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Chapter I
Introduction to Project

The chapter describes the basic premise of the project. It also

sets forward the path in which the project was planned and is
being completed.

Background

Semester MBA with specialization Graduated in BBA

as the background, and as a student of in Finance and
Marketing, I was searching for a project area which
should go along with my career in Finance division of
banking industry and utilizes most of my Finance
skills and knowledge. So it was narrowed down to the
study of Internet Banking of State Bank Of India.

Objectives
The main objectives of the study are:
• To understand the concept of Internet banking and
importance, to bank as well as customers.

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• To get aware of various aspects of net banking

• To build up SWOC analysis of Internet banking of SBI

• To build up various solutions for drawbacks in net
banking

Scope of study

The study is made taking consideration of whole State Bank of

India. With reference to experience availed at Amravati camp
branch.

Need of the Study

This study is needed to find out the working of Internet Banking
of SBI and its importance to customer as well as to bank.

Data Collection
The data is to be collected from Personal Development Manager
of SBI, Mr.Yadao Mohod, and by the official website of State
Bank Of India and Reserve Bank of India.
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The project is divided into various chapters dealing with various

issues in the project. There are in total seven chapters.

The title of each chapter is shown below:

Chapter I contain Introduction to Project,

Chapter II contain Company Profile

Chapter III contain History of Internet Banking

Chapter IV contains working of internet banking in SBI

Chapter V SWOC analysis

Chapter VI contain the Recommendations and Suggestions

Chapter VII will be Conclusion

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Future scope

The study of this topic will help to get the knowledge about
process of internet banking and usefulness to banking industry.
As the study contains the 360 degree information regarding SBI
and its internet banking, Hence the study will lead to new ways
to tackle the problems and the SWOC of SBI in respect of
internet banking.

This was all about how the project will go ahead and the findings
from it. The next chapter deals with the Company Profiles

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Chapter 2
INTERNET BANKING

The chapter describes in brief about INTERNET

BANKING.

Internet:-

INTRODUCTION: -

There is a sea change in the media world. While most consumers

see the news papers, the same magazines and listen to the same
radio programs, behind this bland public exterior there is a
seething world of innovation, acquisition, global partnership and
divorces, births and deaths… all of it most readily interpreted as
the inevitable result of the technological revolution that is in the
process of merging telephones, computers, televisions in to a
single all singing, all dancing magic kit that will, very possible,
change all of our lives more than we can imagine some day

There are 2 ways you can respond to this 1 is to panic, which

may mean simply curling up in a corner and wishing that it
would all go away. The other is to embrace the new religion with
messianic fervor and go out to proclaim the millennium. I

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welcome you to the new emerging world of the Info-High-Way,

destined to redefine the world of communications:

HISTORY: -

It is said that necessity is the mother of invention. And true, it is

seeds of Internet were sown in the ashes of the world war

Having bombed the cities of Hiroshima and Nagasaki, US

military was forced to provide the answer to the question – What
if someone bombed the USA? So for many years after the war,
most of the US military research concentrated on ways and
means to survive the nuclear holocaust. And one of the most
important strategic problems was- “How would us authorities
communicate with each other in the aftermath of a nuclear
attack?” computers were already there. But, communication
networks were connected to each in a private fashion- in sort of
chains: somewhat like an electricity line to your home. This
means that if even one chain in the middle were blown up, the
whole network would collapse.

Then in the 1960’s the problem was taken by America’s

foremost military think tank, the Rand Corporation. After a lot of
ideas were put up and knocked down, Paul baron- a rand
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“thinker” hit upon an idea. “What if the network was not built
like a chain but like a fish net?” he said. If one strand on the fish
net broke the net would still be functional. After spending many
agonizing hours over it, he came up with 11-volume report for
the pentagon. But, as fate would have it was rejected. By then,
young engineers were impressed by the idea and worked on it.
Well before the end of the decade, the first net was created and
called ARPANET, connecting four American research
organizations- university of Utah, university of California in Los
Angeles and Santa Barbara, and Stanford research institute.

Internet as a communication medium and as a repository of

information has caught the imagination of computer users. This
has fuelled an unparalleled growth in the number of Internet
users.

VARIOUS PARTS OF INTERNET: -

The Internet is made up of terminal computers through which
subscribers access the net; gateways servers which connect the
users to the rest of the network (of computers); servers which
host information in them; and, the communication network over
which data actually flows.

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Internet offers its users a variety of services. The subscribers

may have access to all or any of the following services
depending upon the type of connection that one has subscribed
for:

1) E-Mail
2) World Wide Web (WWW)
3) File Transfer Protocol (FTP)
4) Telnet

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The net banking, thus, now is more of a norm rather than an

exception in many developed countries due to the
fact that it is the cheapest way of providing banking
services.

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Internet banking refers to the use of the Internet as a remote

delivery channel for banking services. Such services
include traditional ones, such as opening a deposit
account or transferring funds among different
accounts, and new banking services, such as
electronic bill presentment and payment (allowing
customers to receive and pay bills on a bank’s Web
site). Banks offer Internet banking in two main
ways. An existing bank with physical offices can
establish a Web site and offer Internet banking to its
customers as an addition to its traditional delivery
channels. A second alternative is to establish a
“virtual,” “branchless,” or “Internet-only” bank. The
computer server that lies at the heart of a virtual
bank may be housed in an office that serves as the
legal address of such a bank, or at some other
location. Virtual banks may offer their customers the
ability to make deposits and withdraw funds via
ATMs or other remote delivery channels owned by
other institutions.
The impact of E-transaction and authentication issues in banking

