online banking
TRANSCRIPT
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SL .No. TOPIC 1. INTRODUCTION:
BACKGROUND
REVIEW OF LITERATURE OBJECTIVES & SCOPES OF THE STUDY
RESEARCH METHODOLOGIES
2. CONCEPTUAL OVERVIEW: NATIONAL & INTERNATIONAL SCENARIO
3. PRESENTATION OF DATA ANALYSIS & FINDINGS : DATA TYPE & SOURCES
ANALYSIS OF FINDINGS
CASE STUDY OF SBI BANK 4. CONCLUSIONS & RECCOMENDATIONS :
SUMMERY OBSERVATION
SUGGESTIONS
LIMITATION OF THE STUDY 5. BIBLIOGRAPHY 6. ANNEXURE-1-A 7. ANNEXURE-1-B
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The age of Google and Wikipedia has ensured that we do most of our activities
online. What is absolutely incredible is that we can rely for almost everything on
the internet. More business then we can ever imagine is done online. The Indian
banking industry has undergone unprecedented rivalry among unconventional
banking organizations. The introduction of latest technologies along with the
deregulation of the banking sector has attracted new players to make a foray into
the industry rapidly and competently. If you consider the present age of banking ,
online banking has made things much easier and has saved lot of time of bank
employees as well as general public. The traditional way of waiting in a queue and
filling up all the forms manually , is no hassle now for transaction with any bank .
The shift from to “ONLINE BANKING” has been a leap change.
Here , I discuss about introduction , need of online banking ,types of online
banking , the risks associated with it , its advantages and disadvantages & an
analysis of the number of customers who avail online banking facilities. This
project report outlines the concept of online banking with advantages and
disadvantages. Also a comparative study of nationalized banks in Kolkata region
to analyze online banking , mobile banking services used by users in those banks.
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The twenty-first century is characterized by the use of information technology
which has revolutionized not only our working patterns but our style of living also.
A new era of banking , coined “ONLINE BANKING” or “INTERNET BANKING” has
come into existence , where customers can perform their financial transactions
electronically over the internet through their personal computer or laptop at a
time convenient and suitable to them , without visiting concerned bank and thus ,
in this manner they can save their precious time & utilize in other crucial tasks.
Furthermore , customers are expected to perform at least one of the following
transactions online , namely viewing account balance and transaction histories ,
paying bills. Transferring funds between accounts , ordering cheques , managing
investments and stock trading. Internet banking as a medium of delivery of
banking services and as a strategic tool for business development has gained wide
acceptance internationally and is progressing in India as more and more banks are
entering the fray . India can be said to be on the threshold of a major banking
revolution with net banking having already been unveiled. Internet banking is
defined as “THE PROVISION OF RETAIL AND SMALL VALUE BANKING PRODUCTS
AND SERVICES THROUGH ELECTRONIC CHANNELS”.
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Client prepares a cheque & goes to the bank
Deposits the cheque in the bank
Next day the money is transferred
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Client goes to the banks website and keys in the user ID & password
Gives instructions online
The money is transferred in a matter of minutes
In the present scenario , most of the business organizations are using the
internet for a variety of communication tasks , such as promotion of consumer
awareness and interest , providing information and consultation , facilitating two-
way communication with customers through e-mail , stimulating product trial and
enabling customers to place orders. In order to avail the benefits that are accrued
through using internet , financial institution like banks are transforming
themselves and conducting their business electronically.
Competition and the constant changes in technology and lifestyles have
changed the face of banking. Nowadays , banks are seeking alternative ways to
provide and differentiate amongst their varied services. Customers , both
corporate as well as retail , are no longer willing to queue in banks , or wait on the
phone , for the most basic of services. They demand and expect to be able to
transact their financial dealings where and when they wish to.
E-Banking can be defined as “delivery of banks services to a customer at
his office or home using Electronic Technology”. The quality , range and price of
these electronic services decide a banks competitive position in the industry.
