Page 92 - ICDEBI2018

International Journal of Trend in Scientific Research and Development (IJTSRD) ISSN: International Journal of Trend in Scientific Research and Development (IJTSRD) ISSN: International Journal of Trend in Scientific Research and Development (IJTSRD) ISSN: 2456-6470 | IF: 4.101

Recent Trends in Banking: who wants to make payment to another person. can wants to make payment to another person. can
1. Automatic Teller Machine (ATM)Automatic Teller Machine (ATM):- Automatic approach his bank and make cash payment or give approach his bank and make cash payment or give
Teller Machine is the most popular devise in India, Teller Machine is the most popular devise in India, authorization to transfer funds directly from his own authorization to transfer funds directly from his own
which enables the customers, can withdraw their can withdraw their account to the bank account of the beneficiary. account to the bank account of the beneficiary.
money 24 hours a day 7 days week. ATM allows money 24 hours a day 7 days week. ATM allows Complete details such as the receiver's name, bank Complete details such as the receiver's name, bank
customer who has an ATM card to perform routine customer who has an ATM card to perform routine account number, account type (savings or current number, account type (savings or current
banking transactions without interacting with a human banking transactions without interacting with a human account), bank name, city, branch name etc. should be account), bank name, city, branch name etc. should be
teller. In addition to cash withdrawal, ATMs can be teller. In addition to cash withdrawal, ATMs can be furnished to the bank at the time of requesting for furnished to the bank at the time of requesting for
used for payment of utility bills, fuused for payment of utility bills, funds transfer such transfers so that the amount reaches the such transfers so that the amount reaches the
between accounts, deposit of cheques and cash into between accounts, deposit of cheques and cash into beneficiaries' account correctly and faster. RBI is the beneficiaries' account correctly and faster. RBI is the
accounts, balance enquiry. service provider of EFT.

5. Real Time Gross Settlement (RTGS) Real Time Gross Settlement (RTGS) :- Real
Time Gross Settlement System, introduced in India ime Gross Settlement System, introduced in India
T
s
since March, 2004, is a system through which ince March, 2004, is a system through which
e
electronics instructions can be given by banks to lectronics instructions can be given by banks to
t
transfer funds from their account to the accouransfer funds from their account to the account of
a
another bank. The RTGS system is operated by the nother bank. The RTGS system is operated by the
RBI and provides a means of efficient and faster BI and provides a means of efficient and faster
R
2. Tele Banking: - Tele Banking facilitates the Tele Banking facilitates the funds transfer among banks facilitating their financial unds transfer among banks facilitating their financial
f
customer to do entire non-cash related banking on cash related banking on
o
operations. As the name suggests, funds transfer perations. As the name suggests, funds transfer
telephone. Under this devise Automatic Voice telephone. Under this devise Automatic Voice
between banks takes place on a 'Real Time' basietween banks takes place on a 'Real Time' basis.
b
Recorder is used for simpler queries and transactions. Recorder is used for simpler queries and transactions.
Therefore, money can reach the beneficiary and the herefore, money can reach the beneficiary and the
T
For complicated queries and transactions, manned For complicated queries and transactions, manned beneficiary's bank has the responsibility to credit the eneficiary's bank has the responsibility to credit the
b
phone terminals are used in Tele Banking.Tele Banking.
beneficiary's account within two hours of the eneficiary's account within two hours of the
b
transaction mode.
3. Electronic Clearing Service (ECS)Electronic Clearing Service (ECS):- Electronic

Clearing Service is retail payment systems that can be Clearing Service is retail payment systems that can be
6. Point of Sale Terminal: -- Point of Sale Terminal
used to make bulk payments/receipts of a similar used to make bulk payments/receipts of a similar i is a computer terminal that is a computer terminal that is linked online to the
nature especially where each individual payment is of nature especially where each individual payment is of c
computerized customer information files in a bank omputerized customer information files in a bank
relatively smaller amount. This facility is meant for facility is meant for
a
and magnetically encoded plastic transaction card that nd magnetically encoded plastic transaction card that
companies and government departments to receive companies and government departments to receive
identifies the customer to the computer. During a dentifies the customer to the computer. During a
i
large volumes of payments rather than for funds large volumes of payments rather than for funds
t transaction, the customer's account is debited and the ransaction, the customer's account is debited and the
transfers by individuals in ECS.
retailer's account is credited by the computer for the redited by the computer for the
amount of purchase.
4. Electronics Funds Transfer (EFT) Electronics Funds Transfer (EFT) :- Electronic
Funds Transfer (EFT) is a system where by anyone Funds Transfer (EFT) is a system where by anyone

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