E-PAYMENT AN OVERVIEW

Over the years, especially in the later part of the 20th century, the Indian Banking Sector has undergone fast growth and with the advent of technological changes, Indian banks are adopting to the new environment. The two successive Committees on Computerization (Rangarajan Committees) were responsible for bank computerization in India. Over the years led by the initiatives of the Reserve Bank of India, banks in India have witnessed lot of changes into their banking operations duly supported by IT and communication revolution. Some important areas where the IT plays important roles are: Funds Transfer mechanism: ECS, EFT, RTGS, NEFT Clearing House operations: MICR, CTS Innovative on line e-banking services: Tele banking, Mobile banking, SMS banking, Credit/Debit Cards, ATMs, Internet banking, Core Banking Solutions, etc.