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How online-banking helps :
1. To corporate :
1. Competition : Banks feel the need to offer e-banking services today
just to keep up with the competitors and to be able to retain their
existing customers.
2. New Markets : The internet is not only a low cost approach to
determine new distribution channels but also to establish a presence
in new and upcoming markets.
3. Customers services : E-Banking offers banks an opportunity to
improve on their customer services by collecting and managing
information pertaining to their customers and their individualistic
preferences.
4. Reduce costs : E-Banking is an opportunity for banks to reduce their
overhead cost of an ordinary bank accounts for 50% - 60% of their
revenues , whereas the running cost of Internet Banking are a mere
15% - 20% of revenues. For examples , in India , Net Banking is
estimated to cost just INR 2per transaction compared to the INR 43
incurred while banking at the branch.
2. To customers :
1. Anywhere banking no matter wherever the customers in the world ,
online banking is just a website away. Balance enquiry , request for
services , issuing instructions etc. From anywhere in the world are
possible. Customers can use their computers and a telephone
modem to dial in from home or any site where they have access to a
computer.
2. Any time banking managing funds in real time and most importantly ,
24 hours a day , 7 days a week.
3. Convenience acts as a tremendous psychological benefit all the time.
4. Cash or card free banking through PC banking. E-Banking expands the
domain of access to banking services.
5. Brings down cost of banking to the customer over a period of time.
6. Cash withdrawal from branch / ATM.
To Bank :
1. Innovative , secure , addresses competition and present the bank as
technology driven in the banking sector market.
2. Reduces customer visits to the branch and thereby human
intervention. This impact tells upon establishment costs of the bank.
3. Inter-branch reconciliation is immediate thereby reducing chances of
fraud and misappropriation. Online banking an effective medium of
promotion of various schemers of the bank , a marketing tool indeed.
To merchants , Traders etc. :
1. Increase in business because of increased purchasing power of the
credit card holders and ease with which purchasing can be done.
2. Less need for merchants or traders to provide credit facility to their
customers.
3. Marketing E-commerce a reality and globalizing the trade.
4. Development of global and loyal clientele base. Assured immediate
payment & settlement.
5. Avoid all the cost and risk problems involved in handling cash.
6. Providing services of international standard at low transaction
corporation.
To Government and Nation :
1. Globalization of trade and E-commerce.
2. Providing global market to the national products and services.
3. Establishment of E-commerce in India will promote exports and
increase inflow of foreign exchange.
4. Promotion of E-commerce and E-marketing will eliminate the risk of
carrying heavy cash.
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Online baking offers you a quick and convenient way to manage your money. In
fact , through it varies from bank to bank , there are generally few types of
transactions or other management actions that cannot be done online with an
established accounts.
The different types of E-Banking are :
1. Accounts managements : Online banking system allow you to log in
through their website and view your accounts information. There may be
several passwords or log-in codes you have to input to gain access to your
account. You can check your current balance and balance history , initiate
transfers between accounts and view account activity.
2. Deposits and payment : Direct deposit is a type of banking that allows you
to provide a routing number so money can be transferred into your account
automatically.
3. E-statements : E-statements or electronic statements are your regular bank
statements made available online.
4. Pay bills : With internet bill pay services you may log into your account and
authorize payments without having to write or mail checks. You will need
to enter the account number and remittance address one time for each
vendor ,but successive payments will require only the date and amount.
5. Loans and new accounts : Consumers may apply for loans , credit cards and
mortgages , as well as open and fund checking and saving accounts online.
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Prem Kumar and Esthen Gnanapoo (2008) , “Online banking the
essential need of today” it was found out that the current trends are quite
comforting for customer but it does pose threats and problem to banks. As
we had find information’s technology invading the banking sector , only
banks , which used the right technology , could come out with success.
The concept of electronic banking has been defined in many ways.
