Introduction – Internet Banking Awareness
The digital revolution in India has touched many industries including the banking industry. Banks have redefined the term banking and are now offering myriad facilities to make banking easy and accessible to the masses.
Digital banking is all about using any digital device to connect to your bank. Today, you can almost do all your banking right from the luxury of your home. This not only saves time but also saves on effort and money. You simply download the bank app and get the user credentials from your bank and off you go in the digital banking world. Right from knowing your bank balance to transferring funds to other accounts – all this can be done in just a few minutes.
|Here are some interesting facts about digital banking that you should know:
UPI (Unified Payments Interface) – Internet Banking Awareness
One very important term that you should not miss out here is UPI or Unified Payment Interface.
First, you need to know that UPI is a system for an instant, electronic payments via your mobile phone. This system authenticates the user’s identity and acts as a gatekeeper for online payments. In fact, the UPI is an advanced version of IMPS or Immediate Payment Service, which is used to transfer funds between two banks.
Benefits of Cashless Economy – Internet Banking Awareness
Online banking gives an impetus to a cashless economy. There are many benefits of a cashless economy.
KYC (Know Your Customer) – Internet Banking Awareness
In the light of the digital banking revolution, you will find that some important banking processes have taken the online route. One of the best examples is the KYC or Know Your Customer application filling and submission, which is mandatory for opening a bank account these days. Before the digital banking, a new customer had to go personally to a bank and submit the KYC documents. Today, you need to simply fill up an online application and submit online. That’s it!
Seeing this digital revolution, many non-customers of banking have also become customers and are doing their transactions in the comfort of their desired locations. These days, you will also find the Indian government promoting the use of online or digital banking. There are several steps taken by the government for financial inclusion.
Initiatives by Government of India – Internet Banking Awareness
- Unified Payment Interface
- Bharat Interface for Money
- Aadhar Enabled Payment System
- Aadhar Payment Bridge System
- Bharat Bill Pay System
- Prime Minister’s Jan Dhan Yojana
Banks & Payment Apps – Internet Banking Awareness
Here is a table that provides the names of major banks and their recently launched mobile applications
|Bank Name||Bank App Name|
|ICICI Bank||ICICI Bank iMobile|
|State Bank of India||SBI Freedom|
|Citibank India||Citi Mobile|
|Bank of Baroda||Bank of Baroda
|Kotak Mahindra Bank (KMB)||Kotak Bharat’|
|Laxmi Vilas Bank||‘LVB Mobile’|
|HDFC Bank||HDFC Bank
|Axis Bank||Axis Mobile Banking|
Mobile Banking or Online Banking – these two terms are synonymous to each other and are changing the face of the Indian Banking Industry. Although there are many hindrances for 100% digital banking, India is surely moving towards a cashless economy. Only the coming years will tell if we really achieve this Herculean task.