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It's hardly great news that there has been tremendous growth in
the use of the Internet and other electronic
facilities to process financial transactions.
According to the Federal Deposit Insurance
Corp., transactional Web sites have more than
doubled each year for the past six years, growing
from one in 1995 to nearly 2,500 in 2000.
This growth is a reflection of the fact that over the past few
years, financial leaders have been considering
various ways in which to allow their customers to
transact business using the Internet. This objective is
now reaching beyond the financial services
industry into non-electronic business segments, such
as the building supply industry. Furthermore, this
growth is likely to continue to climb as the number
of Internet users, Internet connection speed, and the
number of transactional Web sites continues to
increase. The number of adults using PC banking is
also growing. With this growth, there is an increased
awareness of the benefits of using online transaction
processing, thereby fueling the thought that all
business should be electronically facilitated.
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Gartner predicts that worldwide business-to-business (B2B) e-

commerce will total $3.6 trillion by 2003 and $8.5
trillion in 2005. Online financial activity had a
slower start, but has had steady growth, from 6
million users in 1998 to 27.5 million users in 2000.
During 2000, only 30 percent of the Internet-capable
households were using some form of Internet
banking, indicating that there is tremendous room
for increased use.
The e-Commerce Value Chain

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Consider that the consumer and the merchant are on either ends
of the electronic commerce value chain, with the
authentication network and transaction processor
(bank) in the middle. Banks have traditionally been
the trusted agents, have the largest customer base,
and have received the initial benefits from
electronic commerce. Value has begun a steady
migration to the ends of the value chain. Customers
can receive and pay bills from one point using
products from multiple issuers. Merchants can
influence and enhance the consumer experience by
providing innovative and time-saving means of
doing business. Merchants can add value to the
payment process, for example, by offering
discounted prices for electronic payment.
Merchants can also reduce their costs by receiving electronic
payments, which results in reducing and sometimes
eliminating the need for data entry, as well as
reducing the error rate and the time to investigate
and correct the data. By increasing and effectively
managing cash flow, merchants may also be able to
reduce costs associated with lines of credit.
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Digital Signatures
On October 1, 2000, the Electronic Signatures in National and
Global Commerce Act was signed. This act states
that an agreement, contract, or transaction signed
electronically is enforceable in a court of law.
Accordingly, financial services institutions can now
legally transact business using electronic signatures,
allowing transactions such as mortgages, funds
transfers, opening and closing of accounts, benefits
enrollment, and beneficiary designations to occur in
an electronic environment.

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The law defines an electronic signature as "an electronic sound,

symbol, or process attached to or logically associated
with a contract or other record and executed or
adopted by a person with the intent to sign the
record." Fortunately, the legislation does not attempt
to define acceptable technologies except to indicate
that the technologies must be mutually acceptable to
the transacting parties. Since a valid signature can
be as simple as a digital image of a signature
(enabled through an electronic pen and pad) or as
complex as today's public key infrastructure (PKI)
and associated encryption methods, the technology
decision maker must define relevant business
objectives and understand the risks, such as cost and
unauthorized use associated with alternative
implementations.
There are possible additional benefits to the implementing
organization. These include reduced transaction
timelines, reduction in paper processing costs,
facilitation of customer migration to the Internet as
a business channel, and increased online transaction
security.
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When compared to physical signatures, e-signature technologies

are, in general, a more secure authentication method.
Many financial institutions are studying the possible
implementation of a public key infrastructure (PKI)
system that will allow them to exchange electronic
information securely with unknown parties.
PKI is the delivery channel for public key cryptography, a
method that allows the parties to a transaction to
keep a communication private through the use of a
two-part key made up of public and private
components. To encrypt messages, the published
public keys of the recipients are used. To decrypt
the messages, the recipients use their unpublished
private keys, known only to them. Quite simply, if
the signer's private key is not compromised, which
can happen by releasing the password or allowing
access to the device containing the private key, a
document cannot be digitally signed

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What Is Internet Banking?

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Internet Banking System is a system that has been developed in

order to help clients with the daily day-to-day
transactions. Internet banking systems means that
clients can now do banking at the leisure of their
homes.
Also known as online banking, the system allows both
transactional and non-transactional features.
Online banking or internet banking allows customers to conduct
financial transactions on a secure website operated
by the retail or virtual bank

History

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The term online banking was first started in 80’s. The term
online became popular in the late '80s and referred
to the use of a terminal, keyboard and TV (or
monitor) to access the banking system using a phone
line. ‘Home banking’ can also refer to the use of a
numeric keypad to send tones down a phone line
with instructions to the bank. Online services started
in New York in 1981 when four of the city’s major
banks (Citibank, Chase Manhattan, Chemical and
Manufacturers Hanover) offered home banking
services using the videotext system. Because of the
commercial failure of videotex these banking
services never became popular except in France
where the use of videotex (Minitel) was subsidized
by the telecom provider and the UK, where the
Prestel system was used.

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The UK’s first home online banking services was set up by the
Nottingham Building Society (NBS) in 1983 .The
system used was based on the UK's Prestel system
and used a computer, such as the BBC Micro, or
keyboard (Tandata Td1400) connected to the
telephone system and television set. The system
(known as 'Home link') allowed on-line viewing of
statements, bank transfers and bill payments. In
order to make bank transfers and bill payments, a
written instruction giving details of the intended
recipient had to be sent to the NBS who set the
details up on the Home link system. Typical
recipients were gas, electricity and telephone
companies and accounts with other banks. Details of
payments to be made were input into the NBS
system by the account holder via Prestel. A cheque
was then sent by NBS to the payee and an advice
giving details of the payment was sent to the account
holder. BACS was later used to transfer the payment
directly.

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Stanford Federal Credit Union was the first financial institution

to offer online internet banking services to all of its
members in Oct, 1994. Later on it was adopted by
worldwide banks

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Chapter 3
Company Profile
The chapter describes the Company profile of State Bank Of India which was taken
for the study of project.

State bank of India:-

State bank of India is the nation’s largest and oldest bank.
Tracing its roots back some 200 years to the British
East India Company (and initially established as the
Bank of Calcutta in 1806), the bank operates more
than 15,000 branches within India, where it also
owns majority stakes in six associate banks. State
Bank of India (SBI) has more than 80 offices in
nearly 35 other countries, including multiple
locations in the US, Canada, and Nigeria. The bank
has other units devoted to capital markets, fund
management, factoring and commercial services,
credit cards, and brokerage services. The Reserve
Bank of India owns about 60% of State bank of
India.

