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Internet banking-of-sbi

  1. 1. “ Internet Banking Of State Bank Of India 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.BackgroundGraduated in BBA as the background, and as a student of FourthSemester MBA with specialization in Finance and Marketing, Iwas searching for a project area which should go along with mycareer in Finance division of banking industry and utilizes mostof my Finance skills and knowledge. So it was narrowed downto the study of Internet Banking of State Bank Of India.ObjectivesThe main objectives of the study are: • To understand the concept of Internet banking and importance, to bank as well as customers. • To get aware of various aspects of net banking • To build up SWOC analysis of Internet banking of SBI 1
  2. 2. “ Internet Banking Of State Bank Of India • To build up various solutions for drawbacks in net bankingScope of studyThe study is made taking consideration of whole State Bank ofIndia. With reference to experience availed at Amravati campbranch.Need of the StudyThis study is needed to find out the working of Internet Bankingof SBI and its importance to customer as well as to bank.Data CollectionThe data is to be collected from Personal Development Managerof SBI, Mr.Yadao Mohod, and by the official website of StateBank Of India and Reserve Bank of India.The project is divided into various chapters dealing with variousissues in the project. There are in total seven chapters. 2
  3. 3. “ Internet Banking Of State Bank Of IndiaThe 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 ConclusionFuture scope 3
  4. 4. “ Internet Banking Of State Bank Of IndiaThe study of this topic will help to get the knowledge aboutprocess of internet banking and usefulness to banking industry.As the study contains the 360 degree information regarding SBIand its internet banking, Hence the study will lead to new waysto tackle the problems and the SWOC of SBI in respect ofinternet banking.This was all about how the project will go ahead and the findingsfrom it. The next chapter deals with the Company Profiles Chapter 2 INTERNET BANKING 4
  5. 5. “ Internet Banking Of State Bank Of India The chapter describes in brief about INTERNET BANKING.Internet:-INTRODUCTION: -There is a sea change in the media world. While most consumerssee the news papers, the same magazines and listen to the sameradio programs, behind this bland public exterior there is aseething world of innovation, acquisition, global partnership anddivorces, births and deaths… all of it most readily interpreted asthe inevitable result of the technological revolution that is in theprocess of merging telephones, computers, televisions in to asingle all singing, all dancing magic kit that will, very possible,change all of our lives more than we can imagine some dayThere are 2 ways you can respond to this 1 is to panic, whichmay mean simply curling up in a corner and wishing that itwould all go away. The other is to embrace the new religion withmessianic fervor and go out to proclaim the millennium. Iwelcome you to the new emerging world of the Info-High-Way,destined to redefine the world of communications: 5
  6. 6. “ Internet Banking Of State Bank Of IndiaHISTORY: -It is said that necessity is the mother of invention. And true, it isseeds of Internet were sown in the ashes of the world warHaving bombed the cities of Hiroshima and Nagasaki, USmilitary was forced to provide the answer to the question – Whatif someone bombed the USA? So for many years after the war,most of the US military research concentrated on ways andmeans to survive the nuclear holocaust. And one of the mostimportant strategic problems was- “How would us authoritiescommunicate with each other in the aftermath of a nuclearattack?” computers were already there. But, communicationnetworks were connected to each in a private fashion- in sort ofchains: somewhat like an electricity line to your home. Thismeans that if even one chain in the middle were blown up, thewhole network would collapse.Then in the 1960’s the problem was taken by America’sforemost military think tank, the Rand Corporation. After a lot ofideas were put up and knocked down, Paul baron- a rand“thinker” hit upon an idea. “What if the network was not builtlike a chain but like a fish net?” he said. If one strand on the fishnet broke the net would still be functional. After spending many 6
  7. 7. “ Internet Banking Of State Bank Of Indiaagonizing hours over it, he came up with 11-volume report forthe 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 andcalled ARPANET, connecting four American researchorganizations- university of Utah, university of California in LosAngeles and Santa Barbara, and Stanford research institute.Internet as a communication medium and as a repository ofinformation has caught the imagination of computer users. Thishas fuelled an unparalleled growth in the number of Internetusers.VARIOUS PARTS OF INTERNET: -The Internet is made up of terminal computers through whichsubscribers access the net; gateways servers which connect theusers to the rest of the network (of computers); servers whichhost information in them; and, the communication network overwhich data actually flows.Internet offers its users a variety of services. The subscribersmay have access to all or any of the following servicesdepending upon the type of connection that one has subscribedfor: 7
  8. 8. “ Internet Banking Of State Bank Of India 1) E-Mail 2) World Wide Web (WWW) 3) File Transfer Protocol (FTP) 4) Telnet 8
  9. 9. “ Internet Banking Of State Bank Of IndiaThe net banking, thus, now is more of a norm rather than anexception in many developed countries due to the fact that it isthe cheapest way of providing banking services.Internet banking refers to the use of the Internet as a remotedelivery channel for banking services. Such services includetraditional ones, such as opening a deposit account ortransferring funds among different accounts, and new bankingservices, such as electronic bill presentment and payment(allowing customers to receive and pay bills on a bank’s Website). Banks offer Internet banking in two main ways. Anexisting bank with physical offices can establish a Web site andoffer Internet banking to its customers as an addition to itstraditional delivery channels. A second alternative is to establisha “virtual,” “branchless,” or “Internet-only” bank. The computerserver that lies at the heart of a virtual bank may be housed in anoffice that serves as the legal address of such a bank, or at someother location. Virtual banks may offer their customers theability to make deposits and withdraw funds via ATMs or otherremote delivery channels owned by other institutions.The impact of E-transaction and authentication issues in banking 9
