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2. A 'Deferred' debit card looks similar to a credit card, but is not a credit card. It bears a Visa or

MasterCard logo, and can be used wherever your card's brand name is displayed. This card

allows "off-line" and "on-line" transactions. Off- line purchases are where the shopkeeper's

terminal scans your card and creates a debit against your account.

You are not required to enter your PIN at the store's terminal. Most off-line transactions are

verified immediately to see whether there is enough money in your account. Off-line debit

cards usually carry the 'Electron' logo, from Visa.


Example
HDFC Bank issues Electron debit cards in more than 15 cities around the
country.
Salient features
 It is a combination of a Cheque an ATM card. Therefore, there are no

fees for using the ATM for cash withdrawal, or as a debit card for purchase.
 A Debit card is more affordable than a credit card. You just use your
bank account for all your transactions.
 Currently, there are only two issuers in India - Citibank and HDFC
bank.
 No credit period. Your bank account is debited immediately.

 No credit check is required to get a Debit card.

 Spending is limited to your bank balance.


..12..

Benefits
 Free with your Bank Account:
Obtaining a debit card is easy. If you qualify to open a bank account, you
usually get a debit card, if your bank offers the service.
 No background check:
When you are applying for a debit card, the bank does not need to look into your credit

history. All you need is the documentation to open a bank account, and money in your bank

when you use your debit card.


 Convenience:
A Debit card frees you from carrying a lot of cash or a chequebook. In case, you are an

international traveller, you don't need to stock up on Traveller's Cheque or cash. You can

use your debit card to withdraw cash from over 500,000 ATMs around the world in over 100

countries. You can withdraw in the local currency of the country you are in; limited only by

the money you have back home in your account, and your Business Travel Quota (BTQ) limit

availability.
 Fair Exchange:
If you return merchandise or cancel services paid for with a Debit card, the

transaction is treated as if it were made with cash or a check. Customers

usually get cash back for off-line purchases; for on-line transactions, the

amount is credited to your account.


Drawback
 Unlike a credit card, debit card transactions are on a "pay now"
basis.
..13..

INTERNET BANKING
The other important delivery channel, from a bank’s perspective, is Internet banking.

Consumers in today's fast paced technology driven world expect access to information

regardless of the time or place. In a borderless world spinning on the axis of the Internet,

Internet Banking assumes a special and sophisticated significance. With Internet Banking,

your bank travels with you around the world. You have on-line, real-time access. We call it

24*7*.365 banking.

Internet Banking is a service offered by banks that enables their customers, easy and secure

access to their accounts via computer with an internet connection. One can have access to

account information from anywhere in the world anytime.


Future belongs to technology. Cheaper delivery points like Internet
and tele banking will improve their shares. ATM banking costs 80% while Internet
and telebanking costs only 15% compared to normal banking transactions.

Internet banking for the retail segment is a recent phenomenon that has generated a lot of

interest among the banks in India. Private and foreign banks have been the prime movers in

the area while public sector banks are also beginning to latch on to the bandwagon
Prime driver for any bank to offer services online is to offer 24 X 7 availability and

convenience to its customers. Beyond that, cost reduction is another major reason. It is

estimated that cost to the bank per transaction done over Internet is nearly one eight of that

done through branch banking.


It is clear that Internet banking is here to stay and will be a major channel to
acquire and service customers.
..14..

With the facility of being able to execute a host of banking transactions at one's own

convenience, one is no longer restricted to branch timings. Internet banking is provided at no

extra costs by banks.


The kind of transaction that one can carry out using internet banking largely depends
on the bank providing the service. Some of the transactions are:

Allows new account application for deposits and loans.

Provides with a summary of all your bank accounts.

Allows transaction tracking which enables retrieval of transaction details
based on cheque number, transaction amount, and date and so on.

Provides viewing demat transaction and holding statement (if one have a
demat account with the bank)

Change Customer profile. (I.e. the customer can update their mailing address and all your

communication from bank will go to their new address.)



Allows transfer funds between ones accounts including loan payments.

Offers payment of utility bills such as (telephone, mobile, electricity,
insurance premium, credit card, etc.) online.

Allows electronic submission of request for a cheque-book, stop payment
instruction, opening a fixed deposit, etc.

Request for a Demand Draft.

TDS Inquiry

Customer Support

In the long run Bank can save money by not paying for tellers or for managing branches

infact the Internet will provide the bank with an almost paperless system. Then the bank can

reach a whole new market, as there are no geographic boundaries with the Internet. Banks

provide a highly secure environment for carrying out the banking activities on the internet.
..15..
ICICI bank was the first to launch Internet banking in India in 1997.After that
many Private and Nationalized Banks have jumped into the bandwagon, of providing
financial services on the Net.

It removes the traditional geographical barriers as it could reach out to customers of different

countries/legal jurisdiction. It has added a new dimension to different kinds of risks

traditionally associated with banking, heightening some of them and throwing new risk

control challenges.
It poses a strategic risk of loss of business to those banks who do not respond in time
to this new technology, being theefficient and cost effective delivery.

Online banking commands finances, deposits, payments, balances etc whenever one’s feel

like, through PC without taking the pain of visiting the bank, physically. One can make

financial transfers sitting at home or at your office, just by logging into the site of the bank.

Net banking does not require any software installation on your computer. As long as you

have an Internet account and a 'secure connection' you can access your account from

anywhere, anytime.
"Net banking provides both the Bank and the customers an opportunity to re-
evaluate their relationships and move to a new paradigm of faceless banking."

There is no doubt that the potential for Net banking is immense considering the rising

penetration level of Internet in Indian homes and offices. The lure of convenience through

internet banking is definitely going to catch up with the business executives, homemakers

and people who work odd hours.


Internet Banking is quickly revolutionizing the entire financial industry. It is

providing the banking industry an opportunity to expand its reach into a broader

market – primarily composed of the bank's most profitable customers. Through the

collection of data captured online, the banks can target specific customers for more

efficiently, taking full advantage of the least expensive delivery channel available

today.
..16..

Automati
on Channels in Banking Industry
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