According to Birch and Young (1997) analyzed the consumer side for E-
banking and the results showed that consumers basically seek for
transactional efficiency , choice for core and non-core banking products
and access to competitive prices and returns.
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Banks have transformed themselves and are offering services through internet.
Online banking is defined as the automated delivery of new and traditional
banking products and services directly to customers through electronic ,
interactive communication channels. Online banking includes the systems that
enable financial institution customers , individuals or businesses to access
accounts , transact business or obtain information on financial products and
services through a public or private network , including the internet. Now days
nationalized banks concentrate more on the online banking services and there is
competition in between them. The customers of nationalized banks are also
attracted towards online banking services hence the project report analysis is
done.
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Following objectives are set for study :
To study concepts of online banking.
To study advantages and disadvantages of online banking.
To study the comparison of online banking , ATM and Mobile Banking
facility used by the customer in various national banks.
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All the technologies invented by mankind to easy its life have their share of
advantages & disadvantages. Similarly , Online banking also has its share of
advantages and disadvantages.
Advantages :
1. Online banking is totally easy thing to do. In the comfort of your
home or offices , you can do whatever monetary transactions you
wish to do with your bank. The services and various features of
your bank are always available 7 days a week 24 hours in a day and
365 days in year. The most interesting thing here is that ,
everything can happen at just one click of your mouse. Online
Banking is also stress free because it never closes unlike the
traditional banking that has cut off time.
2. Bill payments can also be handled properly and smartly. Instead of
waiting for certain due dates , you can easily pay all your
transactions using your computer and in coordination with your
bank. Online banking is also ubiquitous or simply put smart. This
enable you to do troubleshooting regarding any problems that may
arise from your business. Another great advantage of online
banking is the interest rates.
3. Another advantages is the speed of every transaction. Online
transaction , compared to ATM or traditional banking works faster.
4. Banking online is both efficient and effective. With just one secure
site , all your financial transaction can be managed orderly.
Disadvantages :
1. Setting up an account may take time : In order to register for your
banks online program , you will probably have to provide ID and
sign a form at a bank branch.
2. Legal issues : If you and your partner wish to view and manage your
assets together online , one of you may have to sign a durable
power of attorney before the bank will display all of your holdings
together.
3. Learning difficulties : Banks sites can be difficult to navigate at first.
Getting acquitted with the banking sites software may require
some time to read the tutorials in order to become comfortable in
your virtual lobby.
4. Sites changes and upgrades : Even the largest banks periodically
upgrade their online programs , added new features in unfamiliar
places .
5. Customers service : There is no personal contact with any of the
staff and if talk to any staff through the telephone , you have no
guarantee you are talking to best person available.
6. Security concern : Even through E-Banking heavily encrypted ,
through the developing technology , it`s hard to rule out “hackers”
who may access your bank accounts.
7. Technical breakdown : As with all technologies , online banking
websites something go down.
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Researcher has analyzed online banking data from the year 2008 – 2011
of a few nationalized banks. Researcher has selected Bank of
Maharashtra , State Bank of India , Bank of Baroda , Union Bank of
India and Central Bank of India as a sample for study.
Geographical scope of the study is limited to the Kolkata Region.
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The data collected for the project is in the form of written as well as verbal
information.
1. Primary data : The information about the selected bank is gathered from
the discussion with the employees of the bank. For data collection ,
observation and interview method is used. Interview of manager can be
conduct to get information.
2. Secondary data : The secondary data was collected from summary reports ,
E-mails , Circulars , Books , Notifications of RBI and an annual report of the
banks from 2008 – 09 to 2010 – 2011.
3. Data analysis : Researcher has selected Bank of Maharashtra , State Bank
of India , Bank of Baroda , Central Bank of India and Union Bank of India in
Kolkata region as a sample for study.
In above study ATM , Net Banking and Mobile Banking facility used by the
customer in selected nationalized bank can be analyzed.
