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Banks to deliver IT services over a cloud

Bankex was up by 2.1% in a cautious market
New Executive Directors join Central Bank Of India
Arbitration mechanism for exchanges streamlined
Emerging economies help merger activities
Microfinance and the Core Principles
Eco Panel to discuss greener banking
Banking is "accepting, for the purpose of lending or investment of
deposits of money from the public, repayable on demand or otherwise
and withdrawable by cheques, draft, order or otherwise."
Bank is defined as a person who carries on the business of banking.
Banks also perform certain activities which are ancillary to this
business of accepting deposits and lending. Since Banking involves
dealing directly with money, governments in most countries regulate
this sector rather stringently.
Banks provide almost all payment services by conducting checking or
current accounts for customers, paying cheques drawn by customers on
the bank, and collecting cheques deposited to customers' accounts.
Banks also enable customer payments via other payment methods such
as telegraphic transfer. Banks have added new payment channels like
Internet banking, Mobile Banking, ATMs etc.
Banks' activities can be divided into retail banking, dealing
directly with individuals; business banking, providing services to
mid-size business; corporate banking dealing with large business
entities; private banking, providing wealth management services to
High Net Worth Individuals; and investment banking, relates to
helping customers raise funds in the Capital Markets and advising on
mergers and acquisitions. Banks are now moving towards Universal
Banking, which is a combination of commercial banking, investment
banking and various other activities including insurance.

Banks are among the main participants of the financial system in

India. This section of the provides comprehensive and updated
information, guidance and assistance on all areas of banking in
India.
Bank of Hindustan, set up in 1870, was the earliest Indian Bank.
Banking in India on modern lines started with the establishment of
three presidency banks under Presidency Bank's act 1876 i.e. Bank of
Calcutta, Bank of Bombay and Bank of Madras. In 1921, all presidency
banks were amalgamated to form the Imperial Bank of India.
The commercial banking structure in India consists of: Scheduled
Commercial Banks & Unscheduled Banks. Banking Regulation Act of
India, 1949 defines Banking as "accepting, for the purpose of
lending or investment of deposits of money from the public,
repayable on demand or otherwise and withdrawable by cheques, draft,
order or otherwise."
The Software Packages for Banking Applications in India had their
beginnings in the middle of 80s, when the Banks. spurred on by RBI
and the Rangarajan Committee Report, started computerising the
branches in a limited manner.
The arrival of foreign and private banks with their superior
state-of-the-art technology-based services pushed Indian Banks also
to follow suit by going in for the latest technologies so as to meet
the threat of competition and retain customer base.
The evolution of IT services outsourcing in the Indian banks has
presently moved on to the level of Facilities Management (FM). Banks
now looking at business process management (BPM) to increase returns
on investment, improve customer relationship management (CRM) and
employee productivity.
For, these entities sustaining long-term customer relationship
management (CRM) has become a challenge with almost everyone in the
market with similar products.
banknetindia.com is the only, dedicated and neutral vertical portal
on the Indian Banking Sector, promoted by a career banker and
supported by a team of senior professionals in the field. It is
ranked among the Top 25 banking sites in the world.

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