Some facts and figures

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SBI Share in Deposits & Advances

SBI Share in Deposits & Advances

SBI
SBI
18%
18%

SBI Share in Foreign Exchange

SBI Share in Foreign Exchange

SBI
SBI
35%
35%

SBI Share in Government Transactions

SBI Share in Government Transactions
(Receipts and payments on behalf of Government of India
(Receipts and payments on behalf of Government of India
and other provincial Governments )
and other provincial Governments )

SBI
SBI
60%
60%

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History of State bank of India:-

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State Bank of India (SBI) is that country's largest commercial

bank. The government-controlled bank--the Indian
government maintains a stake of nearly 60 percent
in SBI through the central Reserve Bank of India--
also operates the world's largest branch network,
with more than 13,500 branch offices throughout
India, staffed by nearly 220,000 employees. SBI is
also present worldwide, with seven international
subsidiaries in the United States, Canada, Nepal,
Bhutan, Nigeria, Mauritius, and the United
Kingdom, and more than 50 branch offices in 30
countries. Long an arm of the Indian government's
infrastructure, agricultural, and industrial
development policies, SBI has been forced to
revamp its operations since competition was
introduced into the country's commercial banking
system. As part of that effort, SBI has been rolling
out its own network of automated teller machines, as
well as developing anytime-anywhere banking
services through Internet and other technologies.
SBI also has taken advantage of the deregulation of
the Indian banking sector to enter the, assets
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management, and securities brokering sectors. In

addition, SBI has been working on reigning in its
branch network, reducing its payroll, and
strengthening its loan portfolio. In 2003, SBI
reported revenue of $10.36 billion and total assets of
$104.81 billion.
The establishment of the British colonial government in India
brought with it calls for the formation of a Western-
style banking system, if only to serve the needs and
interests of the British imperial government and of
the European trading houses doing business there.
The creation of a national banking system began at
the beginning of the 19th century.

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The first component of what was later to become the State Bank
of India was created in 1806, in Calcutta. Called the
Bank of Calcutta, it was also the country's first joint
stock company. Originally established to serve the
city's interests, the bank was granted a charter to
serve all of Bengal in 1809, becoming the Bank of
Bengal. The introduction of Western-style banking
instituted deposit savings accounts and, in some
cases, investment services. The Bank of Bengal also
received the right to issue its own notes, which
became legal currency within the Bengali region.
This right enabled the bank to establish a solid
financial foundation, building an interest-free capital
base.
The spread of colonial influence also extended the scope of
government and commercial financial influence.
Toward the middle of the century, the imperial
government created two more regional banks. The
Bank of Bombay was created in 1840, and was soon
joined by the Bank of Madras in 1843. Together
with the Bank of Bengal, they became known as the
"presidency" banks.
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All three banks were operated as joint stock companies, with the
imperial government holding a one-fifth share of
each bank. The remaining shares were sold to
private subscribers and, typically, were claimed by
the Western European trading firms. These firms
were represented on each bank's board of directors,
which was presided over by a nominee from the
government. While the banks performed typical
banking functions, for the Western firms and
population and members of Indian society, their
main role was to act as a lever for raising loan
capital, as well as help stabilize government
securities.

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The charters backing the establishment of the presidency banks

granted them the right to establish branch offices.
Into the second half of the century, however, the
banks remained single-office concerns. It was only
after the passage of the Paper Currency Act in 1861
that the banks began their first expansion effort.
That legislation had taken away the presidency
banks' authority to issue currency, instead placing
the issuing of paper currency under direct control of
the British government in India, starting in 1862.

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Yet that same legislation included two key features that

stimulated the growth of a national banking
network. On the one hand, the presidency banks
were given the responsibility for the new currency's
management and circulation. On the other, the
government agreed to transfer treasury capital
backing the currency to the banks--and especially to
their branch offices. This latter feature encouraged
the three banks to begin building the country's first
banking network. The three banks then launched an
expansion effort, establishing a system of branch
offices, agencies, and sub-agencies throughout the
most populated regions of the Indian coast, and into
the inland areas as well. By the end of the 1870s, the
three presidency banks operated nearly 50 branches
among them.

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The rapid growth of the presidency banks came to an abrupt halt

in 1876, when a new piece of legislation, the
Presidency Banks Act, placed all three banks under
a common charter--and a common set of restrictions.
As part of the legislation, the British imperial
government gave up its ownership stakes in the
banks, although they continued to provide a number
of services to the government, and retained some of
the government's treasury capital. The majority of
that, however, was transferred to the three newly
created Reserve Treasuries, located in Calcutta,
Bombay, and Madras. The Reserve Treasuries
continued to lend capital to the presidency banks,
but on a more restrictive basis. The minimum
balance now guaranteed under the Presidency Banks
Act was applicable only to the banks' central offices.
With branch offices no longer guaranteed a
minimum balance backed by government funds, the
banks ended development of their networks. Only
the Bank of Madras continued to grow for some
time, supplied as it was by the influx of capital from
development of trade among the region's port cities.
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The loss of the government-backed balances was soon

compensated by India's rapid economic development
at the end of the 19th century. The building of a
national railroad network launched the country into
a new era, seeing the rise of cash-crop farming, a
mining industry, and widespread industrial
development. The three presidency banks took
active roles in financing this development. The
banks also extended their range of services and
operations, although for the time being was
excluded from the foreign exchange market.

