Financial Daily from THE HINDU group of publications
Wednesday, Jul 17, 2002

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Opinion - Letters

Online banking

This refers to the news item `Forget queues; bank online' (Business Line, July 15). The proposed shifting of `over-the-counter banking' to `online banking' can open up a new chapter in banking history. But banks will have to gear up their entire machinery and create awareness among the customers for the success of channel migration once online banking is implemented.

Banks will also have to tighten in-built security measures to prevent the possible tampering of the system by unscrupulous elements.

New generation banks, with limited branch networks, may be able to introduce online banking smoothly. But the nationalised banks, with a larger numbers of branches could be stranded. These banks will have to complete the branch computerisation process and get ready to cope with the `online scenario'.

C. P. Velayudhan Nair


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