Impact Of Technology In Banking

In the world of banking and finance nothing stands still. The biggest change of all is in the, scope of the business of banking. Banking in its traditional from is concerned with the acceptance of deposits from the customers, the lending of surplus of deposited money to suitable customers who wish to borrow and transmission of funds. Apart from traditional business, banks now a days provide a wide range of services to satisfy the financial and non financial needs of all types of customers from the smallest account holder to the largest company and in some cases of non customers. The range of services offered differs from bank to bank depending mainly on the type and size of the bank.

RESERVE BANK’S EARLY INITIATIVES
As a central bank in a developing country, the Reserve Bank of India (RBI) has adopted development of the banking and financial market as one of its prime objectives. “Institutional development” was the hallmark of this approach from 1950s to 1970s. In the 1980s, the Reserve Bank focused on “improvements in the productivity” of the banking sector. Being convinced that technology is the key for improving in productivity, the Reserve Bank took several initiatives to popularize usage of technology by banks in India.

Periodically, almost once in five years since the early 1980s, the Reserve Bank appointed committees and working Groups to deliberate on and recommend the appropriate use of technology by banks give the circumstances and the need. These committees are as follows:
-Rangarajan committee -1 in early 1980s.
-Rangarajan committee -11 in late 1980s.
-Saraf working group in early 1990s.
-Vasudevan working group in late 1990s.
-Barman working group in early 2000s.

Based on the recommendations of these committees and working groups, the Reserve Bank issued suitable guidelines for the banks. In the 1980s, usage of technology for the back office operations of the banks predominated the scene. It was in the form of accounting of transactions and collection of MIS. In the inter-bank payment systems, it was in the form of clearing and settlement using the MICR technology.

Two momentous decisions of the Reserve Bank in the 1990s changed the scenario for ever there are:
a) The prescription of compulsory usage of technology in full measure by the new private sector banks as a precondition of the license and
b) The establishment of an exclusive research institute for banking technology institute for development and Research in Banking Technology.

As the new private sector banks came on the scene as technology-savvy banks and offered several innovative products at the front office for the customers based on technology, the demonstration effect caught on the reset of the banks. Multi channel offerings like machine based (ATMs and pc-Banking), card based (credit/Debit/Smart cards), Communication based (Tele-Banking and Internet Banking) ushered in Anytime and Anywhere Banking by the banks in India. The IDRBT has been instrumental in establishing a safe and secure, state of the art communication backbone in the from of the Indian Financial NETwork (INFINET) as a closed user group exclusively for the banking and financial sector in India.

CHANGING FACE OF BANKING SERVICES
Liberalization brought several changes to Indian service industry. Probably Indian banking industry learnt a tremendous lesson. Pre-liberalization, all we did at a bank was deposit and withdraw money. Service standards were pathetic, but all we could do was grin and bear it. Post-liberalization, the tables have turned. It’s a consumer oriented market there.

Technology is revolutionizing every field of human endeavor and activity. One of them is introduction of information technology into capital market. The internet banking is changing the banking industry and is having the major effects on banking relationship. Web is more important for retail financial services than for many other industries.

Retail banking in India is maturing with time, several products, which further could be customized. Most happening sector is housing loan, which is witnessing a cut-throat competition. The home loans are very popular as they help you to realize your most cherished dream. Interest rates are coming down and market has seen some innovative products as well. Other retail banking products are personal loan, education loan and vehicles loan. Almost every bank and financial institution is offering these products, but it is essential to understand the different aspects of these loan products, which are not mentioned in their colored advertisements.

PLASTIC MONEY
Plastic money was a delicious gift to Indian market. Giving respite from carrying too much cash. Now several new features added to plastic money to make it more attractive. It works on formula purchase now repay later. There are different facts of plastic money credit card is synonyms of all.

Credit card is a financial instrument, which can be used more than once to borrow money or buy products and services on credit. Banks, retail stores and other businesses generally issue these. On the basis of their credit limit, they are of different kinds like classic, gold or silver.