  10. 10. “ Internet Banking Of State Bank Of IndiaIts hardly great news that there has been tremendous growth inthe use of the Internet and other electronic facilities toprocess financial transactions. According to the FederalDeposit Insurance Corp., transactional Web sites have more thandoubled each year for the past six years, growing from one in1995 to nearly 2,500 in 2000.This growth is a reflection of the fact that over the past fewyears, financial leaders have been considering various ways inwhich to allow their customers to transact business using theInternet. This objective is now reaching beyond the financialservices industry into non-electronic business segments, such asthe building supply industry. Furthermore, this growth is likely tocontinue to climb as the number of Internet users, Internetconnection speed, and the number of transactional Web sitescontinues to increase. The number of adults using PC banking isalso growing. With this growth, there is an increased awarenessof the benefits of using online transaction processing, therebyfueling the thought that all business should be electronicallyfacilitated. 10
  11. 11. “ Internet Banking Of State Bank Of IndiaGartner predicts that worldwide business-to-business (B2B) e-commerce will total $3.6 trillion by 2003 and $8.5 trillion in2005. Online financial activity had a slower start, but has hadsteady growth, from 6 million users in 1998 to 27.5 million usersin 2000. During 2000, only 30 percent of the Internet-capablehouseholds were using some form of Internet banking, indicatingthat there is tremendous room for increased use.The e-Commerce Value ChainConsider that the consumer and the merchant are on either endsof the electronic commerce value chain, with the authenticationnetwork and transaction processor (bank) in the middle. Bankshave traditionally been the trusted agents, have the largestcustomer base, and have received the initial benefits fromelectronic commerce. Value has begun a steady migration to theends of the value chain. Customers can receive and pay billsfrom one point using products from multiple issuers. Merchantscan influence and enhance the consumer experience by providinginnovative and time-saving means of doing business. Merchantscan add value to the payment process, for example, by offeringdiscounted prices for electronic payment. 11
  12. 12. “ Internet Banking Of State Bank Of IndiaMerchants can also reduce their costs by receiving electronicpayments, which results in reducing and sometimes eliminatingthe need for data entry, as well as reducing the error rate and thetime to investigate and correct the data. By increasing andeffectively managing cash flow, merchants may also be able toreduce costs associated with lines of credit. 12
  13. 13. “ Internet Banking Of State Bank Of IndiaDigital SignaturesOn October 1, 2000, the Electronic Signatures in National andGlobal Commerce Act was signed. This act states that anagreement, contract, or transaction signed electronically isenforceable in a court of law. Accordingly, financial servicesinstitutions can now legally transact business using electronicsignatures, allowing transactions such as mortgages, fundstransfers, opening and closing of accounts, benefits enrollment,and beneficiary designations to occur in an electronicenvironment. 13
  14. 14. “ Internet Banking Of State Bank Of IndiaThe law defines an electronic signature as "an electronic sound,symbol, or process attached to or logically associated with acontract or other record and executed or adopted by a person withthe intent to sign the record." Fortunately, the legislation does notattempt to define acceptable technologies except to indicate thatthe technologies must be mutually acceptable to the transactingparties. Since a valid signature can be as simple as a digitalimage of a signature (enabled through an electronic pen and pad)or as complex as todays public key infrastructure (PKI) andassociated encryption methods, the technology decision makermust define relevant business objectives and understand therisks, such as cost and unauthorized use associated withalternative implementations.There are possible additional benefits to the implementingorganization. These include reduced transaction timelines,reduction in paper processing costs, facilitation of customermigration to the Internet as a business channel, and increasedonline transaction security. 14
  15. 15. “ Internet Banking Of State Bank Of IndiaWhen compared to physical signatures, e-signature technologiesare, in general, a more secure authentication method. Manyfinancial institutions are studying the possible implementation ofa public key infrastructure (PKI) system that will allow them toexchange electronic information securely with unknown parties.PKI is the delivery channel for public key cryptography, amethod that allows the parties to a transaction to keep acommunication private through the use of a two-part key madeup of public and private components. To encrypt messages, thepublished public keys of the recipients are used. To decrypt themessages, the recipients use their unpublished private keys,known only to them. Quite simply, if the signers private key isnot compromised, which can happen by releasing the passwordor allowing access to the device containing the private key, adocument cannot be digitally signed 15
  16. 16. “ Internet Banking Of State Bank Of IndiaWhat Is Internet Banking? 16
  17. 17. “ Internet Banking Of State Bank Of IndiaInternet Banking System is a system that has been developed inorder to help clients with the daily day-to-day transactions.Internet banking systems means that clients can now do bankingat the leisure of their homes.Also known as online banking, the system allows bothtransactional and non-transactional features.Online banking or internet banking allows customers to conductfinancial transactions on a secure website operated by the retailor virtual bankHistory 17
