- Internet banking platform launched on 2006 and updated to the latest version on 2020.
- Categories:
- Retail: Individual and joint accounts.
- Corporate: Non-individual accounts.
- Excluded Users:
- Illiterate account holders.
- Dormant and inoperative accounts.
- Minors below 15 years of age.
- Accounts under garnishee/attachment orders.
2. Key Features of Internet Banking
| Feature | Customer Benefits | Bank Benefits |
|---|---|---|
| Secure Banking | 256-bit SSL encryption for secure transactions | Cost-effective solution to meet customer needs |
| Free Services | – Fund transfers (IMPS, NEFT, RTGS) – Bill & tax payments – Transaction alerts | Diverts workload to digital channels, optimizing manpower usage |
| Additional Features | – Personalized debit card limits – Access to e-filing and Form 26AS – Pre-closure simulation for loans – Closed account viewing and digital certificate generation | – N/A |
Transaction Limits:-
| Customer Type | Transaction Type | Per Transaction Limit (₹) | Daily Limit (₹) | Tax/Self | Beneficiary Limit (Per Day) |
|---|---|---|---|---|---|
| Retail Customers | SHP/TPT/NEFT/RTGS | 10 lakh | 25 lakh | Unlimited | 5 |
| IMPS | 5 lakh | 5 lakh | |||
| Corporate Customers | SHP/TPT/NEFT/RTGS | 30 lakh | 75 lakh | Unlimited | 25 |
| IMPS | 5 lakh | 5 lakh |
| Authentication Mechanism | Retail |
|---|---|
| Existing | OTP + Transaction Password |
| Proposed | Split OTP (1st half via SMS, 2nd half via Email) + Transaction Password |
Operational Enhancements:-
| Category | Enhancements |
|---|---|
| Self-Mode Operations | – Premature closure of FD/RD accounts. – Aadhaar linking and nominee updates. – Online account transfers for retail users. |
| Corporate Features | – Maker-checker facility for approvals. – Centralized positive pay system for cheque verification. |
Major Advancements:-
| Category | Advancements |
|---|---|
| Services Introduced | – Online FD/RD creation and premature closure. – Instant tax-saving FDs. – Linking/delinking accounts via online requests. – Enhanced dispute resolution systems. – Locker details viewing. – Positive pay confirmation for rejected cheques. |
| New Customer Segments | – NRI services integrated into Bob World Internet. |