Which of the following is not a part of electronic banking?
Solution: Cash is not an electronic banking service. Electronic banking is a common term for services through which customers can carry out commercial or personal banking transactions using the internet and telecommunications network.
Though cheque services are an essential banking service, they do not fall under the category of e-banking services.
Electronic banking includes features like electronic funds transfer (EFT) and mobile payments for retail purchases, automatic teller machines (ATMs), automatic paycheck deposits, and automated bill payment.
The major types of E-banking are online internet banking, mobile banking, automated teller machine (ATM), and debit and credit cards. There's a good chance you've already heard about most of these.
Any kind of digital mode of fund transfer comes directly under Electronic Banking (E-banking). For example, internet banking, mobile banking, and other modes of online fund transfers like NEFT, RTGS, and IMPS all fall under Electronic Banking.
Conclude which option does not come under e-banking. Based on the analysis, the correct answer is d) Overdraft. While it can be associated with e-banking in terms of management and oversight, it is not inherently an electronic or digital banking service but rather a financial service or feature offered by banks.
Digital banking is the shift of all banking transactions and services to the Internet. Digital banking provides services such as setting up a bank account, transferring funds, and making withdrawals. Moving to the online space allows you to save money on opening bank branches. Most tasks are automated.
Solution: Cash is not an electronic banking service. Electronic banking is a common term for services through which customers can carry out commercial or personal banking transactions using the internet and telecommunications network.
The correct answer is e-banking. Net banking, also known as Internet banking, online banking or e-banking, refers to the process of conducting financial transactions through a website.
Common types of electronic payments include credit and debit cards, mobile payment apps such as Apple Pay and Google Pay, online banking transfers, cryptocurrency (Bitcoin, Litecoin etc.), digital wallets (PayPal), direct debits, and gift cards.
What are the 5 types of electronic payment systems?
Digital wallets and peer-to-peer payment services
Systems such as Apple Pay, PayPal, and BILL let businesses transfer funds to each other. They also offer banking services like online payments, virtual accounts, currency exchange, and escrow services.
ATM or Automated Teller Machine is one of the most popular types of electronic banking. The teller machine is also an electronic computerised telecommunication device which enables you to withdraw funds, deposit funds, change Debit Card Personal Identification Number (PIN), and use other banking services.
E-Banking is Banking with the only difference being that all the transactions take place via electronic modes. With many innovations in terms of technology, it is safe to say that this has made life pretty convenient for people.
Paying bills, transferring funds, registering for new accounts, etc., are all things you can do using Internet banking. You can only access internet banking if you have an online banking account at the bank. After registering, users do not have to visit a bank for further steps. This is all handled digitally.
The three main types of bank transactions are deposits, withdrawals, and transfers. Deposits put money into an account, withdrawals take money out, and transfers move money between accounts.
E-Banking offers discounts, convenience, speed, transferring services and the management of the funds, 24*7 facilities and the liquidity of the funds to its customers. Answer. It provides quick services because individuals do not have to wait in lines to pay their bills or transfer payments.
A payday lender is not a bank. Short-term borrowing is characterized by a high interest rate where the lender provides loans to the borrower. It helps to cover immediate cash needs until we get our paycheck.
Operating account is NOT retail banking product.
Final answer: Emailing a bill for your services is not an electronic transfer of money.
Both Online Banking and Mobile Banking are ways to use digital banking services. Both are highly convenient, secure, and help you save a lot of time.
What is digital banking transaction?
A digital transaction is a process by which transactions take place without the use of cash. A digital transaction involves the collaboration of several parties including large financial firms and a number of sectors within the economy.
One of the options listed, 'You can talk to a representative in person,' is not a benefit of digital banking. Digital banking refers to online and mobile banking services which allow users to access their accounts and conduct transactions remotely.
Examples of nonbank financial institutions include insurance firms, venture capitalists, currency exchanges, some microloan organizations, and pawn shops.
The 5 most important banking services are checking and savings accounts, loan and mortgage services, wealth management, providing Credit and Debit Cards, Overdraft services. You can read about the Types of Banks in India – Category and Functions of Banks in India in the given link.
