Now the Indian banking system is turning to a technology driven banking, thanks for the growing universalization and internalisation of banking operations. In the first major technology application was introduction of MICR in 1988.
List of New Technology Changes in Indian Banking System:
Core Banking Systems: The introduction of Core Banking System (CBS). The 5 main things which form part of Core Banking System is
- General ledger Customer,
- Information System,
- Deposit system,
- Loan system, and
- Management Information system.
INFINET (Indian Financial Network): This is used by large number of banks for funds and non-funds based transaction/transfers, and is developed by Institute for Development and Research in Banking Technology (IDRBT), Hyderabad. Public key infrastructure(PKI) technology is used by this network.
National Electronic Funds Transfer System: This was introduced by RBI for an electronic fund transfer for efficient secure, economical with reliable system, and this is called as NEFT stytem.
National Electronic Clearing Services(NECS): The objective of NECS is to facilitate centralised processing for repetitive and bulk payment instructions.
Centralised Funds Management(CFMS): This system is to enable the operations on current accounts maintained by banks and various offices in an secure manner. It is maintained by RBI.
Mobile Banking Services: The increasing mobile phone usage and introduction of 3G services has initiated this system where the transactions can be carried over mobile phones. Thus the bank and its customer can do a financial transaction actions through the use of mobile phones
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