  18. 18. “ Internet Banking Of State Bank Of IndiaThe term online banking was first started in 80’s. The termonline became popular in the late 80s and referred to the use of aterminal, keyboard and TV (or monitor) to access the bankingsystem using a phone line. ‘Home banking’ can also refer to theuse of a numeric keypad to send tones down a phone line withinstructions to the bank. Online services started in New York in1981 when four of the city’s major banks (Citibank, ChaseManhattan, Chemical and Manufacturers Hanover) offered homebanking services using the videotext system. Because of thecommercial failure of videotex these banking services neverbecame 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. 18
  19. 19. “ Internet Banking Of State Bank Of IndiaThe UK’s first home online banking services was set up by theNottingham Building Society (NBS) in 1983 .The system used wasbased on the UKs Prestel system and used a computer, such asthe BBC Micro, or keyboard (Tandata Td1400) connected to thetelephone system and television set. The system (known asHome link) allowed on-line viewing of statements, banktransfers and bill payments. In order to make bank transfers andbill payments, a written instruction giving details of the intendedrecipient had to be sent to the NBS who set the details up on theHome link system. Typical recipients were gas, electricity andtelephone companies and accounts with other banks. Details ofpayments to be made were input into the NBS system by theaccount holder via Prestel. A cheque was then sent by NBS tothe payee and an advice giving details of the payment was sentto the account holder. BACS was later used to transfer thepayment directly.Stanford Federal Credit Union was the first financial institutionto offer online internet banking services to all of its members inOct, 1994. Later on it was adopted by worldwide banks 19
  20. 20. “ Internet Banking Of State Bank Of India 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:- 20
  21. 21. “ Internet Banking Of State Bank Of IndiaState bank of India is the nation’s largest and oldest bank.Tracing its roots back some 200 years to the British East IndiaCompany (and initially established as the Bank of Calcutta in1806), the bank operates more than 15,000 branches withinIndia, where it also owns majority stakes in six associate banks.State Bank of India (SBI) has more than 80 offices in nearly 35other 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, creditcards, and brokerage services. The Reserve Bank of India ownsabout 60% of State bank of India.Some facts and figures SBI Share in Deposits & Advances SBI Share in Deposits & Advances SBI SBI 18% 18% SBI Share in Foreign Exchange SBI Share in Foreign Exchange 21 SBI SBI 35% 35%
  22. 22. “ Internet Banking Of State Bank Of India 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% 22
  23. 23. “ Internet Banking Of State Bank Of IndiaHistory of State bank of India:- 23
  24. 24. “ Internet Banking Of State Bank Of IndiaState Bank of India (SBI) is that countrys largest commercialbank. The government-controlled bank--the Indian governmentmaintains a stake of nearly 60 percent in SBI through the centralReserve Bank of India--also operates the worlds largest branchnetwork, with more than 13,500 branch offices throughout India,staffed by nearly 220,000 employees. SBI is also presentworldwide, with seven international subsidiaries in the UnitedStates, Canada, Nepal, Bhutan, Nigeria, Mauritius, and theUnited Kingdom, and more than 50 branch offices in 30countries. Long an arm of the Indian governments infrastructure,agricultural, and industrial development policies, SBI has beenforced to revamp its operations since competition was introducedinto the countrys commercial banking system. As part of thateffort, SBI has been rolling out its own network of automatedteller machines, as well as developing anytime-anywherebanking services through Internet and other technologies. SBIalso has taken advantage of the deregulation of the Indianbanking sector to enter the, assets management, and securitiesbrokering sectors. In addition, SBI has been working on reigningin its branch network, reducing its payroll, and strengthening itsloan portfolio. In 2003, SBI reported revenue of $10.36 billionand total assets of $104.81 billion. 24
  25. 25. “ Internet Banking Of State Bank Of IndiaThe establishment of the British colonial government in Indiabrought with it calls for the formation of a Western-stylebanking system, if only to serve the needs and interests of theBritish imperial government and of the European trading housesdoing business there. The creation of a national banking systembegan at the beginning of the 19th century.The first component of what was later to become the State Bankof India was created in 1806, in Calcutta. Called the Bank ofCalcutta, it was also the countrys first joint stock company.Originally established to serve the citys interests, the bank wasgranted a charter to serve all of Bengal in 1809, becoming theBank of Bengal. The introduction of Western-style bankinginstituted deposit savings accounts and, in some cases,investment services. The Bank of Bengal also received the rightto issue its own notes, which became legal currency within theBengali region. This right enabled the bank to establish a solidfinancial foundation, building an interest-free capital base. 25
  26. 26. “ Internet Banking Of State Bank Of IndiaThe spread of colonial influence also extended the scope ofgovernment and commercial financial influence. Toward themiddle of the century, the imperial government created two moreregional banks. The Bank of Bombay was created in 1840, andwas soon joined by the Bank of Madras in 1843. Together withthe Bank of Bengal, they became known as the "presidency"banks.All three banks were operated as joint stock companies, with theimperial government holding a one-fifth share of each bank. Theremaining shares were sold to private subscribers and, typically,were claimed by the Western European trading firms. Thesefirms were represented on each banks board of directors, whichwas presided over by a nominee from the government. While thebanks performed typical banking functions, for the Westernfirms and population and members of Indian society, their mainrole was to act as a lever for raising loan capital, as well as helpstabilize government securities. 26
