Question

Nakul is running a business of manufacturing invertors in Delhi. He has

received an order for supply of 20 invertors from Better Electronics in Jaipur.

As the amount of payment is more than Rs. 2 lakhs, Better Electronics

decided to transfer the funds electronically from their bank account.

(a) Which service of bank has been referred to in the above para. Name

and explain it.

(b) Also explain any 3 points related to benefits of e-Banking provided to

customers by banks. 3​

Answer 1

Answer :

(a) The Service provided in the above case study is e-banking services.

e-banking is internet banking means any user with PC and a browser can get connected to the banks website to perform any of the virtual banking functions and avail of any of the banks services.

(b) Benefits of e-banking :-

1. It provides 24 hours in a day × 7 days in a week × 365 days an year services to the customers of the bank.

2. It facilitates digital payments and promotes transparency in financial statements.

3. It inculcates a sense of financial discipline by recording each and every transaction.

Hope It Helps You Brother