Mobile Banking
Mobile Banking
Mobile Banking
analysis indicates that Internet banks are larger banks and have
Internet banks. Internet banks rely more heavily on core deposits for
does not have any significant association, on the other hand, Internet
the banks.
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INTRODUCTION
Banking system in India
Banking in India has it’s origin as early as the Vedic period it is
have occurred even before Manu, the grate Hindu jurist. During the
days of east India Company it was the turn of the agency houses to
carry on the banking business. The general bank of India was the first
joint stock bank to be established in the year 1786 the other which
In the first half of the 19th century the east India Company establish
1840 and The Bank of Madras in 1843. These three banks are known
three banks were amalgamated in 1920 and a new bank, the Imperial
The Reserve Bank, which is the central bank of India, was created in
Canara Bank Ltd, Indian Bank Ltd, The Bank of Baroda Ltd, The
country were nationalized and on 15th April 1980 six more commercial
private sector bank were also taken over by the government. Today the
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Public sector bank:
1. State Bank of India and its associate banks called
sector bank.
2. City Bank
3. HSBC
4. American express
5. ABN Amro
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1. State Cooperative Bank
Development bank
1. Industrial Finance Cooperation of India (IFCI)
6. SCICI Ltd
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The Central banks of the country was nationalized with a effect from
July1 1955, for the purpose of the creation of one strong integrated,
banks with their strong base abroad are finding it very attractive to set
up operations in India.
2. City Bank
3. Bank of America
4. American Express
5. HSBC
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Net Banking
Every bank has launched its Net banking service. Online banking is
Through Net banking you can do Net banking transfer and open yours
Net banking account too. There are no Net banking charges for
opening an Net banking account. You can manage all yours finances
all Net banking transfer done by just a single click of mouse. This is a
how to activate yours Net banking account. Here is what you can do-
particular bank.
charges.
When you would have filled yours Online banking form, then you
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a retail orvirtual bank, credit union or building society.It may include
having personal Internet access must register with the institution for
the service, and set up some password (under various names) for
customer number. The customer will link to the customer number any
institution's website, and enter the online banking facility using the
Features
Online banking facilities offered by various financial institutions have
many features and capabilities in common, but also have some that
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viewing recent transactions
banking, including -
enrollments
of their accounts in one place whether they are with their main
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Security
Standing instructions
Apart from these, the other salient value-added features available are:
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LIC and other insurance premium payments,
banks and the banking industry. An extreme view speculates that the
Internet will destroy old models of how bank services are developed
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Internet banking is expected to affect the mixture of financial services
Whether or not this extreme view proves correct and whether banks
2003).
More recently in India too, a wider are ray of financial products and
services have become available over the Internet (Malhotra and Singh,
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Other investments are motivated more by a desire to establish a
examining bank financial statements from year end 1998 to year end
2006. The present study tests not only whether the Internet delivery
our sample, but also how these changes happened. The study
for both academic literature and also for bank marketers who cannot
investment.
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ADOPTION RATES OF INTERNET BANKS
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The decision to accept or reject null hypothesis is made on the basis of
the value of the test statistic obtained from the data at hand. In the
value is provided for the hypothesis that the means in the Internet
Internet, etc.).
The univariate statistics for the Internet group as well as the non-
banking group and separately for public sector banks (SBI group and
nationalized banks), private sector banks (new and old private sector
MOBILE BANKING
Mobile banking (also known as M-Banking, mbanking) is a term used
the mobile web in 1999, the first European banks started to offer
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Mobile banking has until recently (2010) most often been performed
via SMS or the Mobile Web. Apple's initial success with iPhoneand the
inter-related concepts:
Mobile Accounting
Mobile Brokerage
as well as financial
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Mobile banking business models
A wide spectrum of Mobile/branchless banking models is evolving.
management will depend on them. Many telcos will work through their
These models differ primarily on the question that who will establish
Bank-focused model
The bank-focused model emerges when a traditional bank uses non-
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Mobile banking services
Mobile banking can offer services such as the following:
Account information
1. Mini-statements and checking of account history
13. Due date of payment (functionality for stop, change and deleting
of payments)
14. PIN provision, Change of PIN and reminder over the Internet
3. Micro-payment handling
4. Mobile recharging
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7. Peer to Peer payments
the client has sufficient funds in his or her wallet and authorize a
money, the merchant receives cash and the system credits the client's
bank account or mobile wallet. In the same way the client can also
authorization, the merchant hands the client cash and debits the
merchant's account.
application are :
Handset operability
There are a large number of different mobile phone devices and it is a
big challenge for banks to offer mobile banking solution on any type of
limitations of low end java based phones, while focus on areas such as
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better security, are easier to use and allow development of more
can provide the basics but becomes difficult to operate with more
complex transactions.
individual country, as very few countries have more than one mobile
banking world.
