Describe the innovations in commercial banking in india
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innnovation can be defined as a new product, or a new product design, or a new method of production...
since last 2 decades, a number of innnovations has taken place in the Indian commercial banking sector...
ATMs were initiated in the 1990s by some foreign banks... since, then public sector banks have also joined the race of expansion of ATM networks...
- mobile banking is a recent development in the commercial banking scene in India...
- internet banking has also developed recently, though it involves a number of security and legal risks...
- branch networking refers to the process of connecting geographically scattered branches through WAN wide area network or EN Enterprise network...
- with the expanding ATM networks and point of sale terminals, the card delivery system in India has been very successful...
- electronic clearing house are similar to automated clearing house in other countries...ECS is used by utility service for electricity bill payments, telephone bills and other charges...ECS debit clearing works on the one credit multiple debits principle...
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Innovations in commercial banking:
- A variety of developments occur in India's commercial banking market. For e.g. ATMs, net banking, credit and debit cards, mobile banking, truncation testing program, online clearing system, etc.
- Innovation can be described as either a new product or a new product design, or a new production process. A variety of developments have been taking place within the Indian commercial banking industry for the last two decades.
- Several foreign banks launched ATMs in the 1990s. Since then, public-sector banks also have entered the ATM network growth challenge. Mobile banking is a new development of India's commercial banking sector.
- Branch networking refers to the process of connecting geographically dispersed branches via WAN or wide area network and EN or network of enterprises.
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