E-Banking:
“Virtual banks” (or “direct banks”) have only an internet presence, which enables them to lower costs than traditional brick and mortar banks.
| RTGS and NEFT | |
| NEFT | RTGS |
| National electronic Fund Transfer | Real Time Gross Settlement |
| Transactions happen in batches hence slow | Transactions Happens in real time hence fast |
| Timings: 8:00 am to 6:30 Pm (12:30 pm on Saturday) | Timings: 9:00 am to 4:30 pm (December 2020 onwards RTGS is available 24 x 7 x 365) (1:30 pm on Saturday) |
| No minimum limit | Minimum amount for RTGS Transfer is Rs.2 Lakhs. |
ATM (Automated Teller Machine):
ATMs transformed the bank tech system when they were first introduced in 1967.
| Types of ATM | |
| White Label ATM | ATM Provided by NBFC (Non-Banking Financial Company) |
| Green Label ATM | ATM Provided for Agricultural Transaction |
| Orange Label ATM | ATM Provided for Share Transactions |
| Yellow Label ATM | ATM provided for E-commerce |
| Pink Label ATM | ATM for Women Banking |
| Brown Label ATM | ATM are those Automated Teller Machines where hardware and the lease of the ATM machine is owned by a service provider, but cash management and connectivity to banking networks is provided by a sponsor bank. |
Paytm:
- Payments Bank, in August 2015, Paytm received a license from RBI to launch a payments bank.
Debit Card and Credit Card:
- A Debit card is a card allowing the holder to transfer money electronically from their bank account when making a purchase.
- A credit card is a payment card issued to users (cardholders) to enable the cardholder to pay a merchant for goods and services based on the card holder’s promise to the card issuer to pay them for the amounts so paid plus the other agreed charges.
Non-Performing Assets:
- Once the borrower fails to make interest or principal payments for 90 days the loan is considered to be a non-performing asset (NPA)
Merger of Banks:
- Five associates and the Bharatiya Mahila Bank have become the part of State Bank of India (SBI) beginning April 1, 2017.
- State Bank of Bikaner and Jaipur (SBBI), State Bank of Hyderabad (SBH), State Bank of Mysore (SBM), State Bank of Patiala (SBP) and State Bank of Travancore (SBT)
- The other two Associate Banks namely State Bank of Indore and State Bank of Saurashtra had already been merged with State Bank of India.
- Tamil Nadu Grama Bank was established on 04.2019 by integrating Pallavan Grama Bank and Pandyan Grama Bank with the financial assistance from Indian bank.