  27. 27. “ Internet Banking Of State Bank Of IndiaThe charters backing the establishment of the presidency banksgranted them the right to establish branch offices. Into thesecond half of the century, however, the banks remained single-office concerns. It was only after the passage of the PaperCurrency Act in 1861 that the banks began their first expansioneffort. That legislation had taken away the presidency banksauthority to issue currency, instead placing the issuing of papercurrency under direct control of the British government in India,starting in 1862.Yet that same legislation included two key features thatstimulated the growth of a national banking network. On the onehand, the presidency banks were given the responsibility for thenew currencys management and circulation. On the other, thegovernment agreed to transfer treasury capital backing thecurrency to the banks--and especially to their branch offices.This latter feature encouraged the three banks to begin buildingthe countrys first banking network. The three banks thenlaunched an expansion effort, establishing a system of branchoffices, agencies, and sub-agencies throughout the mostpopulated regions of the Indian coast, and into the inland areasas well. By the end of the 1870s, the three presidency banksoperated nearly 50 branches among them. 27
  28. 28. “ Internet Banking Of State Bank Of IndiaThe rapid growth of the presidency banks came to an abrupt haltin 1876, when a new piece of legislation, the Presidency BanksAct, placed all three banks under a common charter--and acommon set of restrictions. As part of the legislation, the Britishimperial government gave up its ownership stakes in the banks,although they continued to provide a number of services to thegovernment, and retained some of the governments treasurycapital. The majority of that, however, was transferred to thethree newly created Reserve Treasuries, located in Calcutta,Bombay, and Madras. The Reserve Treasuries continued to lendcapital to the presidency banks, but on a more restrictive basis.The minimum balance now guaranteed under the PresidencyBanks Act was applicable only to the banks central offices. Withbranch offices no longer guaranteed a minimum balance backedby government funds, the banks ended development of theirnetworks. Only the Bank of Madras continued to grow for sometime, supplied as it was by the influx of capital fromdevelopment of trade among the regions port cities. 28
  29. 29. “ Internet Banking Of State Bank Of IndiaThe loss of the government-backed balances was sooncompensated by Indias rapid economic development at the endof the 19th century. The building of a national railroad networklaunched the country into a new era, seeing the rise of cash-cropfarming, a mining industry, and widespread industrialdevelopment. The three presidency banks took active roles infinancing this development. The banks also extended their rangeof services and operations, although for the time being wasexcluded from the foreign exchange market.By the beginning of the 20th century, Indias banking industryboasted a host of new arrivals, and particularly foreign banksauthorized to exchange currency. The growth of the bankingsector, and the development of indigenous banks, in turn createda need for a larger "bankers bank." At the same time, the Indiangovernment had outgrown its colonial background and nowrequired a more centralized banking institution. These factors ledto the decision to merge the three presidency banks into a new,single and centralized banking institution, the Imperial Bank ofIndia. 29
  30. 30. “ Internet Banking Of State Bank Of IndiaCreated in 1921, the Imperial Bank of India appeared toinaugurate a new era in Indias history--culminating in itsdeclaration of independence from the British Empire. TheImperial Bank took on the role of central bank for the Indiangovernment, while acting as a bankers bank for the growingIndian banking sector. At the same time, the Imperial Bank,which, despite its role in the government financial structureremained independent of the government, carried on its owncommercial banking operations.In 1926, a government commission recommended the creation ofa true central bank. While some proposed converting theImperial Bank into a central banking organization for thecountry, the commission rejected this idea and insteadrecommended that the Imperial Bank be transformed into apurely commercial banking institution. The government took upthe commissions 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 tookover all central banking functions. 30
  31. 31. “ Internet Banking Of State Bank Of IndiaThe 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 ofits role as a government banking office, the Imperial Bankcontinued to provide banking services to the Reserve Bank,particularly in areas where the Reserve Bank had not yetestablished offices. At the same time, the Imperial Bank retainedits position as a bankers bank.By then, India had achieved its independence from Britain. In1951, the new government launched its first Five Year Plan,targeting in particular the development of the countrys ruralareas. The lack of a banking infrastructure in these regions ledthe government to develop a state-owned banking entity to fillthe gap. As part of that process, the Imperial Bank wasnationalized and then integrated with other existing government-owned banking components. The result was the creation of theState Bank of India, or SBI, in 1955. 31
  32. 32. “ Internet Banking Of State Bank Of IndiaThe new state-owned bank now controlled more than one-fourthof Indias total banking industry. That position was expanded atthe end of the decade, when new legislation was passedproviding for the takeover by the State Bank of eight regionallybased, government-controlled banks. As such the Banks ofBikaner, 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 associatebanks.In the early 1960s, the State Banks network already containednearly 500 branches and sub-offices, as well as the three originalhead offices inherited from the presidency bank era. Yet theState Bank now began an era of expansion, acting as a motor forIndias industrial and agricultural development that was totransform it into one of the worlds largest financial networks.Indeed, by the early 1990s, the State Bank counted nearly 15,000branches and offices throughout India, giving it the worldssingle largest branch network. 32