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By the beginning of the 20th century, India's banking industry

boasted a host of new arrivals, and particularly
foreign banks authorized to exchange currency. The
growth of the banking sector, and the development
of indigenous banks, in turn created a need for a
larger "bankers' bank." At the same time, the Indian
government had outgrown its colonial background
and now required a more centralized banking
institution. These factors led to the decision to
merge the three presidency banks into a new, single
and centralized banking institution, the Imperial
Bank of India.
Created in 1921, the Imperial Bank of India appeared to
inaugurate a new era in India's history--culminating
in its declaration of independence from the British
Empire. The Imperial Bank took on the role of
central bank for the Indian government, while acting
as a bankers' bank for the growing Indian banking
sector. At the same time, the Imperial Bank, which,
despite its role in the government financial structure
remained independent of the government, carried on
its own commercial banking operations.
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In 1926, a government commission recommended the creation of

a true central bank. While some proposed converting
the Imperial Bank into a central banking
organization for the country, the commission
rejected this idea and instead recommended that the
Imperial Bank be transformed into a purely
commercial banking institution. The government
took up the commission's recommendations, drafting
a new bill in 1927. Passage of the new legislation
did not occur until 1935, however, with the creation
of the Reserve Bank of India. That bank took over
all central banking functions.

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The Imperial Bank then converted to full commercial status,

which accordingly allowed it to enter a number of
banking areas, such as currency exchange and
trustee and estate management, from which it had
previously been restricted. Despite the loss of its
role as a government banking office, the Imperial
Bank continued to provide banking services to the
Reserve Bank, particularly in areas where the
Reserve Bank had not yet established offices. At the
same time, the Imperial Bank retained its position as
a bankers' bank.
By then, India had achieved its independence from Britain. In
1951, the new government launched its first Five
Year Plan, targeting in particular the development of
the country's rural areas. The lack of a banking
infrastructure in these regions led the government to
develop a state-owned banking entity to fill the gap.
As part of that process, the Imperial Bank was
nationalized and then integrated with other existing
government-owned banking components. The result
was the creation of the State Bank of India, or SBI,
in 1955.
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The new state-owned bank now controlled more than one-fourth

of India's total banking industry. That position was
expanded at the end of the decade, when new
legislation was passed providing for the takeover by
the State Bank of eight regionally based,
government-controlled banks. As such the Banks of
Bikaner, Jaipur, Indore, Mysore, Patiala, Hyderabad,
Saurashtra, and Travancore became subsidiaries of
the State Bank. Following the 1963 merger of the
Bikaner and Jaipur banks, their seven remaining
subsidiaries were converted into associate banks.
In the early 1960s, the State Bank's network already contained
nearly 500 branches and sub-offices, as well as the
three original head offices inherited from the
presidency bank era. Yet the State Bank now began
an era of expansion, acting as a motor for India's
industrial and agricultural development that was to
transform it into one of the world's largest financial
networks. Indeed, by the early 1990s, the State Bank
counted nearly 15,000 branches and offices
throughout India, giving it the world's single largest
branch network.
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SBI played an extremely important role in developing India's

rural regions, providing the financing needed to
modernize the country's agricultural industry and
develop new irrigation methods and cattle breeding
techniques, and backing the creation of dairy
farming, as well as pork and poultry industries. The
bank also provided backing for the development of
the country's infrastructure, particularly on a local
level, where it provided credit coverage and
development assistance to villages. The
nationalization of the banking sector itself, an event
that occurred in 1969 under the government led by
Indira Gandhi, gave SBI new prominence as the
country's leading bank.

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Even as it played a primary role in the Indian government's

industrial and agricultural development policies, SBI
continued to develop its commercial banking
operations. In 1972, for example, the bank began
offering merchant banking services. By the mid-
1980s, the bank's merchant banking operations had
grown sufficiently to support the creation of a
dedicated subsidiary, SBI Capital Markets, in 1986.
The following year, the company launched another
subsidiary, SBI Home Finance, in collaboration with
the Housing Development Finance Corporation.
Then in the early 1990s, SBI added subsidiaries SBI
Factors and Commercial Services, and then
launched institutional investor services.

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SBI was allowed to dominate the Indian banking sector for more
than two decades. In the early 1990s, the Indian
government kicked off a series of reforms aimed at
deregulating the banking and financial industries.
SBI was now forced to brace itself for the arrival of
a new wave of competitors eager to enter the fast-
growing Indian economy's commercial banking
sector. Yet years as a government-run institution had
left SBI bloated--the civil-servant status of its
employees had encouraged its payroll to swell to
more than 230,000. The bureaucratic nature of the
bank's management left little room for personal
initiative, nor incentive for controlling costs.

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In 1994, the bank hired consulting group McKinsey & Co. to

help it restructure its operations. McKinsey then led
SBI through a massive restructuring effort that
lasted through much of the decade and into the
beginning of the next, an effort that helped SBI
develop a new corporate culture focused more on
profitability than on social and political policy. SBI
also stepped up its international trade operations,
such as foreign exchange trading, as well as
corporate finance, export credit, and international
banking.
SBI had long been present overseas, operating some 50 offices in
34 countries, including full-fledged subsidiaries in
the United Kingdom, the United States, and
elsewhere. In 1995 the bank set up a new subsidiary,
SBI Commercial and International Bank Ltd., to
back its corporate and international banking
services. The bank also extended its international
network into new markets such as Russia, China,
and South Africa.

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Back home, in the meantime, SBI began addressing the

technology gap that existed between it and its
foreign-backed competitors. Into the 1990s, SBI had
yet to establish an automated teller network; indeed,
it had not even automated its information systems.
SBI responded by launching an ambitious
technology drive, rolling out its own ATM network,
then teaming up with GE Capital to issue its own
credit card. In the early 2000s, the bank began cross-
linking its banking network with its ATM network
and Internet and telephone access, rolling out
"anytime, anywhere" banking access. By 2002, the
bank had succeeded in networking its 3,000 most
profitable branches.
The implementation of new technology helped the bank achieve
strong profit gains into the early years of the new
century. SBI also adopted new human resources and
retirement policies, helping trim its payroll by some
20,000, almost entirely through voluntary retirement
in a country where joblessness remained a decided
problem.