Charged cards-these too carry almost same features as credit cards. The fundamental difference is you can not defer payments charged generally have higher credit limits or some times no credit limits.
Debit cards-this card is may be characterized as accountholder’s mobile ATM, for this you have to have account with any bank offering credit card.

Over the years, the banking sector in India has seen a no. of changes. Most of the banks have begun to take an innovative approach towards banking with the objective of creating more value for customers and consequently, the banks. Some of the significant changes in the banking sector are discussed below.

MOBILE BANKING
Taking advantages of the booming market for mobile phones and cellular services, several banks have introduced mobile banking which allows customers to perform banking transactions using their mobile phones. For instances HDFC has introduced SMS services. Mobile banking has been especially targeted at people who travel frequently and to keep track of their banking transaction.

RURAL BANKING
One of the innovative scheme to be launched in rural banking was the KISAN CREDIT CARD (KCC) SCHMME started in fiscal 1998-1999 by NABARD. KCC mode it easier for framers to purchase important agricultural inputs. In addition to regular agricultural loans, banks to offer several other products geared to the needs of the rural people.

Private sector Banks also realized the potential in rural market. In the early 2000’s ICICI bank began setting up internet kiosks in rural Tamilnadu along with ATM machines.

NRI SERVICES
With a substantial number of Indians having relatives abroad, banks have begun to offer service that allows expatriate Indians to send money more conveniently to relatives India which is one of the major improvements in money transfer.

E-BANKING
E-Banking is becoming increasingly popular among retail banking customers. E-Banking helps in cutting costs by providing cheaper and faster ways of delivering products to customers. It also helps the customer to choose the time, place and method by which he wants to use the services and gives effect to multichannel delivery of service by the bank. This E-Banking is driven by twin engine of “customer-pull and Bank-push”.

CONCLUSION
Technology has been one of the most important factors for the development of mankind. Information and communication technology is the major advent in the field of technology which is used for access, process, storage and dissemination of information electronically. Banking industry is fast growing with the use of technology in the from of ATMs, on-line banking, Telephone banking, Mobile banking etc., plastic card is one of the banking products that cater to the needs of retail segment has seen its number grow in geometric progression in recent years. This growth has been strongly supported by the development of in the field of technology, without which this could not have been possible of course it will change our lifestyle in coming years.

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Things to Have In Mind When Hiring Home Rebuilding Service

When moving into a new house, remodeling services are important to improve its state to meet your standards. Only employing remodeling experts on your job can see you through your project’s objectives. There are qualified renovating tradesmen within you that can offer you quality advice on the right fixtures to employing on your job. You need to be clear on the qualities your renovation contractor must possess because many of them post the same working qualities on their company profile. Therefore, it is important to consider professional help from people that sourced this services awhile before you because they have experience on the whole operation. You need to evaluate company profiles owned by the services present to take up your job to determine whether their working qualities meet all your standards. There are important things you need to have in mind when choosing a renovator for your home. Therefore, here are the key factors for you to consider when choosing a home renovator.

The cost of operation of your remodeling service deserves great deliberations. All the remodeling contractors will not offer you the same cost quotes on the same job you have on board. In this case, it is important to be certain on the payment options adopted by the home remodeling service of your choice because these are the exact rates they will employ on your job. You need to stray from low-cost quotes because many of them are posted by home renovators whose motives are destined to lure potential clients on their extortion plan while deep down their working skills are wanting. You need to come up with a budget that will help you have a clear mind on the right resources to allocate for your job.

You need to ponder the distance between you and the home rebuilding service of your choice. A home rebuilding contractor that great understanding on the local industry will be effective because they will not strain to try to locate reputable suppliers for your fixtures. All the home remodeling contractors want to market their quality output to other local potential clients and only good work can acquire great sells in the market and considering them will offer you a guarantee of premium-quality services. There are people within you that you can rely on for quality information regarding the quality of service output offered by the renovator of your choice in order to know whether you are hiring the right service.