  33. 33. “ Internet Banking Of State Bank Of IndiaSBI played an extremely important role in developing Indiasrural regions, providing the financing needed to modernize thecountrys agricultural industry and develop new irrigationmethods and cattle breeding techniques, and backing the creationof dairy farming, as well as pork and poultry industries. Thebank also provided backing for the development of the countrysinfrastructure, particularly on a local level, where it providedcredit coverage and development assistance to villages. Thenationalization of the banking sector itself, an event thatoccurred in 1969 under the government led by Indira Gandhi,gave SBI new prominence as the countrys leading bank. 33
  34. 34. “ Internet Banking Of State Bank Of IndiaEven as it played a primary role in the Indian governmentsindustrial and agricultural development policies, SBI continuedto develop its commercial banking operations. In 1972, forexample, the bank began offering merchant banking services. Bythe mid-1980s, the banks merchant banking operations hadgrown sufficiently to support the creation of a dedicatedsubsidiary, SBI Capital Markets, in 1986. The following year,the company launched another subsidiary, SBI Home Finance, incollaboration with the Housing Development FinanceCorporation. Then in the early 1990s, SBI added subsidiariesSBI Factors and Commercial Services, and then launchedinstitutional investor services. 34
  35. 35. “ Internet Banking Of State Bank Of IndiaSBI was allowed to dominate the Indian banking sector for morethan two decades. In the early 1990s, the Indian governmentkicked off a series of reforms aimed at deregulating the bankingand financial industries. SBI was now forced to brace itself forthe arrival of a new wave of competitors eager to enter the fast-growing Indian economys commercial banking sector. Yet yearsas a government-run institution had left SBI bloated--the civil-servant status of its employees had encouraged its payroll toswell to more than 230,000. The bureaucratic nature of thebanks management left little room for personal initiative, norincentive for controlling costs.In 1994, the bank hired consulting group McKinsey & Co. tohelp it restructure its operations. McKinsey then led SBI througha massive restructuring effort that lasted through much of thedecade and into the beginning of the next, an effort that helpedSBI develop a new corporate culture focused more onprofitability than on social and political policy. SBI also steppedup its international trade operations, such as foreign exchangetrading, as well as corporate finance, export credit, andinternational banking. 35
  36. 36. “ Internet Banking Of State Bank Of IndiaSBI had long been present overseas, operating some 50 offices in34 countries, including full-fledged subsidiaries in the UnitedKingdom, the United States, and elsewhere. In 1995 the bank setup a new subsidiary, SBI Commercial and International BankLtd., to back its corporate and international banking services.The bank also extended its international network into newmarkets such as Russia, China, and South Africa.Back home, in the meantime, SBI began addressing thetechnology gap that existed between it and its foreign-backedcompetitors. Into the 1990s, SBI had yet to establish anautomated teller network; indeed, it had not even automated itsinformation systems. SBI responded by launching an ambitioustechnology drive, rolling out its own ATM network, thenteaming up with GE Capital to issue its own credit card. In theearly 2000s, the bank began cross-linking its banking networkwith its ATM network and Internet and telephone access, rollingout "anytime, anywhere" banking access. By 2002, the bank hadsucceeded in networking its 3,000 most profitable branches. 36
  37. 37. “ Internet Banking Of State Bank Of IndiaThe implementation of new technology helped the bank achievestrong profit gains into the early years of the new century. SBIalso adopted new human resources and retirement policies,helping trim its payroll by some 20,000, almost entirely throughvoluntary retirement in a country where joblessness remained adecided problem.By the beginning of 2004, SBI appeared to be well on its way tomeeting the challenges offered by the deregulated Indianbanking sector. In a twist, the bank had become an aggressor intonew territories, launching its own line of banc assuranceproducts, and also initiating securities brokering services. In themeantime, SBI continued its technology rollout, boosting thenumber of networked branches to more than 4,000 at the end of2003. SBI promised to remain a central figure in the Indianbanking 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 governmentand changes its name to Bank of Bengal. 37
  38. 38. “ Internet Banking Of State Bank Of India1840: A sister bank, Bank of Bombay, is formed. 1843: Another sister bank is formed: Bank of Madras, which,together with Bank of Bengal and Bank of Bombay becomeknown as the presidency banks, which had the right to issuecurrency in their regions. 1861: The Presidency Banks Act takes away currency issuingprivileges but offers incentives to begin rapid expansion, and thethree banks open nearly 50 branches among them by themid-1870s. 1876: The creation of Central Treasuries ends the expansionphase 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 inthe formation of the State Bank of India, which then becomes aprimary factor behind the countrys industrial, agricultural, andrural development. 1969: The Indian government establishes a monopoly over thebanking sector.1972: SBI begins offering merchant banking services.1986: SBI Capital Markets is created. 38
  39. 39. “ Internet Banking Of State Bank Of India 1995: SBI Commercial and International Bank Ltd. arelaunched as part of SBIs stepped-up international bankingoperations.1998: SBI launches credit cards in partnership with GE Capital. 2002: SBI networks 3,000 branches in a massive technologyimplementation.2004: A networking effort reaches 4,000 branches. 39
  40. 40. “ Internet Banking Of State Bank Of India 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. 40
  41. 41. “ Internet Banking Of State Bank Of India • 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) 41
  42. 42. “ Internet Banking Of State Bank Of India • 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 42