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INDIAN SCENARIO
The IT revolution had a great impact in the Indian Banking System. The use of
computers had led to introduction of online banking in India. The use of the
modern innovation and computerization of the banking sector of India has
increased manifold after the economic liberalization of 1991 as the country`s
banking sector has been exposed to the world`s market. The India banks were
finding it difficult to complete with the International banks in terms of the
customer service without the use of the information technology and computers.
The RBI set up a number of committees to define and coordinate banking
technology.
In 1994 , Committee on Technology issues relating to payment systems , Cheque
clearing and securities settlement in the banking industry (1994) was set up under
the chairman Shri . WS Saraf. It emphasized electronic funds transfer (EFT) system
, with the BANKNET communications network as its carrier. It also said that MICR
clearing should be set up in all branches of all banks with more than 100
branches.
In 1995 , Committee for proposing Legislation on electronic funds transfer and
other electronic payments (1995) again emphasized EFT system.
Total numbers of ATMs installed in India by various banks as on end June 2012 is
99,218 . The New Private Sector Banks in India is having the largest numbers of
ATMs which is followed by off-site ATM s belonging to SBI and its subsidiaries and
then it is followed by new private banks , Nationalized banks and Foreign banks.
While on site is highest for the nationalized banks of India.
INTERNATIONAL SCENARIO :
The western countries have tapped the field of online banking much better than
their eastern counterparts. The public awareness about online banking is much
more in the American and the Europe than the Asian Countries.
NORTH AMERICA : North America has the biggest success story when it
comes to online banking. The number of users of online banking is
staggering. This zone is way ahead in online banking than most of the other
countries of the world.
EUROPE : The Dutch and Finnish are the biggest online bank users ,
according to figures of online banking habits across Europe.
Nearly 4 in 5 Dutch people aged 16 – 75 do their banking online according
to Statistics Netherlands. This brings the Netherlands to the top of the
European Union. The share of people banking online has increased by more
than half since 2005. The older generations have caught up.
79% of the Dutch aged 16 – 75 engaged in Internet Banking in 2011. The
Netherlands together with Finland have the highest share of Internet
Banking in the European Union. In Bulgaria and Romania there is hardly any
Internet Banking. In the EU an average of 37% of the 16 – 75 years old does
their banking online.
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Researcher has selected some banks , there are Bank Of Maharashtra , State
Bank of India , Bank Of Baroda , Union Bank of India in Kolkata region as a sample
for study. Banks can take all types of possible steps to convince customer to use
the online banking services regularly. All staff members including peons , urged
the savings and current account holders to take maximum benefit from online
banking. Online banking is helpful for the banks to increase its overall image as
well as for the business of the bank. Researchers observed that every day on an
average 4 – 5 savings accounts were opened and from them at least 3 accounts
demanded for online banking services like ATM , mobile banking or net banking.
Many customers have certain problems , problems ranging from illiteracy ,
pensioner persons who don`t know much about online banking. There is a
separate data base or records store in the server but branch also maintained
manual records of ATM cards issued and Mobile and Online Banking users.
Following table shows detail about performance of banks over the year , ATM ,
Online banking , Mobile banking user of selected bank.
Sr.
No.
Name of
the Banks No. of Branches Deposits Advances CD
Ratio Kolkata (South)
Kolkata (North)
Kolkata (East)
TOTAL
1. State bank Of India
34 15 2 51 100434 56246 56%
2. Bank of
India 11 12 4 27 94940 55132 58%
3. Bank of Baroda
6 3 1 10 15246 6652 44%
4. Bank of Maharashtra
3 2 1 6 9319 4252 46%
5. Union Bank Of India
1 2 1 4 6034 5042 84%
Table 1. Performance of the bank over the years (in Lakhs)
From Table 1 , Researcher analyzed online banking data from the year 2011
– 2012 to 2012 – 2013 of State Bank of India , Bank of Baroda , Bank of
Maharashtra , Union Bank of India. State Bank of India having large no of
bank branches 51 with Deposit 100434 , Advances 56246 and CD Ratio 56%
in Kolkata region and Union Bank of India having only 4 branches with
Deposit 6034 , Advances 5042 and highest CD Ratio 84% in the region.
