in Banking Sector

in Banking Sector . . E- Banking Online banking, also known as internet banking, is an electronic payment system that enables customers of a bank or other financial institution to conduct a range of financial transactions through the financial institution’s website. The online banking system typically connects to or be part of the core banking system operated by a bank and is in contrast to branch banking which was the traditional way customers accessed banking services. - - Banking Today, “virtual banks” (or “direct banks”) have only an internet presence, which enables them to lower costs than traditional brick-and-mortar banks. . . RTGS and NEFT Inter Bank Transfer enables electronic transfer of funds from the account of the remitter in one Bank to the account of the beneficiary maintained with any other Bank branch. There are two systems of Inter Bank Transfer - RTGS and NEFT. Both these systems are maintained by RBI. NEFT operates in half hourly batches. Currently there are twenty three settlements from am to pm on all working days including working Saturdays. Therefore, the beneficiary can expect to get the credit for the transactions put through between am to . pm on all working days including working Saturdays on the same day. For transactions settled in the . and pm batches on all working days including working Saturdays, the credit will be afforded either on the same day or on the next working day.