  43. 43. “ Internet Banking Of State Bank Of India CBS - Core Banking System Components Datacenter Branches Application Developers Desktops, Branch Core-Banking Servers Application WAN, OS, Database Internet Alternative Internet-Banking Channels ATMBranch User/Admins Network Administrators System Administrators ELITEX-2008 8 Chapter 5 Services provided by SBI internet bankingChapter deals with the information related to various services an products of SBI internet bankingOnline SBI ( 43
  44. 44. “ Internet Banking Of State Bank Of IndiaState Bank of India is India’s largest bank with a branchnetwork of over 11000 branches and 6 associate banks locatedeven in the remotest parts of India. State Bank of India (SBI)offers a wide range of banking products and services tocorporate and retail customers.OnlineSBI is the Internet banking portal for State Bank of India.The portal provides anywhere, anytime, online access toaccounts for State Bank’s Retail and Corporate customers. Theapplication is developed using the latest cutting edge technologyand tools. The infrastructure supports unified, secure access tobanking services for accounts in over 11,000 branches acrossIndia.RETAIL BANKING:-The Retail banking application is an integration of severalfunctional areas, and enables customers to:  Issue Demand Drafts online  Transfer funds to own and third party accounts  Credit beneficiary accounts using the VISA Money Transfer, RTGS/NEFT feature 44
  45. 45. “ Internet Banking Of State Bank Of India  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 featuresto administer and manage corporate accounts online. Thecorporate module provides roles such as Regulator, Admin,Uploader, Transaction Maker, Authorizer, and Auditor. Theseroles have access to the following functions:  Manage users, define rights and transaction rules on corporate accounts  Access accounts in several branches with a single sign-on mechanism 45
  46. 46. “ Internet Banking Of State Bank Of India  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 balanceValue 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  Internet Bank transactions for incoming RTGS/NEFT Transactions 46
  47. 47. “ Internet Banking Of State Bank Of India  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• Donation 1) E-TICKETING :- 47
  48. 48. “ Internet Banking Of State Bank Of IndiaYou can book your railway, air and bus tickets online throughOnlineSBI.To book your train ticket, just log on to and create anID there at if you do not have one. Submit your travel plan andbook 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 willbe redirected to Internet Banking site of SBI ( submitting the respective ID and password, you can selectyour account. After a successful debit, Railways will generatethe ticket. E-ticket can be printed by you whereas the i-ticketwill be dispatched by IRCTC at the given address. Servicecharges @ Rs.10/- per transaction shall be levied in addition tothe cost of the ticket. Cancellation of E-ticket can be done by 48
  49. 49. “ Internet Banking Of State Bank Of Indialogging on to IRCTCs site; refund amount will be credited toyour account directly within 2-3 days. For cancellation of i-ticket, you shall be required to submit your ticket at acomputerized counter of Railways and on cancellation; theamount shall be credited back to your account.You can also book your Air ticket through the e-ticketingfeature. Logon to Indian Airlines website to make a payment foran e-ticket through State Bank of India, you need to select SBI asthe payment option. The payment request will be redirected toInternet Banking site. The request may be processed based onvalues sent from the airlines website. Once a transaction isprocessed, an appropriate response will be sent to airlines site toupdate the status of the transaction. You can print the E-ticketimmediately.To book bus tickets to destinations in Karnataka, log on to theKSRTC website. Provide details about the start and end points ofyour journey, date of journey and number of tickets. Verifyavailability of seats on the selected date and confirm thetransaction. Select OnlineSBI to make the payment. Provideyour credentials and select the SBI account that will be debited 49
  50. 50. “ Internet Banking Of State Bank Of Indiafor the payment. You are provided a KSRTC reference numberfor your e-Ticket. 2) SBI E-TAX:-You can pay your taxes online through SBI E-Tax. This facilityenables you to pay TDS, Income tax, Indirect tax, Corporationtax, Wealth tax, Estate Duty and Fringe Benefits tax. Click the e-Tax link in the home page. You are displayed a page with twolinks Direct Tax and Indirect Tax.Click the Direct Tax link. You will be redirected to the NSDLsite where you can select an online challan based on the tax youwish to pay. Provide the PAN, name and address, assessmentyear, nature of payment and bank name. On selecting the bankname as SBI and submitting the form, you will be redirected tothe Internet Banking site. After submitting the respective ID andpassword, you can select your account for making payment oftaxes. After payment is successful you can print the E-Receiptfor the payment. The E-receipt can be printed at a later date alsoand the same can be retrieved from: Enquiries > Find 50
  51. 51. “ Internet Banking Of State Bank Of IndiaTransactions > Status Enquiries > Click on the respectivetransaction to print the tax receipt.The Indirect Tax link is used to make Central Excise and ServiceTax payments to Central Board of Excise and Customs. Theonline payment feature facilitates anytime, anywhere paymentand an instant E-Receipt is generated once the transaction iscomplete. The Indirect Tax payment facility is available toRegistered Central Excise/Service Tax Assessee who possessesthe 15 digit PAN based Assessee Code. You can make CBECpayments using the Indirect Taxes link available in thePayments/Transfers tab. You need to provide your assessee codeas registered with CBEC and select the minor heads towardswhich you intend to pay tax. Select the appropriate tax type andenter the tax amount. Select an account for debiting the total taxamount. You can use any of your transaction accounts to makethe payment. If a payment is successful, CBEC provides a link togenerate an E-Receipt for the payment.Internet banking customers can pay tax through site to siteintegration. For government agencies, which are not Internet-enabled, OnlineSBI offers the Government Tax Payment facility. 51
