CHAPTER 5 E- BANKING SERVICES OFFERED BY BANKS

[Pages:33]Chapter -5: E-Banking Services Offered by Banks

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CHAPTER 5 E- BANKING SERVICES

OFFERED BY BANKS

5.1 Internet Banking services offered by ICICI Bank

5.2 Internet Banking services offered by HDFC Bank

5.3 Internet Banking services offered by State Bank of India

5.4 Internet Banking services offered by Bank of Baroda

5.5 Conclusion

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5.1 ICICI Bank

Industrial Credit and Investment Corporation of India founded ICICI Bank as a wholly owned subsidiary in 1994. Earlier the bank was known as the Industrial Credit and Investment Corporation of India Bank and later it was renamed as ICICI Bank.

ICICI had adopted drastic changes in its business with the shift in its business to a diversified financial portfolio having a variety of financial products and services from only project financing business, through its various subsidiaries and affiliates as ICICI Bank. In 1994, ICICI Bank has started its e-banking services. ICICI had the proud of being the 1st Indian company to be listed on NYSE from non- Japan Asia in 1999. As its parent company, ICICI bank is the 1st Indian bank to be listed on NYSE with 5mn ADR generating a demand book 13 times the offer size in 2000. The merger of ICICI and its two of its wholly owned retail finance subsidiaries, ICICI Personal Financial Services Limited and ICICI Capital Services Limited, with ICICI Bank was approved by Board of Directors of ICICI & ICICI Bank in October 2001, by shareholders of ICICI and ICICI Bank in January 2002, by the High Court of Gujarat at Ahmedabad in March 2002 and by the High Court of Judicature at Mumbai and the RBI in April 2002. Later ICICI, the parent company merged into the bank.

ICICI Bank Ltd. is India's second largest financial services company headquartered in Mumbai, India. It offers a wide range of banking products and financial services to corporate and retail customers through a variety of delivery channels and through its specialized subsidiaries in the areas of investment banking, life and non-life insurance, venture capital and asset management. The Bank has a network of 2,533 branches and 6,800 ATMs in India, and has a presence in 19 countries, including India.

The bank has subsidiaries in the United Kingdom, Russia, and Canada; branches in United States, Singapore, Bahrain, Hong Kong, Sri Lanka, Qatar and Dubai International Finance Centre; and representative offices in United Arab Emirates, China, South Africa, Bangladesh, Thailand, Malaysia and Indonesia. The company's UK subsidiary has established branches in Belgium and Germany.

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Table 7: Private Sector Banks: ICICI Bank

(Amount in crore)

Items

200607

200708

200809

200910

201011

Group Aggregate

2010-11

All Banks' Aggregate 2010-11

No. of offices

716 1271 1432 1719 2564 11968 76696

No. of employees

33321 40686 34596 35256 56969 218679 1004182

Business per employee (in 1027 1008 1154 765 735 823.26 987.38 lakh)

Profit per employee (in lakh) 9.00 10.00 11.00 9.00 10.00 8.10

7.00

Capital and Reserves & surplus

24663 46820 49533 51618 55091 138589 509813

Deposits

230510 244431 218348 202017 225602 1002759 5616432

Investment

91258 111454 103058 120893 134686 422020 1916053

Advances

195866 225616 218311 181206 216366 797534 4298704

Interest income

21996 30788 31093 25707 25974 96827 491665

Other income

6928 8811 7604 7478 6648 20726 79564

Interest expended

16358 23484 22726 17593 16957 57115 298891

Operating expenses

6691 8154 7045 5860 6617 27606 123129

Cost of Fund (CoF)

5.34 6.40 5.72 4.18 3.59 4.56

4.73

Return on advances adjusted 4.08 4.33 4.33 4.51 4.68 5.11

4.45

to CoF

Wages as % to total expenses

7.01 6.57 6.62 8.21 11.95 14.54 17.05

Return on Assets

1.09 1.12 0.98 1.13 1.35 1.43

1.10

CRAR

11.69 13.96 15.53 19.41 19.54 16.46 14.17

Net NPA ratio

1.02 1.55 2.09 2.12 1.11 0.56

0.97

Source:

Internet Banking

ICICI Bank Online Banking Services provide the bank right at customers' desktops. Now, banking becomes a pleasure as the transactions and services become

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instant with ICICI Bank online Internet banking. The services provided are totally secure and unique. These cover a variety of banking services as, online account transactions and operations, credit card and account applications and payments, share trading and investments through mutual funds, bill payments, statement generation and a virtual demo of each service.

Role of customer when using e-banking

Customers can access only by using their User ID and Password. During the first login attempt, it is mandatory to change both passwords login and transaction ? which would have been mailed to customer by the bank.

If customers forget their password, they will have to write to bank using the "Email Us" option. The Bank will then issue a new password and send it to their mailing address as per bank's records. Features offered by ICICI bank for internet banking

1. Balance enquiry and statement 2. Transfer fund online 3. Card to card fund transfer 4. Use debit card online 5. Prepaid mobile recharge 6. Subscribe for mobile banking 7. Link bank account to ATM 8. Lock or activate debit cards or ATM 9. Request a cheque book 10. Stop payment

Novel internet banking services provided by ICICI Bank are as follows-

Book ticket online With ICICI Bank customers need not to visit booking reservation centres to

book their travel tickets. Customers can now buy their train tickets online and pay using ICICI Bank's Internet Banking Facility. For this ICICI Bank has tied up with IRCTC. All internet banking customers can use this facility.

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Railway Ticket Booking through SMS ICICI Bank has launched facility of Railway Ticket Booking via SMS, in

association with Indian Railway Catering and Tourism Corporation Ltd (IRCTC). This unique facility gives customers the facility to book long distance railway tickets by just sending SMS. Customers are required to do is a simple one-time registration with ICICI Bank and IRCTC.

