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Net banking

Meaning :

Net banking is defined as an online banking service that allows customers to execute financial transactions through the bank’s website or mobile application without the necessity of visiting a physical branch. It encompasses services such as checking account

balances, transferring funds, paying bills, opening deposits, and applying for loans in a digital  format.

Importance in Finance :  

Net banking saves time by enabling users to conduct banking activities from the comfort of their homes.

It offers 24/7 access to banking services, allowing customers to manage their finances at their

convenience.

It reduces dependency on physical branches, making banking more efficient.

It improves financial transparency by providing instant access to transaction records and account statements.

Types/Uses  :

Fund transfers between accounts, including interbank transfers.

Payment of utility bills, such as electricity, water, and internet services.

Online account management, including balance inquiries and transaction history.

Payments for online shopping and e-commerce transactions.