Security
Security of financial transactions, being executed from some remote
location and transmission of financial information over the air, are the
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The following aspects need to be addressed to offer a secure
more important.
One-time password (OTPs) are the latest tool used by financial and
expired once it has been used or once its scheduled life-cycle has
expired.
that SMS gateway providers can provide a decent quality of service for
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this industry; it is necessary to give the bank customer delivery
Personalization
It would be expected from the mobile application to support
personalization such as :
1. Preferred Language
3. Amount format
4. Default transactions
6. Alerts
RTGS:
An RTGS (Real Time Gross Settlement) payment system is one in
time from the start of the RTGS Business Day (9 am) till - 3 p.m. on
at any time from the start of the RTGS Business Day (9 am) till - 5
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OBJECTIVE OF STUDY
Without objective a man is like a rolling stone same as without
objective a project has no value the main objective of this project has
Mobile Banking.
and on PNB.
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SCOPE OF STUDY
This study will help to know about the netbanking.
banking.
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COMPANY PROFILE
With its presence virtually in all the important centres of the country,
Among the clients of the Bank are Indian conglomerates, medium and
have helped the Bank to build strong links with trade and industry.
Nationalized Banks. The Bank was recently ranked 21st amongst top
A.C Nielson Survey. PNB is also ranked 368 amongst the top 1000
At the same time, the bank has been conscious of its social
Bank maintains with over 200 leading international banks all over the
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companies in the Gulf and one in Singapore. Bank is a member of the
SWIFT and over 150 branches of the bank are connected through its
India and has identified some of the emerging economies which offer
more efficient and speedy service, the Bank has taken major initiative
Providing 24 hours, 365 days banking right from the PC of the user,
account etc.
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holders to pay their telephone, mobile, electricity, insurance and other
clientele is the launch of its Debit card, which is also an ATM card. It
enables the card holder to buy goods and services at over 99270
used to withdraw cash at more than 11000 ATMs, where the 'Maestro'
logo is displayed, apart from the PNB's over 600 ATMs and tie up
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Mission and vision
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Pun
njab Natio
onal Bank
k
Type
e Public
(BSE: 532461,N
5 SE: PNB)
Indu
ustry Bankin
ng, Financ
cial
services
Foun
nded 1895
Head
dquarters
s New De
elhi, India
a
Key people K R Ka
amath (Ch
hairman &
MD)
Prod
ducts Credit cards, con
nsumer
bankin
ng,corpora
ate
bankin
ng, finance
e and
insuran
nce, inves
stment
bankin
ng,mortgag
ge
loans, private
p
bankin
ng,private
equity, wealth
management
Reve
enue 36,42
28 crore (U
US$6.59
billion)(2012)
million
n)(2012)
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P
Tota
al assets 373,7
786 crore (US$67.66
billion)(2011)
Emp
ployees 56,928
8 (2010)
Web
bsite www.pn
nbindia.in
n
nancial se
Indian fin ervices co
ompany based in New
N Delhii, India. PNB
P is
is curren
ntly the se
econd larg
gest state
e-owned commercia
al bank in
n India
biggest bank
b in the
t world
d by the Bankers Almanac
c, London
n. The
bank's to
otal assets
s for financial yearr 2007 were
w aboutt US$60 billion.
b
ubai andK
Kong, Du Kabul, an
nd repres
sentative offices in
n Almaty, Dubai,
Oslo, and
d Shangha
ai.
History
Punjab National
N B
Bank wa
as registerred on 19 May 1
1894 und
der the
Indian Co
ompanies h its office in Anarrkali Baza
s Act with aar Lahorre. The
further th
he econom
mic intere
est of the country. PNB's fou
unders in
ncluded
Majithia and
a Lala Harkisha
an Lal, La
ala Lalch
hand, Shri Kali Pro
osanna
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P
Roy, Shri E.C. Jessawala, Shri Prabhu Dayal, Bakshi Jaishi Ram, and
Lala Dholan Dass. Lala Lajpat Rai was actively associated with the
management of the Bank in its early years. The board first met on 23
May 1894. Ironically, the PNB Website now claims Lala Lajpat Rai to
be the founding father, surpassing Rai Mul Raj and Dyal Singh
Majithia.