Sr.No. Name of the Banks 2011 - 12 2012 - 13 2013 - 14
1. State Bank of India 156 240 458
2. Bank of India 53 192 262
3. Bank of Baroda 7 27 157
4. Bank of Maharashtra 5 25 99
5. Union Bank of India 0 13 47
Table 2. Online banking users of selected banks
GRAFICAL ANALYSIS SHOWING ONLINE BANKING USERS
From Table 2 , Researcher observe that State Bank of India and Bank of India has
constantly increased the number of online banking users from 2011 – 12 to 2012
– 13. Bank of Baroda surprisingly increased their online banking users to 157 in
02000400060008000
100001200014000160001800020000
2011 – 12
2012 – 13
2013 – 14
2013 – 14. Union Bank of India initially did not have response for online banking
from its customers in 2011 – 12.
Sr. No.
NAME OF THE BANKS 2011 – 12 2012 – 13 2013 – 14
1. State Bank of India 6206 12414 18618
2. Bank of Baroda 157 1275 419
3. Bank of India 5372 10744 16116
4. Bank of Maharashtra 1100 1523 1729
5. Union Bank of India 98 635 1254
Table 3. ATM users of selected Banks
GRAFICAL ANALYSIS SHOWING THE NUMBER OF ATM USERS
Sr. No.
Name Of The Bank 2011 - 12 2012 - 13 2013 - 14
1. State Bank of India 48 96 328
0 5000 10000 15000 20000
State Bank of India
Bank of Baroda
Bank of India
Bank of Maharashtra
Union Bank of India
2013 – 14
2012 – 13
2011 – 12
2. Bank of Baroda 1 21 59
3. Bank of India 5 19 79
4. Bank of Maharashtra 0 7 85
5. Union Bank of India 0 2 13
GRAFICAL ANALYSIS SHOWING THE NUMBER OF MOBILE BANKING USERS
From Table 4 , Researcher observed that State Bank Of India and Bank of India has
constantly increased the number of Mobile Banking users from 2011 - 12 to 2012
– 13. Surprisingly Bank of Maharashtra has 79 mobile banking users in 2012 – 13
compared to Bank of Baroda and Bank of India , which are big competitors. Union
Bank of India , initially in 2011 – 12 and 2012 – 13 did not get response from
customers for Mobile Banking. But now it has 13 customers using the mobile
internet banking facility.
0
50
100
150
200
250
300
350
2011 - 12
2012 - 13
2013 - 14
FFFIIINNNDDDIIINNNGGGSSS With the help of the analysis , we observed the following specific findings :-
From the year 2011 – 12 to 2012 – 13 State Bank of India and Bank of India
constantly increased the online banking users as compared to the nationalized
banks in the study. State Bank of India had large number of customers using
online banking , mobile banking ATM service. It is in the first position as compared
of India, because most of its branches did not came under CBS till March ,2012.
Bank of Maharashtra having more growth in online banking as compared to old
banks like Bank of Baroda and Union Bank of India. Bank of Baroda came under
CBS in 2010 , but the bank still did not get the desired response from its
customers in 2011 – 12 and 2012 – 13 for online banking and mobile banking.
Bank of Maharashtra and State Bank of India has been using the “BANKS 24”
software developed by Tata Consultancy`s (TCS). Union Bank of India , Bank of
India , Bank of Baroda are using Financial Software and it is developed by Infosys
Tech. 2012 – 13 has been a good year for all the banks regarding online banking.
In 2012 – 13 Union Bank of India, Bank of Baroda and Bank of Maharashtra had a
rapid growth in online banking and mobile banking users. From almost zero the
number of users increased by leaps and bounds. State Bank of India and Bank of
India also had substantial increased in its online banking users.
