e-banking_payment & settlement system_aug,13

8/12/2019 E-Banking_Payment & Settlement System_Aug,13

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e-BANKING

PAYMENT & SETTLEMENTSYSTEM

AUGUST,2013


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e - Banking Electronic Banking is done with the help of technology use

of internet in day to day banking thrust given by RBI & all banks, encouraging customers to use technology as much as possible while carrying out banking transactions.

eBanking is efficient, safe, secure, transparent, fast &accurate.

ore Banking !olutions " B!# connectivity among the branches of the same bank.

e $ayments vi%. R '!, (E) , E !, E) vis a vis *igh+alue learing "*+ # , I R clearing etc.

Effective tool for financial market clearing and other retail payment facilities


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PAYMENT & SETTLEMENTSYSTEM

-n Important ingredient of an efficient financial system is theability of intermediaries to effect smooth and secure transfersof money and e change financial claims embedded in financialinstruments.

In /001 RBI was empowered by the enactment of the $ayment& !ettlement -ct, /001 to regulate and supervise payment &settlement systems in India, formulate relevant policies and

provide a legal basis for multilateral netting and settlementfinality.

o operationalise the -ct, RBI framed the 2Board forRegulation and !upervision of payment & settlement systemRegulations, /0034 and 2$ayment & !ettlement !ystemsRegulations,/0034.


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PLASTIC MONEY & e-MONEY

$lastic money refers to substitution of currency at the time when a payment is taking place by using a card normally made of plastic.

ypes of plastic money 5 e6money 7

i# redit ards

ii# 8ebit ards

iii# other payment channels 5 products vi%. - s, obile banking, pre6paid payment instruments like ravel

card, pre6paid card etc.


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SECURITY ISSUES IN e-BANKINGhe ost prevalent types of internet frauds are 71 I!en"i"# "$e%" ' In the virtual world, a person9s identity is

defined by the :ser name and $assword. Identity theft is themisuse of personal data to abuse the victim9s bankingfacilities.

2 Ca(!ing ' arding sites can be found on the Internet, wherefraudsters buy and sell access to bank accounts, stolen cardnumbers, dumps from magnetic strips etc.

3 Ski))ing ' It constitutes the unnoticed duplication ofelectronic data from a payment card. - copying device isinstalled in front of the original card slot of an - , whichtranscribes the information from the magnetic strip on a cardinserted by the customer. !ometimes, these devices can be acamera or a fake touch pad to duplicate the keystrokes usedfor password entry.


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SECURITY ISSUES IN e-BANKING;. P$i $ing ' 2$hishing4 is a famous word these days

signifying fraudulent capture and recording of customers9security details, to be used later for committing fraud.

$hishing activities as well as anti6phishing measures havereached such levels of fren%ied activity, that an -nti6$hishing


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e-banking_payment & settlement system_aug,13

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