ARCHIVES
VOL. 5, ISSUE 4 (2023)
Impact of internet banking on banking system of India
Authors
Kartik Bhardwaj, Mohit Kanwar
Abstract
The internet banking system has played an
important role in changing banking system of the India. It has connected each
and every part of the country to the banking system. The concept of internet
banking was introduced in India after coming of the concept of liberalization,
privatization and globalization in year 1991. After this the concept of RTGS,
NEFT, IMPS and UPI was introduced which totally changed the banking system of
India and transformed it into internet banking system. The impact of internet
banking is it is cost effective service, less time taking, easily reachable to
each and every member of the country and it is providing 24 x7 services to the
people of the country. As there are 2 sides of the coin same thing is here also
with positive impacts there are also many negative impacts of banking system
less education, poor internet connectivity, weak legal system, daily happening
of the banking frauds and the cost value of the digital devices is not easily
affordable. The central bank of India and Parliament has brought many
guidelines and laws to solve this problem but these laws are not sufficient
there should be more strict laws then only internet banking system can work
properly in India.
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Pages:62-66
How to cite this article:
Kartik Bhardwaj, Mohit Kanwar "Impact of internet banking on banking system of India". International Journal of Law, Policy and Social Review, Vol 5, Issue 4, 2023, Pages 62-66
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