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E – BANKING SYSTEM PROVIDED BY SBI
THE MAIN OBJECTIVES OF THE STUDY :
To understand the concept of Internet Banking and Importance, to bank as
well as customers.
To get aware of various aspects of net banking of SBI.
To build up SWOC analysis of Internet Banking of SBI.
To build up various solutions for drawbacks in net banking.
METHODOLGY :
This research paper is based on the primary data which is collected from the
employees of State Bank of India and secondary data which is collected from the
official website of State Bank of India and Reserve Bank of India.
SCOPE OF STUDY :
The study is made taking consideration of whole State Bank of India. It
investigates about all applications of online banking in SBI. It would help society
to get knowledge about process of Internet Banking and usefulness to banking
industry. As the study contains the 360 degree information regarding SBI and its
internet banking, Hence the study will lead to new ways to tackle the problems
and the SWOC of SBI in respect of internet banking.
NEED OD THE STUDY :
This study is needed to find out the working of Internet Banking of SBI and its
importance to customer as well as to bank. It helped us to know the all the
operations of the bank. It is needed to find out the working of all the operations
of Internet Banking of SBI.
RESEARCH LIMITATIONS / IMPLICATIONS :
The primary limitation of this study is based on originality of secondary data taken
via that official website of State Bank of India and Reserve Bank of India.
FINDINGS :
This study states that internet banking provides greater reach to customers
feedback can be obtained easily as internet is virtual in nature customers loyalty
can be get personal attention can be given by bank to customer also quality
services can be served. After studying the SWOC analysis , we came to know
various strengths of SBI such as quality customer services , greater reach ,
customers loyalty , easy access to information , 24 hours access , easy online
application etc. SBI should put efforts to multiply the number of strengths. In
terms of weakness I come to know some of the major weakness I come to know
some of the major weakness of internet banking among the customers ,
obsolesce of technology related to security , complicated procedures of availing
internet banking facilities , lack of knowledge among the employees of SBI. SBI
concentrate on the weaknesses and reduce them zero.
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www.onlinesbi.com, the Internet banking portal of our bank, enables its retail
banking customers to operate their accounts from anywhere anytime, removing
the restrictions imposed by geography and time. It's a platform that enables the
customers to carry out their banking activities from their desktop, aided by the
power and convenience of the Internet.
Using Internet banking services, you can do the following normal
banking transactions online:
Funds transfer between own accounts.
Third party transfers to accounts maintained at any branch of SBI
Group Transfers to accounts in State Bank Group
Inter Bank Transfers to accounts with other Banks
Online standing instructions for periodical transfer for the above
Credit PPF accounts across branches
Request for Issue of Demand Draft
Request for opening of new accounts
Request for closure of Loan Accounts
Request for Issue of Cheque Book
Apart from these, the other salient value-added features available are:
Utility bill payments .
Online Ticket Booking for travel by Road, Rail and Air .
SBILIFE, LIC and other insurance premium payments .
SBI and other Mutual funds Investments .
SBI and other Credit Card dues payments .
Tax Payment • Income, Service, State Govt .
Customs Duty Payment .
Online Share Trading (eZ-trade@SBI) .
Online Application for IPO .
Fee Payment to select educational institutions including IITs and NITs
Truly smart services to cover most of your banking transactions. All this and much
more, from your desktop.
All our branches are enabled for Internet Banking. Contact your branch for
availing this service. You can visit www.onlinesbi.com for downloading the
registration form.
On security front, the site is 'VeriSign' certified - indicating that it's absolutely safe
and secure for you to transact online. Additional layers of security are available
for doing transactions.
Internet Banking Security Tips:
8 Golden Rules to make your Internet Banking experience safe and secure
1. Change your Password at regular intervals .
2. Help SBI in preventing frauds (phishing) by reporting such incidents
to [email protected] .
3. Access portal by typing https://www.onlinesbi.com Do not click on any
shortcuts/links .