PNB has the distinction of being the first Indian bank to have been
started solely with Indian capital that has survived to the present.
Timeline
1819: PNB commenced its operations in Lahore.
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1960: PNB again shifted its head office, this time from Calcutta to
Delhi.
in Rangoon (Yangon).
rescue.
in a fraud scandal.
network.
1993: PNB acquired New Bank of India, which the GOI had
nationalized in 1980.
2003: PNB took over Nedungadi Bank, the oldest private sector
Bank's shares had zero value, with the result that its shareholders
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2004: PNB established a branch in Kabul, Afghanistan.
Birmingham.
in Kowloon.
Centre to a branch.
Global 2000.
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PNBMETLIFE
Punjab National Bank has entered into a strategic alliance with Metlife
With over 56 million satisfied customers and 5002 offices, PNB has
and good brand image. Besides being ranked as one of India's top
products, the bank has also entered the credit card & debit card
Since its humble beginning in 1895 with the distinction of being the
first Indian bank to have been started with Indian capital, PNB has
country (after SBI and ICICI Bank) and has the 2nd largest network of
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net profit of Rs 3905 crore. Bank has a strong capital base with
March’10, the Bank has the Gross and Net NPA ratio of 1.71% and
Adjusted Net Bank Credit at 19.7% was also higher than the
Indian banking industry. The Bank has maintained its stake Punjab
Earning per Share improved to Rs 123.98 (Rs 98.03 Mar’09) while the
In particular, the bank has retained its NUMBER ONE position among
Advances, total Business, Assets, Operating and Net profit in the year
thrust on CASA deposits, Retail, SME & Agri Advances and with more
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Net Profit 2049 3091 3905 23.98
better customer service and ensured that its ‘IT strategy’ follows the
rapid strides in this direction. All branches of the Bank are under
Core Banking Solution (CBS) since Dec’08, thus covering 100% of its
customers including customers of more than 3000 rural & semi urban
branches. The bank has also been offering Internet banking services
cost effective alternative channels of delivery, the bank with more than
350 ATMs has the largest ATM network amongst Nationalized Banks.
Bank has launched a drive for biometric smart card based technology
the last mile customer. The Bank has started several innovative
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The Bank launched an ambitious ‘Project Namaskar’ under which 1
extend the Bank’s outreach. Under this, 30 Kiosks have been opened
Bank has been a recipient of many awards and accolades during the
year:-
• As per the Forbes Annual list of 2000 global giants, PNB tops
position.
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• The Economic Times has ranked CEO of PNB as the 32nd Most
1. DEPOSIT PRODUCTS
2. LOAN PRODUCTS
3. INVESTMENT PRODUCTS
4. CARDS
5. NRI SERVICES
Benefit:
i. Free ATM Card
x. Credit card
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DEPOSIT PRODUCTS
Saving account
Current account
O.D. account
Fixed Deposit
Recurring Deposits
LOAN PRODUCTS
(A) Home Loans
INVESTMENT PRODUCTS
CARDS
(D) Credit Cards
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NRI Services
(G) Banking
(H) Investment
(I) Loans
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Subsidiriaries of P.N.B
the first primary dealer in India to achieve this certification for its
incorporation
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construction or for purchase of house/flat from development
Date of
Incorporation
project appraisal.
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RBI had advised closure of PNB Capital Services Ltd vide letter dated
Bank.
incorporation
subsidiary of PNB
RBI vide its letter dated April 4, 2000 had advised the Bank to close
down PNB AMC and not float any scheme. However, on request from
the Bank, the RBI gave time up to December 31, 2001 for submission
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PNB Securities Ltd:
PNB Securities Ltd. was incorporated on June 13,1996 as a 100%
vide its General meeting held on August 16, 2001 passed a special
resolution for "voluntary winding up" u/s 484 (1)(b) of the Companies
Act, 1956. Liquidator has been appointed and the income tax dues
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DEPOSIT
1) P.N.B offers wide verity of product to suit your requirement with
detail online and our representative will contact you for account
opening.
