IMPACT OF INFORMATION TECHNOLOGY IN BANKING SECTOR

Abstract

Banking is the oldest financial sector in India. In recent times, banking has undergone a rapid growth. They contribute to the economic growth of a country by mobilizing the financial resources for productive purposes. Banking is the process which accepts deposits, investments, withdrawal either by cheque or draft used by the banks for providing services to the customers. Nowadays, Banks uses electronic mode for providing efficient, transparent and speedy services to customers. Information Technology refers to processing, storing and transferring information. It uses computers, electronic devices like telephones, mobile phones, fax machines etc. and telecommunication network. Information Technology has defined all geographical boundaries. It enables sophisticated development, better market infrastructure, implementation of reliable techniques for control of risks and helps the financial intermediaries to succeed in geographically distant and diversified markets.