E-banking in Nepal

Bank is the organisation that ease the transaction by managing the monetory aspect by saving them, transferring funds to the recepaint or receiving funds from senders. While together in connection with internet services it is easier for performing banking related services. The service provide through the internet is considered as electronic banking service and the use of e-banking is increasing day by day these days. It is necessary to have some basic knowledge of what exactly the e-banking is?

Introduction to E-banking

E-banking represents electronic banking system. Electronic banking service is most modern way of receiving banking services with the use of internet. It is popularly known as e-banking. Any type of transaction performed through electronic device such as computer or mobile phone or anything else with smart device which is capable to enable internet to work  to load web on the browser. Banking service providing through the internet that e-banking should be provided only through the most secure and capable website. This kind of e-banking system helps to manage the financial activities of the the service providing bank through the analysis of website.

ATM- a kind of e-banking

Advantage of e-banking system 

E-banking have alots of advantages. Some of the advantages can be presented as below.

There is no any restriction of office time and no need to wait for opening hour of banking branches.

Financial transaction can be made from anywhere with the internet.

There would be no any more risk for carrying huge amount of money with person.

No need to wait in queue for any transaction purpose, it will save lots of time.

Categories of e-banking System 

The e-banking system provides the service of two kinds. They are:

Non-transaction Services: 

Under the non-transaction services a user cab view their account details, view their transaction history, view, download or print the bank statement, and also can order cheque through mobile, computer under internet facilities.

Transaction Services: 

This service is associated with transferring of their balance from other bank account to theirs or from their accounts to someone others account either of same or different banks, paying bills of different utilities, purchasing of goods pay through Debit/Credit card on Point of Sales (POS), also different bank related administrative works.

Types of e-banking system

There are different kinds and forms of banking system that are operated in Nepal among them some of the main forms or types of e-banking would be described bellow.

Use of ATM

• One can withdraw cash
• Balance Inquiry service is available.
• It is not possible to transfer funds using ATMs
• You have to reach to the location with ATM machine and that should be of the particular bank or associated banks of that banks with your balance.

Use of  Pos Terminal

• Any financial transaction are made with the help of cards.
• Paid cash is deducted from the users bank account(s).
• Deposition of cash can't be made using Pos terminal. 

Use of online Banking/ Internet Banking

• Can check balance of users respective accounts, recent transactions history.
• Funds can be transferred from one accounts to another between the linked account of customers.
• Bank statements can be observed anytime customers needed to checkout.
• Paying third parties that may be bill payment or funds transfer can be done easily.
• Many task other than transaction related to banking administrative task are performed.

Use of Tele-Banking

• Status of an account can be checkup using this type of e-banking service.
• Balance Inquiry can be performed.
• Transfer or paying of funds through this e-banking service is not possible.

Use of SMS-Banking

• It is similar to that of Tele-Banking other than telephone, cell phone is used instead.
• Only balance checkout and account status can be check on sending a particular message.
• Fund transfer is not possible.