2) The 110-year-old bank is the second largest PSU bank, and the
third largest in the country. Over the last three years, PNB has
South-East Asia.
3) P.N.B bank offer you a power pack saving account with a host of
waiting in queues.
6) When expenses are high you may not adequate fund to make
big investment but simply going ahead without saving for the
you can invest small amount of money every month that ends
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Organizational Structure
Head Office
Zonal Offices
(25)
Branches (4068)
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Income and Expenses
Total income increased by 11.1% to Rs.6863.38 crore, led by YoY
to reach
a YoY growth of
0.8%,
fund.
Important Ratios
Gross NPA to Gross Advances ratio stood at 1.82% as at
June’10.
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Provision Coverage Ratio is at 77.61 % compared to RBI’s
stipulation of 70%.
of last year.
Priority Sector:
PS advances grew by more than 25% to reach Rs.64,452 crore.
cross Rs.30,000
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crore.
inception.
SME borrowers.
institutions of CGTMSE.
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Retail Credit:
Total Retail credit of the Bank marked a y‐o‐y increase of more
Good y‐o‐y growth in all key schemes i.e. Education loan (42%),
Financial Inclusion:
Opened 57.25 lakh “No Frill”/PNB Mitra accounts and issued
International Forays:
International presence in 9 countries, with branches at Hong
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controlling stake in Kazak Bank apart from opening a
subsidiary in Canada.
I.T. Initiatives:
Bank has installed 3715 ATMs facilitating more than 108 lakh
the brand equity of PNB and endorsed by Master Card for the
PNB has over 10 lac customers using Internet Banking and 2.3
CSR initiatives:
A board approved CSR policy has been adopted by the Bank to
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“Banking for the Unbanked”. Under this a “Green” drive has
Rural BPL youth and women. Till June, 9255 persons have
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ATMs at PNB:
PNB Debit Card is purely an on-line product. PNB Debit card bears
Master logo on the front. The Debit Cards can be accepted in India at
form.
the card.
• The daily withdrawal limits for ATM and at POS terminals are
Rs.25000/- each.
• The card can be used at POS terminals as like credit card (i.e.
commerce transactions)
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2.) Gold Debit Card:
• Gold debit card is issued to Premium customers maintaining
on the card.
• The daily withdrawal limit for ATM and at POS terminals are
• The card can be used at POS terminals as like credit card (i.e.
commerce transactions)
• The card will be used at Biometric ATM only with the use of
fingerprint only.
• PNB account holder can get two add-on cards along with own
Debit card for sharing the convenience with their loved ones.
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• The add-on card can be issued in the name of spouse,
ELIGIBILITY
balance and who regularly operate their account are eligible for
also eligible for the issue of Debit Cards at the time of opening
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• Debit Card can be issued in Joint Accounts with “Either or
HOW TO APPLY?
application form.
be issued instantly.
numbers-
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The Card shall be delivered at their communication address.
Worldwide.
Logo.
• The Debit Cards can be used to withdraw cash from more than
1.25 millions ATMs globally & the card holders can make
locations and over 43000 ATMs having Cirrus Logo and “Master
Card”.
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• PIN can be changed and MINI Statement of the account can be
AWARDS:
Awards & Achievements of Punjab National Bank in Recent Times
2005-06
Page | 57
for Excellence in Rural Development - 2005
Directors
Ranked 2nd for 4 consecutive years - 2002, 2003, 2004 & 2005
2005
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323rd Rank in the World
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Money Outlook Award
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For Best IT Implementation by IDG Media Pvt. Ltd.2007, 2008 &
2009
Financial Inclusion”.
2009
CENTRAL ZONE
Page | 61
National Award for Excellence in Lending for Institutional
NATIONAL LEVEL
NORTH ZONE
CENTRAL ZONE
Page | 62
“Best InfoSphere Warehouse Solution” Award by IBM
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USES OF NETBANKING
Through net banking you can do all the banking functions online. Net
banking was not present in olden time. But, with the various
There are many Uses of net banking. Through, net banking you can
update all your transactions immediately and that too within few
Some of the Uses of net bankingare that you can check your account
immediately and your any query can be solved within few minutes.
You can get all information regarding the various products and
You will also be sent the SMS alerts and e-mail alerts about any
You can also pay all your bills through online banking. You can
pay all yours electricity bills, telephone bills and other utility
of net banking.
