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Submitted By nidhig16
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Group 14 Section3

Group 14 Section3

Table of Contents ABSTRACT 4 INTRODUCTION 4 BRIEF HISTORY OF E-BANKING IN INDIA 5 HOW DOES IT WORK? 5 LITERATURE REVIEW 6 Need for E-banking: 7 Advantages and Benefits of E-Banking: 7 Drawbacks: 8 E-banking in Rural India 9 Online Trading 10 Traditional Trading Vs Online Trading 10 Online Bill Payment 11 Frauds 12 Phishing 12 Trojan Horse 13 Preventive measures 13 OTP 13 Hardware Tokens 13 Smart Card and USB Tokens 13 RECOMMENDATION 14 Access Control 14 Firewalls 14 Isolation of Dial up Services 14 Security Log (audit Trail) 14 Back up & Recovery 14 Approval for I-banking 14 FUTURE SCENARIO 15 Cyber Crime 15 Real Time Gross Settlement System (RGTS) 15 Wireless Application Protocol (WAP) 16 Mobile Banking: 17 Direct Benefit Transfer 21

With rapid advances in technology, changing according to modern times has become a prerequisite to survive in this highly competitive world. As people are becoming increasingly aware of the consequences of their financial decisions, their needs and expectations have rose to high levels. Banking institutions are facing competition not only from each other but also from non-bank financial intermediaries as well as from alternative sources of financing. Almost everything is available to the customer at his/her doorstep and is just a click away. All this cannot be done with the facility of online financial transactions. Thus, internet banking is the need of the hour.
This report gives a detailed overview of e-banking services, why it has become so prevalent and what are the advantages/ disadvantages of using e-banking. It highlights the way banks can ensure secure online transactions and how they prevent online thefts. It also touches upon the latest updates in the field of e-banking...

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