4. Avoid accessing your account from public places like cyber cafes .
5. Use virtual keyboard to enter user ID and Password .
6. Avoid entering sensitive info in pop-ups .
7. Track your transactions and usage history regularly .
8. Use latest and genuine software on your system with secure settings .
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Contribution of foreign branches in the global business of the Bank as at
31.03.2014 is as under:
"Baroda Connect" is an internet banking facility introduced as an alternative
delivery channel for rendering effective customer service on 24 X 7 basis. It offers
unique customized services to both Retail & Corporate customers.
All customers can register under Baroda Connect for View and / or Transaction facility :
Under VIEW facility customer can :
View Account summary of all operative, deposit and loan accounts .
View all multiple Account information online with a single user id .
Get Account statements .
Under Transaction facility customer can (in addition to the above VIEW
facilities) :
Transfer funds immediately or schedule for a future date to self linked and
third party .
Pay through Online Tax - Direct and Indirect taxes online such as Excise
Duty, Service Tax, Customs Duty, Income Tax etc .
Pay through Baroda Easy Pay - utility bills like electricity, mobile etc ,
Donations, Subscription, Travel plan booking online .
Pay school/institutional fees .
Book Rail Ticket – IRCTC .
Additionally a Corporate user can .
Set up multiple workflow of initiators and approvers for transactions and
requests .
View all trade finance related facilities availed eg. Export / Import LC,
Inland/ Export Bills, Forward Contracts Bank Guarantees, Packing Credit
account etc .
Use upload facility for single debit-multiple credit, multiple debit-multiple
credit and single credit-multiple debit .
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Why Internet Banking?
Bank of Maharashtra is offering the following services through Internet Banking
and you can avail these facilities from your place using Internet connectivity, Its
banking made available at your doorsteps.
Account Balance Enquiry
Transaction History / Statement of Account
View of Account details for all types of accounts
Mini Statement
Cheque Status Enquiry
Cheque Book Queries
E Payment of Taxes
How to Apply for Mahaconnect (Internet Banking) ?
Download the application form for Internet Banking from bankofmaharashtra.in
or collect the application from the branch and submit the filled in application
form to the branch. On successful processing of the application you will receive a
user Id, a login password and a transaction password. Using this user id and
passwords you can login to Mahaconnect and enjoy Internet Banking facility.
Download Application Form:
Retail Customers
Corporate Customers
How to Invoke Mahaconnect (Internet banking) website?
Connect to Internet and open the web browser on your computer.
Typehttps://www.mahaconnect.in in the address bar of the browser. This is the
most secure way to access Internet Banking website. Don’t use any links provided
anywhere which claims to take you to Bank of Maharashtra’s Internet Banking.
Don’t even use the search engine results.
How to Login?
Put the user id and password provided to you in the customer id and password
fields provided on login page. If you are logging in for the first time then the
system will show you the terms and conditions document, you need to accept the
terms and conditions by clicking on ‘I Agree’ link. Then system will force you to
change the initial login and transaction passwords. On successful login you can
view the menu and list of your accounts.
Security Tips:
Do not access your Internet Banking account from a cyber cafe or a shared
computer.
Do a proper Log off from the Internet Banking session. Do not just close
your browser.
Do not click any link that takes you to the website. Always type in the
correct URL (https://www.mahaconnect.in) into the address bar of your
browser.
Disable the “Auto Complete” function of your browser.
Use letters, numbers and special characters in your passwords to make it
complex and difficult for others to guess.
Do not share your Internet Banking passwords with anybody.
Do not respond to any mails asking for confidential information like PIN,
password or account number.
Always check the last login to your Internet Banking account
Check the URL of the web page. When browsing the web, the URLs begin
with letters “http”. However, over a secure connection, the address
displayed should begin with “https” note the “s” at the end.
