Online banking…

Online banking otherwise called as E-banking, net banking or internet banking. It is an electronic payment process. Customers can make their financial transactions through Bank’s website. Bank’s website beyond just giving information, it has developed enormously which now provides all facilities for customers by just a click. From account opening till transfer of even huge amounts can be done through online banking. Amount transfer can be effected through NEFT and RTGS, though these transfers are subjected to RBI working hours. NEFT follows deferred net settlement (DNS) scheme which executes the requested transactions at batches. RTGS is an acronym of Real time Gross settlement which executes transactions individually. To make the entire system secure many layers of security are implemented. Some of the layers are password during login which will usually be followed with image selection, transaction password to initiate a transfer followed by security questions or OTP (one time password).  Selection of images is being followed by some banks only in India, whereas transaction password, login password and OTP are mostly prevailing. Security in online banking can be improved by periodical maintenance.  Though it can be considered that banking sector getting technological improvements is good to economy, it is a burden to rural and illiterate people. Chief innovation officer involved in each bank will take responsibility to alter the digital infrastructure that enhance the ease of use.  Digital signature plays a major role in authorization and authentication. Transactions are supported by digital signatures, which is believed to provide high-tech security. Though digital signatures are expected to provide safety , today many private companies have emerged to provide digital signatures. So the trustworthy has to be questioned.  Companies permitted to provide digital signatures has to be properly monitored and the entry level should be made strict which can even provide better security.

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