Electronic banking allows customers of most banks to do their banking at any hour of the day, regardless of the bank's operating hours. If customers choose to do such things as transfer funds or pay bills, they can usually do so from anywhere Internet access is available.
References
- https://cleartax.in/s/net-banking
- https://www.toppr.com/ask/question/transaction-of-internet-banking-excludes/
- https://brainly.in/question/47373380
- https://www.worldbank.org/en/publication/gfdr/gfdr-2016/background/nonbank-financial-institution
- https://www.britannica.com/money/electronic-banking
- https://brainly.in/question/54331391
- https://www.investopedia.com/terms/d/digital-transaction.asp
- https://brainly.com/question/41583503
- https://testbook.com/question-answer/net-banking-is-also-known-as-_______--64a6aad2ade74c1dfac33817
- https://www.investopedia.com/ask/answers/040715/what-are-pros-and-cons-online-checking-accounts.asp
- https://www.discover.com/online-banking/banking-topics/making-your-life-easier-with-online-banking/
- https://brainly.com/question/42592870
- https://www.idfcfirstbank.com/finfirst-blogs/finance/what-is-e-banking
- https://unacademy.com/content/bank-exam/study-material/general-awareness/features-of-internet-banking/
- https://www.numerade.com/ask/question/which-is-the-followning-does-not-come-under-e-banking-a-eft-b-atm-c-debit-card-d-overdraft-85978/
- https://unacademy.com/content/bank-exam/study-material/general-awareness/benefits-of-e-banking/
- https://www.fdic.gov/resources/consumers/consumer-news/2023-10.html
- https://www.fool.com/the-ascent/banks/online-banks-safe/
- https://www.vedantu.com/commerce/banking-and-e-banking
- https://www.icicibank.com/blogs/banking-innovation/what-is-electronic-banking
- https://www.bankofbaroda.in/banking-mantra/digital/articles/what-are-the-types-of-internet-banking
- https://www.stampli.com/blog/payments/electronic-payment-types/
- https://quizlet.com/771510955/budget-challenge-chapter-4-flash-cards/
- https://www.investopedia.com/are-online-banks-safe-7642966
- https://www.takechargeamerica.org/the-many-downsides-of-being-unbanked/
- https://hodgebank.co.uk/articles/benefits-of-online-banking-why-you-should-be-online-2/
- https://statrys.com/blog/digital-versus-traditional-banks
- https://homework.study.com/explanation/which-of-the-following-is-not-a-type-of-bank-a-savings-banks-b-credit-union-c-retail-banks-d-payday-lender.html
- https://testbook.com/question-answer/which-of-the-following-is-not-a-primary-function-o--64e5ec8b9036cc30c050d100
- https://www.cnn.com/cnn-underscored/money/are-online-banks-safe
- https://razorpay.com/blog/business-banking/what-is-e-banking/
- https://www.bankrate.com/banking/savings/online-vs-brick-and-mortar-banks/
- https://www.icicibank.com/blogs/mobile-banking/difference-between-mobile-and-internet-banking
- https://yacenter.org/young-americans-bank/internet-banking/benefits-risk-online-banking/
- https://nordvpn.com/blog/mobile-banking-safe/
- https://sdk.finance/what-is-digital-banking/
- https://www.encyclopedia.com/finance/encyclopedias-almanacs-transcripts-and-maps/electronic-banking
- https://planergy.com/blog/electronic-payments/
- https://www.fool.com/the-ascent/banks/how-deposit-cash/
- https://byjus.com/ias-questions/what-are-the-5-most-important-banking-services/
- https://edurev.in/question/708796/Which-one-of-the-following-is-NOT-the-form-of-e-banking-services-offered-by-e-banking-a-Chequeb-ATMc
- https://infinitylearn.com/surge/question/economics/which-of-the-following-is-not-an-electronic-banking-service/
- https://www.docuclipper.com/blog/bank-transactions/
- https://www.fdic.gov/getbanked/pdf/top-reasons-to-open-a-bank-account.pdf
