Online banking is a modern banking facility that allows customers toconduct financial transactions electronically without visiting a physicalbank branch. With the rapid growth of technology, the banking sector hasexperienced significant transformation across the world, including in India.Technological advancement and the expansion of internet services haveencouraged banks to provide digital platforms that make banking activitiesfaster, easier, and more convenient for customers. The economicliberalisation and globalisation of India during the 1990s also played animportant role in promoting the adoption of online banking services in thecountry.In India, the demand for online banking has increased due to the growinguse of the internet and the rising number of people working in theinformation technology sector. In addition, a large number of Indians livingand working abroad require quick and reliable banking services, which hasfurther strengthened the need for internet banking. To improve efficiencyand modernise the financial system, the Indian government and theReserve Bank of India encouraged banks to adopt digital banking services.Today, most Indian banks provide user-friendly online banking platformswith advanced security systems to protect customers from cyber threatsand fraudulent activities.Online banking offers several benefits to customers, such as easy access toaccount information, online fund transfer, bill payments, loan and accountapplications, and other financial services. These services save both timeand effort, making banking more convenient for users. For banks, onlinebanking helps reduce operational expenses and improves service efficiency.
ISHAAN GAUR (Mon,) studied this question.