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By the beginning of 2004, SBI appeared to be well on its way to

meeting the challenges offered by the deregulated
Indian banking sector. In a twist, the bank had
become an aggressor into new territories, launching
its own line of banc assurance products, and also
initiating securities brokering services. In the
meantime, SBI continued its technology rollout,
boosting the number of networked branches to more
than 4,000 at the end of 2003. SBI promised to
remain a central figure in the Indian banking sector
as it entered its third century.

Key Dates:
1806: The Bank of Calcutta is established as the first Western-
type bank.
1809: The bank receives a charter from the imperial government
and changes its name to Bank of Bengal.
1840: A sister bank, Bank of Bombay, is formed.

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1843: Another sister bank is formed: Bank of Madras, which,

together with Bank of Bengal and Bank of Bombay
become known as the presidency banks, which had
the right to issue currency in their regions.
1861: The Presidency Banks Act takes away currency issuing
privileges but offers incentives to begin rapid
expansion, and the three banks open nearly 50
branches among them by the mid-1870s.
1876: The creation of Central Treasuries ends the expansion
phase of the presidency banks.
1921: The presidency banks are merged to form a single entity,
Imperial Bank of India.
1955: The nationalization of Imperial Bank of India results in
the formation of the State Bank of India, which then
becomes a primary factor behind the country's
industrial, agricultural, and rural development.
1969: The Indian government establishes a monopoly over the
banking sector.
1972: SBI begins offering merchant banking services.
1986: SBI Capital Markets is created.

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1995: SBI Commercial and International Bank Ltd. are

launched as part of SBI's stepped-up international
banking operations.
1998: SBI launches credit cards in partnership with GE Capital.
2002: SBI networks 3,000 branches in a massive technology
implementation.
2004: A networking effort reaches 4,000 branches.

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Chapter IV
Internet banking at State Bank of India

The chapter describes the facts about working of internet

banking in state bank of India.

Where SBI was?

• In early 1990’s more than 7000 branches were using

traditional manual procedures.
• These manual procedures were inherited from the Imperial
Bank.
• Traditional procedures were evolved over decades
• Very few changes were brought in those procedures as per
the need of time.

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• In that time, mainframe or mini computers were used for

MIS, RECONCILLATION & FUND SETTLEMENT
PROCESS, or we can say that for backhand operations
purpose.

Changes brought in Information Technology by SBI:-

• In the next decade internet facility was provided for

individuals
• All SBI branches were connected and ATM’S were launch
• 2001 - KMPG appointed consultant for preparing IT Plan
for the Bank.
• Later on Core banking proposed by the IT consultancy
company.
• 2002 – All branches computerized but on decentralized
systems, there the initiative of core banking took place
• 2008- more than 6500 branches (95% of business) on Core
Banking Solution (CBS)

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• Internet Banking facility for Corporate customers were also

launched in early 2008
• More Interfaces developed with e-Commerce & other sites
through alternate channels like ATM & Online Banking
• All Foreign Offices were brought on Centralized Solution
• Large network is playing the role of backbone for
connectivity across the country
• Multiple Service Providers are providing the links – BSNL,
MTNL, Reliance, Tata & reliance which are making the
system errorless and provide high speed.
• Multiple Technologies to support the networking
infrastructure – Leased lines, Dial-up, CDMA & VSAT

CBS - Core Banking System Components

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CBS - Core Banking System

Components Datacenter
Branches
Application Developers

Desktops,
Branch Core -Banking
Servers Application

WAN, OS, Database

Internet
Alternative Internet -Banking
Channels
ATM

Branch User/Admins Network Administrators System Administrators

ELITEX -2008 8

Chapter 5
Services provided by SBI internet banking

Chapter deals with the information related to various services an

products of SBI internet banking

Online SBI (www.onlinesbi.com)

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State Bank of India is India’s largest bank with a branch

network of over 11000 branches and 6 associate banks located
even in the remotest parts of India. State Bank of India (SBI)
offers a wide range of banking products and services to
corporate and retail customers.

OnlineSBI is the Internet banking portal for State Bank of India.

The portal provides anywhere, anytime, online access to
accounts for State Bank’s Retail and Corporate customers. The
application is developed using the latest cutting edge technology
and tools. The infrastructure supports unified, secure access to
banking services for accounts in over 11,000 branches across
India.

RETAIL BANKING:-

The Retail banking application is an integration of several

functional areas, and enables customers to:

 Issue Demand Drafts online

 Transfer funds to own and third party accounts

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 Credit beneficiary accounts using the VISA Money

Transfer, RTGS/NEFT feature
 Generate account statements
 Setup Standing Instructions
 Configure profile settings
 Use eTax for online tax payment
 Use ePay for automatic bill payments
 Interface with merchants for railway and airline
reservations
 Avail DEMAT and IPO services

CORPORATE BANKING:-

The OnlineSBI corporate banking application provides features

to administer and manage corporate accounts online. The
corporate module provides roles such as Regulator, Admin,
Uploader, Transaction Maker, Authorizer, and Auditor. These
roles have access to the following functions:

 Manage users, define rights and transaction rules on

corporate accounts

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 Access accounts in several branches with a single sign-on

mechanism
 Upload files to make bulk transactions to third parties,
supplier, vendor and tax collection authorities.
 Use online transactional features such as fund transfer to
own accounts, third party payments, and draft issues
 Make bill payments over the Internet.
 Authorize, modify, reschedule and cancel transactions,
based on rights assigned to the user
 Generate account statement
 Enquire on transaction details or current balance

Value added services:

 Tax payments to central and state governments through site

to site integration.
 Supply Chain Finance( e-VFS- Electronic Vendor Finance
Scheme)
 Direct Debit Facility
 E Collection Facilities for:
 Core Banking Transactions

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 Internet Bank transactions for incoming RTGS/NEFT

Transactions
 Internet banking transactions for SBI and associate
banks
 Debit facility where suppliers can directly debit their
customer’s account through internet banking

PRODUCTS AND SERVICES:-

• E-Ticketing
• SBI E-Tax
• Bill Payment
• RTGS/NEFT
• E-Payment
• Fund Transfer
• Third Party Transfer
• Demand Draft
• Cheque Book Request

• Account Opening Request

• Account Statement
• Transaction Enquiry
• Demat Account Statement

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• Donation

1) E-TICKETING :-

You can book your railway, air and bus tickets online through
OnlineSBI.

