E-banking and Canara Bank

The banking sector is the lifeline of any modern economy. It is one of the important financial pillars of the financial system, which plays a vital role in the success/failure of an economy. Banks are one of the oldest financial intermediaries in the financial system. They play an important role in the mobilization of deposits and disbursement of credit to various sectors of the economy. The banking system is the fuel injection system which spurs economic efficiency by the mobilizing saving and allocating them to high return investment. Research confirms that countries with a well develop banking system grow faster than those with a weaker one. The banking system reflects the economic health of country. The strength of economy of any country basically hinges on the strength and efficiency of the financial system which in turn depends on a sound and solvent banking system. A sound banking system efficiently deploys mobilized saving in productive sectors and a solvent banking system ensures that the bank is capable of meetings its obligation to the depositors. The banking sector is dominant in India as it accounts for more than one half the assets of the financial sectors.

E-business methods enable company to link their internal and external processes more efficiently & flexibility, work more closely with suppliers and partners to better satisfy the needs and expectations of their customer.

E-business transactions are done by the computers and telecommunication network, without using paper document. Traditionally, its definition has focused on EDI (Electronic Data Interchange) as the primary means of conducting business electronically between entities having a pre-established contractual relationship. More recently, however, the definition has broadened to encompasses business conducted over the internet and included entities not previously known to each other.

[...] World bank and other international financial institutions through extranets . Intranet procurement: For the transactions that are internal to a bank, between the bank and its branches and subsidiaries, intranet procurements of banking are required. On the other hand, extranet permits a bank to have full control over the users of intranet and the information to be transmitted. The extranet-internet-intranet relationship that exists in the process of banking is presented in the following figure: Figure showing Micro Model of E-Banking Extensive work is required to integrate internal and external communication of banking-related information through banking internet and intranet for the development of the financial sector. [...]

[...] CANARA Bank is properly equipped to provide ECS (credit and debit clearing) facility for the benefit of the customer. MAIN FEATURES OF ECS (CREDIT): This is a method of payment whereby an institutions which has to make large number of payments (such as interest/dividend/salary etc.), can directly deposit the amount electronically into the bank accounts of the beneficiary without issuing any paper instrument. ECS (credit) envisages single debit and multiple credits. Benefits to Institutions/ Govt. deptt/Corporate Client etc. (user clients): 1. [...]

[...] Facilities Available: - Transactions through Canara Bank ATMs and Other Bank ATMs. Purchase of Goods and Services at POS Merchant Establishments. Mobile top-up. VISA Money Transfer. E-Ticketing Types of Accounts: - Saving Bank/Current Account/Over Draft accounts in the name of individuals as well as joint accounts (operated severally) 3. Eligibility: - All SB, Current and OD account holders including NRIs, employees and ex-employees Ineligible Accounts: - Joint Accounts where operation condition is ‘Jointly’ Accounts of illiterate persons / blind persons/minors Accounts under Garnishee / attachment orders or which are under litigation/dispute. [...]