Explain meaning and benefits of e-banking.

Explanation

Online banking, also known as internet banking, is an electronic payment system that enables customers of a bank or other financial institution to conduct a range of financial transactions through the financial institution's website.



The main advantages of electronic banking are: –


1.The cost of operation per unit of services is lower for banks.

2.Offers convenience to customers since they are not required to go to the bank’s facilities.

3.There is a very low incidence of errors.

4.The customer can obtain funds at any time from ATMs.

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