Journal Press India^®

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The use of innovation and computerization of the banking sector of India has increased manifold after the economic liberalisation of 1991. Banking industry has grown by leaps and bounds with the inception of electronic banking. Net banking, which is destined to be the future face of banking services, provides a lot of benefits to the customers like bill payment services, fund transfer, credit card customers, cheque deposit inquiry, view balances, and many more. Although online banking sites are heavily encrypted with the developing technology, it is still hard to rule out the ‘hackers’ who may obtain access to information related to personal identification and password. So the customers must be aware of the security issues and protect their identity and other personal details from hackers. In this backdrop, this paper highlights the growth of net banking and the reasons behind its gaining popularity. It then provides prescriptions before using net banking, and discusses the legal aspects relating to online banking operations. Further, it focuses on the challenges and opportunities of ‘online banking’.

Keywords

Economic liberalisation, Electronic banking, Credit card, Hackers, and Internet security

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