation in Indian Banking Industry related to intermediately stage when

the industry is passing from the earlier social banking era to the newly conceived technology
based customer-centric and competitive banking. The activities of banks have grown in multi-
directional as well as in multi-dimensional manners. During transformation, all known
parameters of the earlier regime continuously change.

The virtual financial services can be largely categorized as follows:

A. Automated Teller Machines :


 Cash withdrawals
 Details of most recent balance of account
 Mini statement
 Statement ordering facility
 Deposit facility
 Payments to third parties.

B. Remote Banking Services:


 Balance enquiry Statement ordering
 Funds transfer (payment) to third parties
 Funds transfer between customer’s different accounts
 Order traveler’s cheques and other financial instruments.

C. Smart Cards:
 One smart card to carry out all these functions
 One smart card can contain the functionality of several different types of
cards issued by different banks while running different types of networks
 Smart card a truly powerful financial token, giving user access
 STM Debit facility
 Charge facilities
 Credit facilities
 Electronic purse facilities at National and International level

D. Internet Banking:
 The latest wave in IT is Internet banking. It is becoming more obvious that the
Internet has unleashed a revolution that is affecting every sphere of life.
Internet is an interconnection of computer communication networks
spanning the entire globe, crossing all geographical boundaries. Touching
lifestyles in every sphere the Net has redefined methods of communication,
work, study, education interaction, health, trade and commerce. The Net is
changing everything, from the way we conduct commerce, to the way we
distribute information. Being an interactive two way medium, the net, through
innumerable website, enables participation by individual in B2B and B2C
commerce, visits to shopping malls, books stores, entertainment sides, and
so on cyberspace.

E. Inter Bank Mobile Payment Service (IPMC):


 IPMC is an instant internet electronic fund transfer service through mobile
phones. The customers can use mobile phone devices as a channel for accessing
their bank accounts, remitting funds from the accounts and making payments
at shops and commercial establishments. This is envisaged as a safe, secure,
24 x 7, convenient payment mechanism for Indian for domestic transactions.
The customer, who is a remitter, should enroll for Mobile Banking service
with the bank where he/she has an account. The bank provides Mobile
Money Identifier (MMID) and Mobile Banking Personal Identification Number
(MPIN) to the customer. The customer has to download and activate the mobile
banking application in the mobile phone or use SMS or Unstructured
Supplementary Service Data (USSD) based application provided by the bank.
MMID is a seven digit random number issued by the bank and it is allocated for
each account of the mobile phone banking customers. Remitter and Beneficiary
both should have MMID for doing fund transfer. The beneficiary of the transaction
has to register mobile number with the bank to link to the account.
 IPMC transaction can be sent and received at any time and any day. There are no
timings or holiday restrictions on IMPS remittances. The funds are credited into the
beneficiary account within 30 seconds after initiating the transaction. In case the
IMPS transaction is not completed due to any technical reason, the reversal of funds
will take place immediately. If the status of transaction cannot be determined
immediately, the reversal of funds will be done on the next working day. The limit
is defined by RBI in the Mobile Payment guidelines issued to Banks. This limit
amount is fixed up to Rs. 50,000 per customer for all transactions under IMPS.
F. Mobile banking:
 Account Information
 Funds Transfer between the same bank or any other banks
 Various investment options like deposits, mutual funds and other portfolio
management services.
 Support
 Loyalty offers or other locational based services.

G. Unified Payment Interface (UPI):


Unified Payments Interface is a real time inter bank payment system that allows sending
or requesting money. Any UPI client app may be used and multiple bank accounts may
be linked to single app. Money can be sent or requested with the following methods:

 Virtual Payment Address (VPA) or UPI ID: Send or request money from/to
bank account mapped using VPA.
 Mobile number: Send or request money from/to the bank account mapped using
mobile number.
 Account number & IFSC: Send money to the bank account.
 Aadhaar: Send money to the bank account mapped using Aadhaar number.
 QR code: Send money by QR code which has enclosed VPA, Account number
and IFSC or Mobile number.

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