Reserve Bank Of India Guidelines And Legal Concerns Involved In Internet Banking

Abstract

The banking industry is regarded as the backbone of the country's economic and financial system, and it is also recognised as a major service sector that contributes significantly to the country's economy. The Indian banking system is governed by the country's central bank, which is also known as the Reserve Bank of India. Internet banking provides access to a diverse range of services and features. Several working groups on Internet banking have been established by the Reserve Bank of India with the goal of discovering new and innovative features in the context of Internet Banking. Electronic banking refers to a series of technological marvels that have occurred in recent history that have involved the use of the Internet to deliver banking products and services as e-banking continues to evolve, it will have a significant impact on the banking industry and on banking relationships in general.E-banking assists banks and the government in maintaining records of transactions, allowing banks to reduce their paperwork while also being extremely time efficient and accurate. It allows customers to avoid standing in long lines for transactions and makes it simple for them to keep track of their spending and transactions.