  52. 52. “ Internet Banking Of State Bank Of IndiaThis facility is available as a post login feature in the retail andcorporate banking sites of the Online SBI portal.Please note that the cut-off time for OLTAS and CBEC paymentis 8 P.M. IST. Any transactions created after the cut off time willbe processed after 7 A.M. on the following day. 3) Bill Payment :-A simple and convenient service for viewing and paying yourbills online. • No more late payments • No more queues • No more hassles of depositing chequesUsing the bill payment you can view and Pay various billsonline, directly from your SBI account. You can pay telephone,electricity, insurance, credit cards and other bills from thecomfort of your house or office, 24 hours a day, 365 days a year.Simply logon to with your credentials andregister the biller to which you want to pay, with all the bill 52
  53. 53. “ Internet Banking Of State Bank Of Indiadetails. Once the bill is uploaded by the biller, you can makepayment online. You can see how do i to learn the steps forusing the facility.You can also set up Auto Pay instructions with an upper limit toensure that your bills are paid automatically whenever they aredue. The upper limit ensures that only bills within the specifiedlimit are paid automatically, thereby providing you completecontrol over these payments.The e-PAY service is available in various cities across thecountry and you can now make payments to several billers inyour region. 4) RTGS/NEFT :-You can transfer money from your State Bank account toaccounts in other banks using the RTGS/NEFT service. TheRTGS system facilitates transfer of funds from accounts in onebank to another on a "real time" and on "gross settlement" basis. 53
  54. 54. “ Internet Banking Of State Bank Of IndiaThis system is the fastest possible interbank money transferfacility available through secure banking channels in India.RTGS transaction requests will be sent to RBI immediatelyduring working hours post working hours requests are registeredand sent to RBI on next working day. You can also schedule atransaction for a future date. You can transfer an amount of Rs.1lac and above using RTGS system.National Electronic Funds Transfer (NEFT) facilitates transfer offunds to the credit account with the other participating bank. RBIacts as the service provider and transfers the credit to the otherbanks account.NEFT transactions are settled in batches based on the followingtimings 1. 6 settlements on weekdays - at 09:00, 11:00, 12:00, 13:00, 15:00 and 17:00 hrs. 2. 3 settlements on Saturdays - at 09:00, 11:00 and 12:00 hrs.Please note that all the above timings are based on IndianStandard Time (IST) only. 54
  55. 55. “ Internet Banking Of State Bank Of IndiaIn order to transfer the funds to an account with other bank,kindly ensure that the bank branch of the beneficiary is coveredunder the RGTS/NEFT payment system. It is recommended thatyou choose the Bank/ Branch from the drop down optionprovided under the link "Add Interbank beneficiary".Please exercise care to provide the correct account number andname of the beneficiary. 5) E-Payment :-You can pay your insurance premium, mobile phone bills andalso you can purchase mutual fund units by coming from thebiller’s website and selecting state bank of India in the paymentoption.LIC PREMIUM: For paying premium of LIC policy logon and register your policy details. When thepremium is due select State Bank of India in the make payment 55
  56. 56. “ Internet Banking Of State Bank Of Indiaoption.SBI Mutual FUND: You can invest in the SBI Mutual Fundschemes online. Logon to and select the scheme inwhich you want to make investment in the payment option selectState Bank of India.CCAVENUES: Enjoy shopping at the CCAvenue ShoppingMall and purchase from a wide variety of products and servicesthrough CCAvenue Certified Vendors. Make payments for yourpurchases using your Internet enabled SBI accounts. 6) Fund Transfer :-The Funds Transfer facility enables you to transfer funds withinyour accounts in the same branch or other branches. You cantransfer aggregating Rs.1 lakh per day to own accounts in the 56
  57. 57. “ Internet Banking Of State Bank Of Indiasame branch and other branches. To make a funds transfer, youshould 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 yourcredentials and select the Funds Transfer link underPayments/Transfers tab. You can see all your online debit andcredit accounts. Select the debit account from which you wish totransfer funds and the credit account into which the amount is tobe credited. Enter the amount and remarks. The remarks will bedisplayed in your accounts statement for this transaction. Youwill be displayed the last five funds transfer operations on youraccounts. On confirming the transaction, you will be displayed aconfirmation page with the details of the transaction and theoption to submit or cancel the funds transfer request. A referencenumber will be generated for your record. 7) Third Party Transfer :-You can transfer funds to your trusted third parties by addingthem as third party accounts. The beneficiary account should be 57
  58. 58. “ Internet Banking Of State Bank Of Indiaany branch SBI. Transfer is instant. You can do any number ofTransactions in a day for amount aggregating Rs.1lakh.To transfer funds to third party having account in SBI, you needto add and approve a third party, you need to register yourmobile number in personal details link under profile section.You will receive a One Time SMS password on your mobilephone to approve a third party. If you do not have a mobilenumber, third party approval will be handled by your branch.Only after approval of third party, you will be able to transferfunds to the third party. You can set limits for third partytransactions made from your accounts or even set limits forindividual third parties. 8) Demand Draft :-The Internet Banking application enables you to register demanddrafts requests online. You can get a demand draft from any ofyour Accounts (Savings Bank, Current Account, Cash Credit orOverdraft). You can set limits for demand drafts issued fromyour accounts or use the bank specified limit for demand drafts. 58