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This can be due to the lack of information among people. For
There are very less people who are aware of the various
Through online banking, you can check your balances and see
You can do all your shopping online. You can also check your
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ADVANTAGES OF NETBANKING
Internet banking or banking via the Internet, can be considered
customers alike.
has made the opening of an account quite simple and easy and
even while closing an account. You can also apply for bank
of the day. This means that you no longer have to depend on the
bonds and other investments with the help of this facility. All
these features have made Internet banking ideal for people who
services of different banks and opt for the one that satisfies your
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name and pin number of your bank account. Otherwise, you
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DISADVANTAGES OF NETBANKING
Identity Confirmation
Security Concerns
Customer Service
If you bank at a traditional bank, you can go to the bank and speak to
someone face to face about your problem but, with an Internet bank,
you will likely spend a lot of time on the phone being passed around
Accessibility
If the Internet goes down in your area or the area of the banking office,
Fees
Many Internet banks don't have ATMs, which means you will have to
pay ATM fees. This can cost you more money than paying the regular
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ATM Transaction Fees
ATMs you can use. Consequently, you can rack up a fortune in ATM
Quote: ING), for example, allows account holders to use the Allpoint
ATM network, which includes 32,000 ATMs. You may also be able to
have some or all of your ATM fees credited back to your account with
some banks. This is not the case with all online-only banks, however.
purchases from grocery and drugstores and avoid the ATM as much
as possible.
Technical Difficulties
having all of your banking online also exposes you to the possibility
that there could be technical difficulties that get in your way. It’s
can take several days. Most online-only banks only take deposits by
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snail mail, so it takes time for checks to arrive. Alternatively, you can
that too takes time. Money transfers between online and traditional
bank also take time to clear, but typically you have access to a portion
automated phone system if you call for help. This is often the case
can visit a live person at the branch for help. You may even have
These scams use phony emails to direct you to dummy sites usually to
get your login information. You can avoid this hazard by never clicking
on links in emails from “your bank” and approaching such emails with
skepticism.
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• Site change it will make the customer have some confusion or
delay.
Nieto (2005).
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Internet banks in public sector, particularly, in nationalized
same preference.
overall results.
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Cost of Operations of Internet and Non-Internet Banks
Table also shows that the Internet banks in public and private sector
are generating higher labour cost. The results are expected as the
The Internet banks enable themselves to lower the financing cost (low
The present status of Internet banking in India and its implications for
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performance and risk. A panel data of 85 banks (operating as on
banks that offer Internet banking and banks that do not. Broadly
banks have higher asset quality and are better managed to lower the
Last, but not the least, attempt was made to see if there is any
including fixed cost and labour cost, thus affecting negatively the
banks.
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RESEARCH METHODOLGY
All the conclusions are based on the survey done in the working
within the time limit. I tried to select the sample representative of the
RESEARCH PLAN:
Preliminary Investigation: In which data on the situation
Exploratory Study:
RESEARCH DESIGN:
Research was initiated by examining the secondary data to gain
insight into the problem. By analyzing the secondary data, the study
aim is to explore the short comings of the present system and primary
ended and closed ended, both the types of questions has been used.
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COLLECTION OF DATA:
Primary data:
All the people from different profession were personally visited and
interviewed. They were the main source of Primary data. The method
structured questionnaire.
Secondary Data:
It was collected from internal sources. The secondary data was
of the company.
SAMPLING PLAN:
Since it is not possible to study whole universe, it becomes necessary
the bank
SAMPLE SIZE
My sample size for this project was 100 respondents. Since it was not
LIMITATIONS
PNB have a very few branches in Northern India
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PNB have very few ATM .
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DATA ANALYSIS
Q.1 Do you have bank account in PNB ?
Answer Percentage
Yes 35
No 65
35%
Yes
No
65%
According to above table, 35% people have their account in PNB AND
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Q.2. What is your age ?
Age Percentage
Below 18 years 5
18 years – 25 years 10
25 years – 50 years 60
Above 50 years 25
100
90
80
70
60
Percentage
60
50
40
30 25
20
10
10 5
0
Below 18 years 18 years – 25 years 25 years – 50 years Above 50 years
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Q.3 What is Your Sex ?
Sex Percentage
Male 80
Female 20
20%
Male
Female
80%
According to above table, 80% customers of PNB are Male and 20%
are female.