To book your train ticket, just log on to irctc.co.in and create an

ID there at if you do not have one. Submit your travel plan and
book the ticket(s)-either

• i-ticket (where the delivery of tickets will be made at

your address) or
• E-tickets (wherein after successful payment
transactions, an e-ticket is generated which can be printed
any time. For an e-ticket, the details of photo identity card
will required to be filled in)

And select State Bank of India in the payment options. You will
be redirected to Internet Banking site of SBI (www.onlinesbi.com).
After submitting the respective ID and password, you can select
your account. After a successful debit, Railways will generate

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the ticket. E-ticket can be printed by you whereas the i-ticket

will be dispatched by IRCTC at the given address. Service
charges @ Rs.10/- per transaction shall be levied in addition to
the cost of the ticket. Cancellation of E-ticket can be done by
logging on to IRCTC's site; refund amount will be credited to
your account directly within 2-3 days. For cancellation of i-
ticket, you shall be required to submit your ticket at a
computerized counter of Railways and on cancellation; the
amount shall be credited back to your account.

You can also book your Air ticket through the e-ticketing
feature. Logon to Indian Airlines website to make a payment for
an e-ticket through State Bank of India, you need to select SBI as
the payment option. The payment request will be redirected to
Internet Banking site. The request may be processed based on
values sent from the airlines website. Once a transaction is
processed, an appropriate response will be sent to airlines site to
update the status of the transaction. You can print the E-ticket
immediately.

To book bus tickets to destinations in Karnataka, log on to the

KSRTC website. Provide details about the start and end points of
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your journey, date of journey and number of tickets. Verify

availability of seats on the selected date and confirm the
transaction. Select OnlineSBI to make the payment. Provide
your credentials and select the SBI account that will be debited
for the payment. You are provided a KSRTC reference number
for your e-Ticket.

2) SBI E-TAX:-

You can pay your taxes online through SBI E-Tax. This facility
enables you to pay TDS, Income tax, Indirect tax, Corporation
tax, Wealth tax, Estate Duty and Fringe Benefits tax. Click the e-
Tax link in the home page. You are displayed a page with two
links Direct Tax and Indirect Tax.

Click the Direct Tax link. You will be redirected to the NSDL
site where you can select an online challan based on the tax you
wish to pay. Provide the PAN, name and address, assessment
year, nature of payment and bank name. On selecting the bank
name as SBI and submitting the form, you will be redirected to
the Internet Banking site. After submitting the respective ID and
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password, you can select your account for making payment of

taxes. After payment is successful you can print the E-Receipt
for the payment. The E-receipt can be printed at a later date also
and the same can be retrieved from: Enquiries > Find
Transactions > Status Enquiries > Click on the respective
transaction to print the tax receipt.

The Indirect Tax link is used to make Central Excise and Service
Tax payments to Central Board of Excise and Customs. The
online payment feature facilitates anytime, anywhere payment
and an instant E-Receipt is generated once the transaction is
complete. The Indirect Tax payment facility is available to
Registered Central Excise/Service Tax Assessee who possesses
the 15 digit PAN based Assessee Code. You can make CBEC
payments using the Indirect Taxes link available in the
Payments/Transfers tab. You need to provide your assessee code
as registered with CBEC and select the minor heads towards
which you intend to pay tax. Select the appropriate tax type and
enter the tax amount. Select an account for debiting the total tax
amount. You can use any of your transaction accounts to make
the payment. If a payment is successful, CBEC provides a link to
generate an E-Receipt for the payment.
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Internet banking customers can pay tax through site to site

integration. For government agencies, which are not Internet-
enabled, OnlineSBI offers the Government Tax Payment facility.
This facility is available as a post login feature in the retail and
corporate banking sites of the Online SBI portal.

Please note that the cut-off time for OLTAS and CBEC payment
is 8 P.M. IST. Any transactions created after the cut off time will
be processed after 7 A.M. on the following day.

3) Bill Payment :-

A simple and convenient service for viewing and paying your

bills online.

• No more late payments

• No more queues
• No more hassles of depositing cheques

Using the bill payment you can 'view and Pay various bills
online, directly from your SBI account. You can pay telephone,
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electricity, insurance, credit cards and other bills from the

comfort of your house or office, 24 hours a day, 365 days a year.
Simply logon to http://www.onlinesbi.com/ with your credentials and
register the biller to which you want to pay, with all the bill
details. Once the bill is uploaded by the biller, you can make
payment online. You can see 'how do i' to learn the steps for
using the facility.

You can also set up Auto Pay instructions with an upper limit to
ensure that your bills are paid automatically whenever they are
due. The upper limit ensures that only bills within the specified
limit are paid automatically, thereby providing you complete
control over these payments.

The e-PAY service is available in various cities across the

country and you can now make payments to several billers in
your region.

4) RTGS/NEFT :-

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You can transfer money from your State Bank account to

accounts in other banks using the RTGS/NEFT service. The
RTGS system facilitates transfer of funds from accounts in one
bank to another on a "real time" and on "gross settlement" basis.
This system is the fastest possible interbank money transfer
facility available through secure banking channels in India.
RTGS transaction requests will be sent to RBI immediately
during working hours post working hours requests are registered
and sent to RBI on next working day. You can also schedule a
transaction for a future date. You can transfer an amount of Rs.1
lac and above using RTGS system.

National Electronic Funds Transfer (NEFT) facilitates transfer of

funds to the credit account with the other participating bank. RBI
acts as the service provider and transfers the credit to the other
bank's account.

NEFT transactions are settled in batches based on the following

timings

1. 6 settlements on weekdays - at 09:00, 11:00, 12:00,

13:00, 15:00 and 17:00 hrs.

