In the global market, the technology scientific discipline is becoming the driving forcefulness for bringing inwards the operational efficiency inwards banking industry. Several RBI committees on computerisation, inwards the recent past times accept recommended for adopting such technologies merged with the faster communication technology scientific discipline for the growth, evolution together with profitability. Some of these electronic services inwards banking, which accept come upward up recently, are described below.
Electronic Funds Transfer (EFT)
Electronic Funds Transfer (EFT) is a paperless remittance service across the banks, together with is a major pace towards an efficient payment system. EFT facilitates transfer of funds past times an draw of piece of occupation organisation human relationship holder from whatever bank, whatever branch, whatever centre to roughly other draw of piece of occupation organisation human relationship holder of same or roughly other branch, of same or roughly other bank, at the same or roughly other centre through electronic means. The communication network used for sending the messages from 1 centre to the other centre is BANKNET. Presently, this facility is available inwards metros together with other of import centres exactly sooner volition live on made available to other major cities. For the EFTs at the same centre, the remittances are effected through the Net Clear with the participating banks.
Electronic Clearing Service (ECS)
1. ECS Credit
The 'Electronic Clearing Service (ECS) - Credit' is roughly other of import production inwards pursuit of electronic substitute of banking concern check clearing. ECS - Credit tin give notice live on used for payment of Interest Warrants, Dividend Warrants, Refund Orders, etc. The corporate clients, companies, etc., who accept to brand such periodic payments to a large pose out of beneficiaries, tin give notice submit the information for such instruments / payments on a magnetic storage media to the clearing house. The Clearing House passes on the credit instructions to the fellow member banks where the beneficiaries keep their accounts. Besides saving time, stationery together with costs inwards a real large way, ECS - Credit likewise makes it possible to avoid the run a endangerment of these instruments beingness intercepted inwards transit together with encashments past times unscrupulous persons. Now many large companies, banks together with fiscal institutions similar UTI, ICICI, etc. are offering this facility to their shareholder together with unit of measurement holders.
2. ECS Debit
'Electronic Clearing Service (ECS) - Debit' is similar to the higher upward system, exactly is used for pre-authorised debit transactions. These are used to a greater extent than oftentimes than non for payments due for utility services to the companies or corporations, similar squall bills due to MTNL or BSNL, H2O charges bills due to Municipal Corporations, electricity bills to Electricity Boards, etc. The organisation facilitates the customers / subscribers, maintaining the draw of piece of occupation organisation human relationship with the banks at the centres having this facility, to brand prompt payments of the bills on due dates without causing delays together with inconvenience to accomplish the collection centres inwards fourth dimension for making such payments.