  59. 59. “ Internet Banking Of State Bank Of IndiaYou can opt to collect the draft in person at your branch, quotinga reference to the transaction. A printed advice can also beobtained from the site for your record.Alternatively, you may request the branch to courier it to yourregistered address, and the courier charges will be recoveredfrom you.If you have any queries, kindly approach your branch, quotingthe reference number generated for the request. 9) Cheque Book Request :-You can request for a cheque book online. Cheque book can berequested for any of your Savings, Current, Cash Credit, andOver Draft accounts. You can opt for cheque books with 25, 50or 100 cheque leaves. You can either collect it from branch orrequest your branch to send it by post or courier. You can opt toget the cheque book delivered at your registered address or you 59
  60. 60. “ Internet Banking Of State Bank Of Indiacan provide an alternate address. Cheque books will bedispatched within 3 working days from the date of request.Just log on to retail section of the Internet Banking site with yourcredentials and select the Cheque Book link under Requests tab.You can view all your transaction accounts. Select the accountfor which you require a cheque book; enter the number ofcheque leaves required and the mode of delivery. Then, submitthe same. 10) Account Opening Request:- 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 60
  61. 61. “ Internet Banking Of State Bank Of India 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 :- 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. 61
  62. 62. “ Internet Banking Of State Bank Of India 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 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 62
  63. 63. “ Internet Banking Of State Bank Of India account details, transaction amount, narration and transaction status 13) Demat Account Statement :-OnlineSBI enables you to view Demat account statement andmaintain such accounts. The bank acts as your depositoryparticipant. In the third party site, you can mark a lien on yourDemat accounts and use the funds to trade on stock using fundsin your SBI savings account.You can view Demat account details, and generate the followingstatements: statement of holding, statement of transactions,statement of billing. 14) Donation:-You can make donation to religious and charitable institution byusing Internet Banking of SBI. Simply log on to with your credentials and go to Payment and 63
  64. 64. “ Internet Banking Of State Bank Of Indiatransfer and click on make donation link. After selecting thedebit account select the religious/charitable institution whom youwant to offer donation. After successful payment you can printan E-receipt for the donation made. Chapter 6 SWOC analysis of SBI’s internet banking 64
  65. 65. “ Internet Banking Of State Bank Of India 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 attentionWeaknesses:- • 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 65
  66. 66. “ Internet Banking Of State Bank Of India • Implementation of newer technology is little bit complicated • Employees needs training to obtain knowledge regarding I- bankingOpportunities:- • 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 bankingChallenges:- • Maintaining Business Edge over competitors in the context of sameness in IT infrastructure • 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 66
  67. 67. “ Internet Banking Of State Bank Of India 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 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:- 67
  68. 68. “ Internet Banking Of State Bank Of India 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.• 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:- 68
  69. 69. “ Internet Banking Of State Bank Of India 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.• 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 69
  70. 70. “ Internet Banking Of State Bank Of India Conclusion The chapter gives conclusion for the projectConclusion:-Studying the project we came to know that Internet banking isclearly the way forward for the State Bank of India. It providescomfort to customers at the same time it provides cost cutting toSBI by eliminating physical documentation. Internet bankingsaves time of bank as well as those of customers. Study states that internet banking provides greater reach tocustomers. Feedback can be obtained easily as internet is virtualin nature. Customer loyalty can be gain. Personal attention canbe given by bank to customer also quality service can be served.Bank should know that No system is perfect, however a systemof such a type will need to be very secure. This is a systemwhich holds account details and customers wealth. If such asystem was not trusted and not reliable, then SBI would faceserious laws and would lose business.After studying the SWOC analysis, we came to know variousstrengths of SBI such as quality customer service, greater reach,customer loyalty, easy access to information, 24 hours access, 70
  71. 71. “ Internet Banking Of State Bank Of Indiaeasy online applications etc. SBI should put efforts to multiplythe number of strengths. In terms of weakness I come to knowsome of the major weaknesses they are lack of awareness ofinternet banking among the customers, obsolesce of technologyrelated to security, complicated procedures of availing internetbanking facilities, lack of knowledge among the employees ofSBI. SBI should concentrate on the weaknesses and reduce themto zero.In the third segment of SWOC analysis of internet banking wedealt with opportunities like 95 % market of internet market isuntapped, SBI’s path to become first virtual bank. By encashingsuch opportunities bank can become the leader in banking sectorof India. In the last segment I come to know about variouschallenges which are in front of SBI, like sameness in ITinfrastructure within various banks, need of various vendorsupports for complex technology, maintaining secured ITinfrastructure, alternative mechanism in case of failure of presentsecurity system.The company can take the advantage of the reputation it hascreated in the market for itself and become more competitiveThe recommendations and suggestions given, if adopted willimprove the position of the company substantially and optimal 71
  72. 72. “ Internet Banking Of State Bank Of Indiaprofitability coupled with better service and satisfactions forinvestors may be achieved. Bibliography 72
  73. 73. “ Internet Banking Of State Bank Of IndiaBooks :- • SBI Training guide for internet bankingWebsites:- • • • • 73