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2. 3 settlements on Saturdays - at 09:00, 11:00 and

12:00 hrs.

Please note that all the above timings are based on Indian
Standard Time (IST) only.

In order to transfer the funds to an account with other bank,

kindly ensure that the bank branch of the beneficiary is covered
under the RGTS/NEFT payment system. It is recommended that
you choose the Bank/ Branch from the drop down option
provided under the link "Add Interbank beneficiary".

Please exercise care to provide the correct account number and

name of the beneficiary.

5) E-Payment :-

You can pay your insurance premium, mobile phone bills and
also you can purchase mutual fund units by coming from the
biller’s website and selecting state bank of India in the payment

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option.

LIC PREMIUM: For paying premium of LIC policy logon to

www.licindia.com and register your policy details. When the
premium is due select State Bank of India in the make payment
option.

SBI Mutual FUND: You can invest in the SBI Mutual Fund
schemes online. Logon to www.sbimf.com and select the scheme in
which you want to make investment in the payment option select
State Bank of India.

CCAVENUES: Enjoy shopping at the CCAvenue Shopping

Mall and purchase from a wide variety of products and services
through CCAvenue Certified Vendors. Make payments for your
purchases using your Internet enabled SBI accounts.

6) Fund Transfer :-
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The Funds Transfer facility enables you to transfer funds within

your accounts in the same branch or other branches. You can
transfer aggregating Rs.1 lakh per day to own accounts in the
same branch and other branches. To make a funds transfer, you
should be an active Internet Banking user with transaction rights.
Funds transfer to PPF account is restricted to the same branch.

Just log on to retail section of the Internet Banking site with your
credentials and select the Funds Transfer link under
Payments/Transfers tab. You can see all your online debit and
credit accounts. Select the debit account from which you wish to
transfer funds and the credit account into which the amount is to
be credited. Enter the amount and remarks. The remarks will be
displayed in your accounts statement for this transaction. You
will be displayed the last five funds transfer operations on your
accounts. On confirming the transaction, you will be displayed a
confirmation page with the details of the transaction and the
option to submit or cancel the funds transfer request. A reference
number will be generated for your record.

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7) Third Party Transfer :-

You can transfer funds to your trusted third parties by adding

them as third party accounts. The beneficiary account should be
any branch SBI. Transfer is instant. You can do any number of
Transactions in a day for amount aggregating Rs.1lakh.

To transfer funds to third party having account in SBI, you need

to add and approve a third party, you need to register your
mobile number in personal details link under profile section.
You will receive a One Time SMS password on your mobile
phone to approve a third party. If you do not have a mobile
number, third party approval will be handled by your branch.
Only after approval of third party, you will be able to transfer
funds to the third party. You can set limits for third party
transactions made from your accounts or even set limits for
individual third parties.

8) Demand Draft :-

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The Internet Banking application enables you to register demand

drafts requests online. You can get a demand draft from any of
your Accounts (Savings Bank, Current Account, Cash Credit or
Overdraft). You can set limits for demand drafts issued from
your accounts or use the bank specified limit for demand drafts.
You can opt to collect the draft in person at your branch, quoting
a reference to the transaction. A printed advice can also be
obtained from the site for your record.

Alternatively, you may request the branch to courier it to your

registered address, and the courier charges will be recovered
from you.

If you have any queries, kindly approach your branch, quoting

the reference number generated for the request.

9) Cheque Book Request :-

You can request for a cheque book online. Cheque book can be
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requested for any of your Savings, Current, Cash Credit, and

Over Draft accounts. You can opt for cheque books with 25, 50
or 100 cheque leaves. You can either collect it from branch or
request your branch to send it by post or courier. You can opt to
get the cheque book delivered at your registered address or you
can provide an alternate address. Cheque books will be
dispatched within 3 working days from the date of request.

Just log on to retail section of the Internet Banking site with your
credentials and select the Cheque Book link under Requests tab.
You can view all your transaction accounts. Select the account
for which you require a cheque book; enter the number of
cheque leaves required and the mode of delivery. Then, submit
the same.

10) Account Opening Request:-

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OnlineSBI enables you to open a new account online. You

can apply for a new account only in branches where you
already have accounts. You should have an INB-enabled
account with transaction right in the branch. Funds in an
existing account are used to open the new account. You
can open Savings, Current, Term Deposit and Recurring
Deposit accounts of Residents, NRO and NRE types.

Just log on to retail section of the Internet Banking site

with your credentials and select the New Account link
under Requests tab. You can see all types of accounts.
Select the account and account type you wish to open and
submit the same. Then, you need to select the branch and
enter the initial amount to open the account. You can select
any of your accounts for debiting the initial amount. Then,
submit the transaction. Your new account opening request
will be processed by the branch.

11) Account Statement :-

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The Internet Banking application can generate an online,

downloadable account statement for any of your accounts
for any date range and for any account mapped to your
username. The statement includes the transaction details,
opening, closing and accumulated balance in the account.

You can generate the online account statement for any date
range or for any month and year. The account statement
can be viewed online, printed or downloaded as an Excel
or PDF file. You also have the option to select the number
of records displayed in each page of the statement. The
options are 25, 50, 75, 100 and ALL.

12) Transaction Enquiry :-

OnlineSBI provides features to enquire status of online

transactions. You can view and verify transaction details
and the current status of transactions. Your VISA
transactions can also be viewed separately. Just log on to

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retail section of the Internet Banking site with your

credentials and select the Status Enquiry link under the
Enquiries tab. You will be displayed all online transactions
you have performed. To view details of individual
transactions, you need to click the Transaction Reference
number link. You are displayed the debit and credit
account details, transaction amount, narration and
transaction status

13) Demat Account Statement :-

OnlineSBI enables you to view Demat account statement and

maintain such accounts. The bank acts as your depository
participant. In the third party site, you can mark a lien on your
Demat accounts and use the funds to trade on stock using funds
in your SBI savings account.