The total value of the tickets will be debited from the Bank account, which customers have registered for Mobile Banking. ICICI Bank use to send a SMS to customers about successful debit.

Once IRCTC has booked the tickets they will also send a SMS to customers intimating customers of the same along with the PNR number. The tickets will be delivered at the address that customers have mentioned on IRCTC's website while registering with IRCTC.

Bill Payment Service BILL PAY

To pay bills through the Bill Pay facility, customers need to complete a simple one time registration for each biller. Then there would be no need to enter billing details every time customers pay their bills. ICICI Bank offers this facility in two modes depending on the biller:

PRESENTMENT TYPE BILLER: For these billers, the biller will present the bills in customers' account for payment. Customers need to do is: Login and Register their biller for one time View their bills from the next billing cycle Pay their exact bill amount

Customers can also set up Standing Instructions online to pay their recurring bills, automatically. The Standing Instructions can also be modified by logging into their account.

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PAYMENT TYPE BILLER: For these billers customers can pay their bills at their convenience as per the billing cycle. All they need to do is: Login and Register their biller for one time Pay any amount as per bill Customers can also set up standing instructions for recurring payments

Quick Pay

ICICI Bank Quick Pay is the easiest and smartest way to manage and pay

utility bills online anytime, anywhere. Quick Pay facility is so convenient that it

doesn't need any registration. So it helps customers in do away with writing cheques

or standing in queues to pay all their utility bills. They can make all their bill

payments from the convenience of their home or office with Quick Pay. Add to it,

Quick Pay facility enables customers to make instant payments for free.

Customers need to consider following points:

Customers need to make payment at least 2 days before the due date.

Customers need to have ICICI bank Internet banking User Id and Password for

making the payments.

Customers are requested to submit the correct bill details, incorrect details will

lead to wrong payments to the utility company. In such case ICICI Bank will

not be responsible for wrong payments.

Funds Transfer (eCheques) Now, with , transferring funds from ICICI Bank Account is

very simple. There are various options provided online for transferring funds on ICICI Bank's website. Customers can select to: (i) Transfer Funds to their own linked ICICI Bank accounts (ii) Transfer Funds to other ICICI Bank accounts, anywhere in India (iii) Transfer Funds to specified Non-ICICI Bank accounts

With Funds Transfer on , customers can enjoy following benefits: (i) Forget about writing out & sending cheques/ DD's or pay orders to the payee. (ii) Free from the worry of payment instruments getting lost/misplaced in transit.

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(iii) Transact from the comfort of their home or office through ICICI Bank Internet Banking. (iv) Transfer money to any ICICI Bank account, anywhere in India. (v) Transfer money to specified non-ICICI Bank accounts in over 100 cities across India.

With Funds Transfer on iMobile Current ICICI Bank iMobile customers registered and activated on or before October 8, 2008, can now make financial transactions of upto Rs.5,000 per day for funds transfer and Rs.10,000 per day for bill payment. This is accordance to the new Mobile Banking guidelines issued by Reserve Bank of India on October 8, 2008.

Transfer funds to customers' own linked ICICI Bank accounts Transfer funds instantly between any of their ICICI Bank accounts that are

linked to customers' Internet Banking User ID.

Transfer funds to other ICICI Bank accounts, anywhere in India Customers need to register themselves and confirm the ICICI Bank Account

number to which customers wish to transfer funds and through this service customers can transfer funds instantly to the registered account number.

Transfer funds to specified Non-ICICI Bank accounts Customers can transfer funds to other bank accounts across India to any bank

which is enabled with IFSC codes. The maximum amount for NEFT transactions is Rs 200,000. To transfer funds, customer need log on to to complete one-time registration and confirmation of the Third Party bank account.

iMobile iMobile offers a range of services in a simple consolidated menu. Now

customers can make banking transactions like funds transfer, bill payment, balance enquiry, locate a branch and view last 5 transactions and much more on their mobile phones through iMobile.

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iMobile is a rich client based application that downloads instantly onto customers' mobile phone and functions similar to any other mobile application menu. With its newer features, smarter interface, quicker navigation and enhanced functionality, iMobile is too simple & easy to use.

Now iMobile powered with mShop not only gives customers a convenient banking solution, but also gives the facility to purchase and pay for goods and services using mobile phones.

Receive Funds Customers who often transfer money from non-ICICI Bank accounts to their

accounts with ICICI Bank through Cheques, Demand Drafts, Money Orders or Pay Orders, ICICI Bank offer a unique solution, Receive Funds, which allows customers to transfer funds into their ICICI Bank account whenever they want. Customers could also choose to set standing instructions for recurring transfer.

Online Tax Payment Pay Direct Tax and Indirect Tax Online: Customers can pay their Direct or Indirect Tax Online in 7 easy steps:

1. Tax payers to select the relevant challan from NSDL site.

2. Taxpayers to enter their PAN / TAN / Assessee code as applicable. There will be an online check on the validity of the PAN / TAN / Assessee code entered.

3. If PAN/ TAN/ Assessee code is valid the taxpayer will be allowed to fill up other challan details like accounting head code / Major head code under which payment is made, name and address of PAN/TAN and also select ICICI Bank through which payment is to be made.

4. On submission of data entered a confirmation screen will be displayed. If the taxpayer confirms the data entered in the challan, it will be directed to the netbanking site of ICICI Bank.

5. The taxpayer will login to the ICICI Bank internet-banking site with the User id/ Password provided by the ICICI Bank (Retail Internet Banking).

6. Taxpayer to enter payment details and authorize the payment.

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