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Q.4. Which Bank do you have your account ?
Bank Percentage
Nationalised Bank 60
Private Bank 30
Co-operative Bank 8
Others 2
100
90
80
70
60
Percentage
60
50
40
30
30
20
8
10 2
0
Nationalised Bank Private Bank Co-operative Bank Others
2% in other banks.
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Q.5. Which services do you avail in PNB ?
Services Percentage
Debit Card 90
Credit Card 10
ATM 95
NetBanking 40
Mobile Banking 10
100 95
90
90
80
70
Percentage
60
50
40
40
30
20
10 10
10
0
Debit Card Credit Card ATM NetBanking Mobile
Banking
10% Credit Card, 95% ATM, 40% Netbanking and 10% use Mobile
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Q.6. Are You Satisfied with the Following Services ?
Services Percentage
Debit Card 95
Credit Card 60
ATM 95
NetBanking 80
Mobile Banking 70
100 95 95
90
80
80
70
70
60
Percentage
60
50
40
30
20
10
0
Debit Card Credit Card ATM NetBanking Mobile
Banking
Debit Card, 60% of credit card facilities, 95% with ATMs, 80% with
PNB.
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Q.7 Net Banking and Mobile Banking Seems Profitable for You ?
Profitable Percentage
Yes 85
No 15
15%
Yes
No
85%
According to above table, 85% customers said that Net banking and
Mobile Banking seems profitable for them and 15% were not satisfied.
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Q.8 Why Net Banking and Mobile Banking Seems Profitable for
You ?
Profitable Percentage
Easy to Operate 80
visit Bank)
60
50
50
38
40
30
20
10
0
A ll the abov e
Tim e S av ing
Inform ations
O perate
R eferenc e to
(Q ues in
E as y to
O thers
v is it B ank )
B ank )
S av ing (in
G et all
M oney
E as ily
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According to above table, 100% customers were satisified that due to
Net Banking its time saving, 80% said Easy to Operate, 100% said
reduces the cost of traveling to bank etc, 50% are were that they avoid
ques in bank and 100% were satisfied that they can get all
information easily.
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Q.9 Impact of Netbanking is Profitable for Banks ?
Profitable Percentage
Yes 99
No 1
1%
Yes
No
99%
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Q.10. Why its seems that Net Banking is Profitable for Banks ?
Expenses
Expenses
Transaction
100
90
80
80
75 75
70 70
70
60
Percentage
50
50
40
30
20
10
0
Reduces High Low er The Low er The High Cut Out in Reduces the Cost of Generate More
Labour Cost Financing Cost Expenses of Building Stationary Expenses Operation Deposit and
Expenses Transaction
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According to above table, resons for profit of bank due to Net Banking
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FINDINGS
35% people have their account in PNB AND 65% in other banks.
banks.
90% of customers of PNB use Debit Card, 10% Credit Card, 95%
PNB.
100% customers were satisified that due to Net Banking its time
saving, 80% said Easy to Operate, 100% said reduces the cost of
traveling to bank etc, 50% are were that they avoid ques in bank
and 100% were satisfied that they can get all information easily.
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stationary, 70% reduction in cost of operation and 80% generate
financing.
Last, but not the least, attempt was made to see if there is any
of banks.
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CONCLUSION
volatility
Banking.
banking.
not.
equipment.
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In contrast to developed countries Internet banks in India rely
Last, but not the least, attempt was made to see if there is any
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Bibliography
BOOKS:
Various sites
www.pnbindia.com
www.standardchartered.com/in
www.economictimes.com
www.indiatoday.com
www.google.co.in
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ANNEXURE
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Mobile Banking
Q.7 Net Banking and Mobile Banking Seems Profitable for You ?
Profitable Tick Mark
Yes
No
Q.8 Why Net Banking and Mobile Banking Seems Profitable for
You ?
Profitable Tick Mark
Time Saving
Easy to Operate
Money Saving (in Reference to
visit Bank)
Others (Ques in Bank)
Get all Informations Easily
Q.10. Why its seems that Net Banking is Profitable for Banks ?
Reasons of Profit Tick Mark
Reduces High Labour Cost
Lower The Financing Cost
Lower The Expenses of Building
Expenses
High Cut Out in Stationary
Expenses
Reduces the Cost of Operation
Generate More Deposit and
Transaction
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