You can view Demat account details, and generate the following
statements: statement of holding, statement of transactions,
statement of billing.

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14) Donation:-

You can make donation to religious and charitable institution by

using Internet Banking of SBI. Simply log on to
http://www.onlinesbi.com/ with your credentials and go to Payment and
transfer and click on make donation link. After selecting the
debit account select the religious/charitable institution whom you
want to offer donation. After successful payment you can print
an E-receipt for the donation made.

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Chapter 6
SWOC analysis of SBI’s internet banking

The chapter describes Strengths, Weaknesses,

opportunities, challenges of State Bank of India.

Strengths:-
• Greater reach to customers
• Quicker time to market
• Ability to introduce new products and services quickly and
successfully
• Ability to understand its customers’ needs
• Customers are given access to information easily across
any location
• Greater customer loyalty
• Easy online application for all accounts, including personal
loans and mortgage
• 24 hours account access
• Quality customer service with personal attention

Weaknesses:-

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• Lack of awareness among the existing customers regarding

internet banking
• Obsolesce of technology take place very soon specially in
terms of security on internet.
• Procedure for applying for id and password for using
services related to internet banking takes time.
• Lack of knowledge is found regarding internet banking in
employees of SBI
• Implementation of newer technology is little bit
complicated
• Employees needs training to obtain knowledge regarding I-
banking

Opportunities:-

• Approximately 95% of customers are not using internet

banking.
• Core competency can be achieved in terms of banking if
focus is made on awareness of internet banking
st
• Can become 1 virtual bank of India.
• Concentration of various services should be made using
internet banking

Challenges:-

• Maintaining Business Edge over competitors in the context

of sameness in IT infrastructure

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• Multiple vendor support is necessary for working of highly

complex technology
• Maintaining secured IT infrastructure for business
operations
• Alternative must be there in case of failure of system

Chapter 7
Recommendations and Suggestions

The chapter gives recommendations and suggestions to SBI.

Recommendations & Suggestions:-

• Training and awareness among employees:-

It is recommended that State Bank of India should conduct

various training programmes for the employees, so that they
will get aware with the terms of internet banking. After such
programmes they can create awareness amongst the
consumers.

• Exchange of information on threats and

vulnerabilities at appropriate forums:-

There should be an open end discussion on the threats and

vulnerabilities coming across the functioning of internet

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banking work by the employees in the various official forums

and meets.

• Build an optimal operating model by understanding

which activities to retain collaborate and outsource:-

There should be clear sight of operations which needs to

outsource to other companies, this will lead to ease in work
for employees. Outsourcing operations like, cyber security
department, building IT structure on internet.

• Bank should Create and sustain customer, investor

and regulator confidence by adopting international
accounting standards :-

Adopting international standards adds some more star to the

glory of any company, SBI should impose such standards
when it comes to internet banking or virtual banking, this will
enhance the goodwill of SBI among regulator, customers and
invertors.

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• Bank should anticipate and get prepared for

regulatory changes:-
Laws regarding IT or cyber laws get change as per the need.
SBI should anticipate such kind of changes and get loaded
with various plans and actions.

• Focus on identifying core competence:-

SBI possess some unique characteristics or positive points in
it and with the help of them it can become a leader in market.
Bank should identify such points and concentrate to flourish
them more. This can be done with the help of internet
banking, as internet banking of SBI is getting largely accepted
by customers.
• Increasing usage of mobile phones is going to
revolutionize the banking culture in near future:-

Mobile banking is also getting popular in the segment of

internet banking thus this can add some more steps to
progress for SBI. Bank is into the mobile banking but it is
providing limited features.

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• More stress should be given on security concern on

internet:-
There are some people who are into unethical practices of
hacking of accounts of customers. This is nothing but the
breach in the security of the SBI on internet. There should be
some measures in order to prevent such practices. IT structure
should be unbreakable.
Chapter 8
Conclusion

The chapter gives conclusion for the project

Conclusion:-

Studying the project we came to know that Internet banking is

clearly the way forward for the State Bank of India. It provides
comfort to customers at the same time it provides cost cutting to
SBI by eliminating physical documentation. Internet banking
saves time of bank as well as those of customers.
Study states that internet banking provides greater reach to
customers. Feedback can be obtained easily as internet is virtual
in nature. Customer loyalty can be gain. Personal attention can
be given by bank to customer also quality service can be served.
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Bank should know that No system is perfect, however a system

of such a type will need to be very secure. This is a system
which holds account details and customers wealth. If such a
system was not trusted and not reliable, then SBI would face
serious laws and would lose business.
After studying the SWOC analysis, we came to know various
strengths of SBI such as quality customer service, greater reach,
customer loyalty, easy access to information, 24 hours access,
easy online applications etc. SBI should put efforts to multiply
the number of strengths. In terms of weakness I come to know
some of the major weaknesses they are lack of awareness of
internet banking among the customers, obsolesce of technology
related to security, complicated procedures of availing internet
banking facilities, lack of knowledge among the employees of
SBI. SBI should concentrate on the weaknesses and reduce them
to zero.
In the third segment of SWOC analysis of internet banking we
dealt with opportunities like 95 % market of internet market is
untapped, SBI’s path to become first virtual bank. By encashing
such opportunities bank can become the leader in banking sector
of India. In the last segment I come to know about various
challenges which are in front of SBI, like sameness in IT
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infrastructure within various banks, need of various vendor

supports for complex technology, maintaining secured IT
infrastructure, alternative mechanism in case of failure of present
security system.
The company can take the advantage of the reputation it has
created in the market for itself and become more competitive
The recommendations and suggestions given, if adopted will
improve the position of the company substantially and optimal
profitability coupled with better service and satisfactions for
investors may be achieved.

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Bibliography

Books :-
• SBI Training guide for internet banking

Websites:-

• www.statebankofindia.com
• www.onlinesbi.com
• www.weikipedia.com
• www.google.com

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