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International Journal of Trend in Scientific Research and Development (IJTSRD) ISSN: 2456International Journal of Trend in Scientific Research and Development (IJTSRD) ISSN: 2456nternational Journal of Trend in Scientific Research and Development (IJTSRD) ISSN: 2456-6470 | IF: 4.101
accessibility and value for customers. In this paper, accessibility and value for customers. In this paper, 2. Telebanking: -
the study focuses on the impact of digitalization on the study focuses on the impact of digitalization on Telebanking facilitates the customer to carry out Telebanking facilitates the customer to carry out
banking, which is a major concern with the payment banking, which is a major concern with the payment banking transactions not related to cash phone. banking transactions not related to cash phone.
services provided by the bank to its customers.services provided by the bank to its customers. According to this design, the automatic voice recorder e automatic voice recorder
i is used for simpler transactions and queries. For s used for simpler transactions and queries. For
Need and Progress of digitalisation in banking nd Progress of digitalisation in banking complicated inquiries and transactions, manned complicated inquiries and transactions, manned
sector: telephone terminals are used.
In the late 1980s, to improve customer service, In the late 1980s, to improve customer service,
accounting and record keeping the need for accounting and record keeping the need for 3. Electronic Compensation Service (ECS): Electronic Compensation Service (ECS): -
computerization was felt in the Indian banking sector. computerization was felt in the Indian banking sector. The Electronic Compensation Service is a retail The Electronic Compensation Service is a retail
Then in 1988, the Reserve Bank of India established a Then in 1988, the Reserve Bank of India established a payment system that can be used to make bulk tem that can be used to make bulk
committee to study Computerization in bank headed ee to study Computerization in bank headed payments / receipts of a similar nature, especially payments / receipts of a similar nature, especially
by Dr. C. Rangarajan. The process of computerization by Dr. C. Rangarajan. The process of computerization when each individual payment is of a competitive when each individual payment is of a competitive
gained pace with the reform in the Indian economy in gained pace with the reform in the Indian economy in nature and of an amount relatively minor. This service nature and of an amount relatively minor. This service
1991-92. One of the main drivers of this change was 92. One of the main drivers of this change was is useful for organisations and government is useful for organisations and government
driven by the growing entries of private and foreign driven by the growing entries of private and foreign administrative divisions to make / receive large s to make / receive large
banks in the Banking industry. Several commercial nks in the Banking industry. Several commercial volumes of payments instead of making transfers of volumes of payments instead of making transfers of
banks began to move towards digital customer service banks began to move towards digital customer service funds by individuals.
to remain competitive and relevant in the race.to remain competitive and relevant in the race.
4. Electronic Funds Transfer (EFT): Electronic Funds Transfer (EFT): -
The Commercial Banks in India have moved towards The Commercial Banks in India have moved towards Electronic Funds Transfer (EFT) is a system where Electronic Funds Transfer (EFT) is a system where
technology technology through through the the Mechanization Mechanization and and anyone who wants to make payments to another anyone who wants to make payments to another
Automation of the Bank with the introduction to e Bank with the introduction to person / company, etc. one can approach bank and one can approach bank and
cheaque processing based on MICR, the electronic cheaque processing based on MICR, the electronic make cash payments or give instructions to transfer make cash payments or give instructions to transfer
transfer of funds, the interconnection between bank transfer of funds, the interconnection between bank funds directly from his/her account to the recipient / funds directly from his/her account to the recipient /
branches and the implementation of ATMs (ATM) branches and the implementation of ATMs (ATM) beneficiary's bank account. Full details such as the beneficiary's bank account. Full details such as the
have resulted in the convenience of at any banking have resulted in the convenience of at any banking recipient's name, bank account number, type of recipient's name, bank account number, type of
time. The Reserve Bank of India has taken strong India has taken strong account (savings or current account), bank name, city, rent account), bank name, city,
initiatives to strengthen payment and settlement initiatives to strengthen payment and settlement branch name, etc. they must be provided to the bank branch name, etc. they must be provided to the bank
systems in banks. Now the Indian government is Now the Indian government is at the moment of requesting such transfers so that the at the moment of requesting such transfers so that the
aggressively promoting digital transactions. The aggressively promoting digital transactions. The amount of the beneficiaries' account is correct and amount of the beneficiaries' account is correct and
launch of United Payments Interface (UPI) and Bharat launch of United Payments Interface (UPI) and Bharat faster. RBI is the EFT service provider.faster. RBI is the EFT service provider.
Interface for Money (BHIM) by NatioInterface for Money (BHIM) by National Payments
Corporation of India (NPCI) are important steps for Corporation of India (NPCI) are important steps for 5. Real-time gross settlement (RTGS): ent (RTGS): -
innovation in the payment systems domain. UPI is a innovation in the payment systems domain. UPI is a The real-time settlement system, through which banks time settlement system, through which banks
mobile interface where people can make instant mobile interface where people can make instant give electronic instructions to transfer funds from give electronic instructions to transfer funds from
transfers of funds between accounts in different banks transfers of funds between accounts in different banks their account to the another bank account. The RBI their account to the another bank account. The RBI
on the basis of a virtual address without mentioning out mentioning maintains and operates the RTGS system and maintains and operates the RTGS system and
the bank account. Indian banks are now working hard the bank account. Indian banks are now working hard provides an efficient and faster means of provides an efficient and faster means of transferring
for providing following facilities to their customer for for providing following facilities to their customer for funds between banks that facilitates its financial funds between banks that facilitates its financial
increasing their banking business, for attracting more increasing their banking business, for attracting more operations. As the name suggests, the transfer of operations. As the name suggests, the transfer of
customers etc. f funds between banks is done in real time.unds between banks is done in real time.
1. Automatic Teller Machine (ATM): Automatic Teller Machine (ATM): -
The ATM is the most popular device in India, which device in India, which 6. Point of sale terminal: -
allows customers to withdraw their money 24 hours a allows customers to withdraw their money 24 hours a Point of sale terminal is a computer terminal that is Point of sale terminal is a computer terminal that is
day, 7 days a week. With the use of ATM card day, 7 days a week. With the use of ATM card connected in line to the computerized files of to the computerized files of
customer can perform routine banking transactions customer can perform routine banking transactions customer information in a bank and magnetically customer information in a bank and magnetically
without without interacting interacting with with a a human human cashier.cashier. encoded plastic transaction card that identifies the encoded plastic transaction card that identifies the
Apart from cash withdrawals, ATMs can be uApart from cash withdrawals, ATMs can be used for customer with the computer. During a transaction, the customer with the computer. During a transaction, the
paying utility bills, transfer funds between accounts, paying utility bills, transfer funds between accounts, customer's account is debited and the computer credits customer's account is debited and the computer credits
deposit cheques and cash, balance inquiries, etc.deposit cheques and cash, balance inquiries, etc. the retailer's account for the amount of the purchase.count for the amount of the purchase.

@ IJTSRD | Available Online @ www.ijtsrd.comwww.ijtsrd.com | Conference Issue: ICDEBI-2018 | | Oct 2018 Page: 119