You need to ponder the expertise of your home remodeling service. Excellent verbal and written communication skills that helps them interact effectively with the client and other co-workers to analyze the whole rebuilding situation to come up with a perfect solution.

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Things to Put Into Consideration When Choosing a Party Rental

Holding a party for your birthday, friends gathering, family gathering, wedding and any other reason requires you to invest a lot especially on the venue. In most cases, to make the day beautiful and memorable, finding rentals away from your home is what people do. When finding a party rental, there are certain key things that you should not leave out in order for your day to run as planned. All these should be confirmed before paying for the rental to avoid any inconveniences during the day of the party. Although it is a daunting task considering that you are selecting the best rental at a place that you are not familiar with, researching is of great importance. Read on for more information about what you should put into consideration when choosing a party rental.

The first thing that you should ask for is the pricing. If you are shopping around the area to find a suitable place, price should help you in reducing your list so that you settle for the best party rental which you can afford to pay for. If you are looking for a party rental online, price should also be considered since most websites have the price indicated. In case of one that has not been indicated, you may ask the customer service or contact them using the number or email address provided. Whether you are paying alone or as a team, it is advisable to check what you can afford before you start looking for rentals in order for you to stick to the right party rentals while selecting.

The other thing you should put into consideration when choosing a party rental is convenience. When settling for a party rental, you have to consider every guest expected to be there so that you select a place that will be easier to access. It should also not be very far as time and money will be affected. It may end up ruining your program which is not a good thing. The rentals should be located near but at a place suitable for the party in terms of available infrastructure. The parking area needs to be convenient for your guests. Basically, make sure that everything needed on that day will be convenient for everyone.

Lastly, you need to put customer service into consideration when choosing party rentals. When planning for your party, you have to ensure that the rentals have good customer service to reduce what you will be doing in preparation for the day. Find a place that will offer all that you need in one like sits, tents so that you avoid the daunting process of finding such things elsewhere. The day will be more enjoyable if the people attending the party will have less work to do. Your belongings should be handled with great care including your guests which will happen if the employees the place are professionals. Putting the above-discussed factors into consideration will help you to understand what you should consider when choosing a party rental.

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Learn More About Echocardiography Here!

There is an integral part that is associated with ultrasound for the doctors to check on the condition of the unborn baby inside the womb of the mother. There are indeed a wide utilization of ultrasound so as to monitor the internal of an individual. Physicians can easily monitor the bones, muscles, organs, blood vessels and heart of the unborn child through the help of this tool. Echocardiography is used to label when the ultrasound is used to check the heart of the person. Our heart has indeed integral functions inside our body. With this, to make sure that the organ is in good condition, there is a need to have the regular check-up.

Two thousand gallons of blood is being pumped by the heart in a day which will be distributed throughout the body. For instance that the heart has something wrong, there is a need to consider getting a tool that could monitor the condition of the organ. The doctor can easily monitor the condition of the heart though the use of echocardiography as the tool. The size and thickness of the chambers, the functioning of the valves, the direction of the blood flow throughout the body, the possible blood clots, the area of the damaged cardiac muscle tissue, and the problems affecting the pericardium can be seen when echocardiogram is used.

In terms of using echocardiography, there are several benefits that can be acquired including those who have heart attacks, strokes, or unexplained chest pains. This is because of their need for this in order to monitor the condition of their hearts. Besides, through echocardiography, persons who have history of heart murmurs, congenital heart defects, and rheumatic fever can take advantage of it. In connection to this, the market needs echocardiographs technicians that can operate the tool so as to help people who have heart issues.

Echo technicians are offered with great salary in the market due to the demand that is associated with the job. It is one of the well-paid professionals in the market which is a great means of living. Additional increase can be obtained for the salary depending on the education, certification, additional skills, and the number of your experience in the industry. There is an assurance that you will be interested in becoming an echocardiographs technician due to the salary that is being offered. For instance that you are interested to become one of the echo technicians who can help individuals with their internal concerns particularly the heart, the basic thing that you have to consider is education. After having the education, additional skills and trainings are also vital to consider.

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