Do’s and Don’ts :
Do’s
Add Mahaconnect to your List of Favorite Sites: We recommend that you
bookmark / add to your favorites the URL: https://www.mahaconnect.in in
order to
Change your Password once in a while: We recommend that you change
your password regularly, at least every 30 days or so. To change your
passwords login to https://www.mahaconnect.in. Click on “Options ?
Change Login Password / Change Transaction Password”.
Proper Log Out: Log out from Mahaconnect every time you complete your
online banking session. Do not close your browser directly without a proper
log out.
Look for the padlock symbol on the bottom bar of the browser to ensure
that the site is running in secure mode before you input any sensitive
information.
Keep your Internet Banking Passwords Confidential: We assure you that
Bank of Maharashtra officials will never ask you for your Internet Banking
Passwords through any medium (via email or phone etc).
Destroy unnecessary financial documents immediately: Destroy pin or
password mailers immediately after memorizing them. Never write them
down anywhere.
Disable the “Auto Complete” function on your browser: If you are using
Internet Explorer, turn off the ‘Auto Complete’ function on your browser to
prevent your system from remembering Passwords. To Disable the “Auto
Complete” function:
a. Open Internet Explorer. Select Tools ? Internet Options ? Content
(Tab)
b. Click on Settings Button under Auto Complete section
c. De-Select User Names and passwords on forms check box
d. Click on “OK”
Don’ts
Do not leave your personal Information lying around at an unprotected
place. Always ensure that your cheque books, pass books, deposit receipts
are kept in a secure place.
Avoid downloading program from unknown sources: Some sources may
have hidden forms of spyware or viruses that could compromise the
security of your computer.
Do not open attachment sent through mails, if you don’t know the sender.
Never open email attachments that have file extensions like .exe, .pif, or
.vbs. Such files are usually dangerous.
Do not keep your computer online when not in use: Either shut down your
PC or disconnect it from Internet
Do not use shared computers: We recommend that you avoid accessing
www.manaconnect.in from a public/ shared computers, e.g.: cyber cafe
etc.
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Union Bank of India offers its customers the facility of Internet Banking service.
With our Internet Banking service you can carry out banking activities from the
comfort of your home /office with only your mouse. Using your Internet Banking
ID and password, you can view your Union Bank accounts /do transactions online
24x7 without any hassle. You can transfer funds online to accounts maintained
with any bank in India. You can also access all your Union Bank accounts from all
around the world 24x7.
1. Features & Benefits :
Account/s transaction details
Viewing/Printing of account statement
Transfer of funds in own/third party accounts with our Bank
Transfer of funds to other bank accounts in India through NEFT/RTGS
Direct/ Indirect tax payments
Utility bill payments like electricity bills, telephone bills, insurance premium
payments, mutual fund payments, credit card payments etc.
Online air ticket and railway ticket booking etc
2. Eligibility :
Customer should have at least one operating account with a Union Bank
branch.
3. How to apply :
You may get our Internet Banking service through following channels:
Individual customers possessing ATM cum debit card may create internet
banking user id and passwords through our Self User Creation module on
our website . This is a very convenient, easy, and quick method
The above users may even reset/ generate the passwords on their own,
without needing to involve the bank branch, through our Self Reset
Password module with the same ease
Customers not having an ATM cum debit card, and Corporate customers,
should apply through the branch using the Internet Banking application
format for viewing and transaction facility.
4. Service Charges
Absolutely free of charge for users creating passwords through the Self
User Creation & Reset Password modules
Charges applicable as below when password is sent in printed form to the
retail/corporate users
Rs.150/- postal charges (Flat) and Rs.30/- per password
Rs.250/- postal + password printing charges (Flat) per corporate user
Contact Numbers:
In case the sign on or transaction password is not recoverable, user can follow any
of the below mentioned methods for assistance:
You may call our 24x7 Call Centre for resetting and dispatch of fresh password/s.
You may even email to us
at [email protected] [email protected]
for getting the password/s by courier/speed post .