Impact of Information Technology in Banking - Cyber Law and Cyber Security in India
International Journal of Management, IT & Engineering Volume 5, Issue 7, July, 2015, Impact Factor (IJMIE) 4.297 for 2013 and 5.299 for 2014, ISSN 2249-0558, pp. 411-428
Posted: 15 Jun 2016
Date Written: July 13, 2015
Abstract
After 1990, Government of India incepted the liberalization policies over investments. Indian Economy is greatly contributed by Financial Institutions through great improvement in quality of service and efficiency. The present world is driven through technology and the imagination of world without IT in the 21st Century is impossible. Banks also started up grading technological features in banking service to compete globally in the new era of business. Huge capital pool is done on Technology empowered services like Net Banking, E-Banking, centralized Core Banking, E-Commerce through Plastic Money and Customer Care Services. Banks are under scrutiny to identify the customer need based services to excel in service modules. Banking business in future highly orient to be sustainable by banking everywhere. On the other side, cyber crimes started its origin, which is highly difficult to predict, detect and cure. The very important threat is about the security of the channels, personal data and safety over transactions which are carried out in technology. This paper studies various banking services using information technology, regulation of Information technology in banking and analyses the need for cyber security by depicting the intensity of cyber crimes committed between 2010 to 2013 in India.
Keywords: Economy, Finanacial Institutions, Information Technology, Service, Customers, Cyber Crime
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