Online Banking

42019 Words169 Pages
Internet Banking Table of Contents Chapter–1– Introduction 0 Chapter–2– Internet Banking a new medium 7 Chapter--3 - International experience 19 Chapter -4 -The Indian Scenario 33 Chapter- 5- Types of risks associated with Internet banking 41 Chapter- 6- Technology And Security Standards For Internet - Banking 49 Chapter -7 - Legal Issues involved in Internet Banking 74 Chapter- 8- Regulatory and supervisory concerns 84 Chapter–9 - Recommendations 98 Annexure 1 111 Annexure 2 112 Annexure 3 113 Annexure 4 115 Chapter–1– Introduction 1.1 Background 1.1.1 Banks have traditionally been in the forefront of harnessing technology to improve their products, services and efficiency. They have, over a long time, been…show more content…
A new form of competition has emerged both from the existing players and new players of the market who are not strictly banks. 1.1.4 The Regulatory and Supervisory concerns in i-banking arise mainly out of the distinctive features outlined above. These concerns can be broadly addressed under three broad categories, viz, (i) Legal and regulatory issues, (ii) Security issues and (iii) Supervisory and operational issues. Legal issues cover issues relating to the jurisdiction of law, validity of electronic contract including the question of repudiation, legal / regulatory environment and gaps between the existing and electronic trade etc. On the question of jurisdiction the issue is whether to apply the law of the area where access to Internet has been made or where the transaction has finally taken place. Allied too is the issue where the income has been generated and who should tax such income. There are still no definite answers to these issues. 1.1.5 Security of i-banking transactions is one of the most important areas of concerns to the regulators. Security Issues include questions of adopting internationally accepted state-of-the art minimum technology standards for access control, encryption, firewalls, certification of digital signature, Public/Private Key Infrastructure (PKI) infrastructure etc. The regulator is equally concerned

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