Net banking

Meaning :

Net banking is defined as a comprehensive online banking service that enables customers to conduct financial transactions via the bank’s website or mobile application, eliminating the need to visit physical branches. This service includes a range of

functionalities such as checking account balances, transferring funds, paying bills, opening  fixed deposits, and applying for loans digitally.

Importance in Finance :  

Net banking significantly saves time by allowing users to manage their banking needs from any location, at any time.

It provides 24/7 access to banking services, enhancing convenience and flexibility for customers.

By reducing reliance on physical branches, it streamlines banking processes and improves operational efficiency.

It enhances financial transparency by offering immediate access to transaction records and

detailed account statements, facilitating better financial management.

Types/Uses  :

Fund transfers, including intra-bank and inter-bank transactions.

Payment of utility bills, such as electricity, water, and telecommunications.

Comprehensive account management, including balance checks, transaction history, and statement downloads.

Facilitating secure payments for online shopping and e-commerce transactions.