IMPACT OF E-COMMERCE ON BANKING SYSTEM BY - VAISHNAVI SHIRGUPPI
IMPACT OF E-COMMERCE ON BANKING
SYSTEM
AUTHORED BY - VAISHNAVI SHIRGUPPI
ROLL NO:
(LL.M II) 4th SEMESTER
P.E.S MODERN LAW COLLEGE,
GANESH KHIND, PUNE
ABSTRACT
In
the past ten years, people's purchasing and selling practices have been
transformed by the internet. E-commerce is changing the buying experiences of
Indian customers. Increased economic expansion is brought about by the
expansion of electronic data exchange to include, among other things,
producers, retailers' traders, stock market operations, and travel bookings.
The practice of conducting business online via telephones, fax machines, and
computers is referred to as "E-Commerce." In 1972, IBM was the first
company to use the term. The initial transactions were carried out by the
United States and the European Union. The beginning of electronic commerce in
our nation occurred when the internet market was established in 1995. E-banking
has filled in prevalence in light of the fact that to its simple value-based
benefits like speed, proficiency, and openness are additionally accessible.
E-commerce's ability to bring people from all over the world together in a
short amount of time is its most significant advantage. Give people chances to
experience and gain access to things, services, information, and other people
they might not otherwise have. Every nation's economy relies on banks, which
facilitate quick transactions that were previously impossible prior to the
advent of e-commerce. This study demonstrates the significance of the Indian
banking sector to e-commerce.
KEYWORDS
e-commerce,
Banking, Information Technology, Law
INTRODUCTION
Electronic
trade is the utilization of a broadcast communications organization to share
business data, keep up with business contacts, and make business exchanges.
Enormous headways in data innovation have changed the globe into a worldwide
town, bringing about unmatched disturbance in the financial business.
Currently, banks operate in an environment that is highly globalized,
liberalized, privatized, and competitive. To survive in this environment, banks
need to use technology.
A
new era of business has begun thanks to IT. In the banking sector, it is
becoming increasingly important to improve services. Because of expansive
upgrades in data innovation, the Indian financial industry has seen noteworthy
development. The banking industry and the services banks provide to their
customers have been transformed by banking. As a means of providing services
that were distinctive and competitive, "anywhere banking" came to be
known. Click-and-order methods like online banking, ATMs, Tele-banking, and
mobile banking are gaining popularity in addition to traditional branch
banking. With just a few keystrokes, customers can access their accounts, get
statements, transfer money, and get drafts. Clients are progressively expected
to visit branch areas because of the huge number of individuals of ATMs and
plastic cards. The introduction of smart cards with integrated microprocessor
chips has heralded a revolution. Electronic data exchange (EDI) is another
invention that has had an impact on the banking industry. New financial
products and services have entered the market, productivity has skyrocketed,
and transaction costs have decreased.[1]
HISTORY OF E-COMMERCE
With
new technology, inventions, and hundreds of businesses taking advantage of the
internet market every year, ecommerce has been around for 40 years and is still
growing today. Teleshopping and electronic data interchange paved the way for
today's ecommerce store in the 1970s. The development of e-commerce and the
internet are inextricably linked. When the internet was first made available to
the general public in 1991, it was possible to shop online. Since then,
thousands of businesses have followed Amazon.com's example, which was one of
the first U.S. e-commerce sites to start selling products online. E-commerce
has come a long way since its inception in terms of customer experience,
security, and convenience. E-Commerce milestones and some of the major players
will be discussed in this article.[2]
DEFINITION OF E-COMMERCE
E-commerce,
often referred to as electronic commerce or EC, is the purchasing and reselling
of products and services, as well as the transmission of payments and data,
through an electronic network, typically the internet. Business-to-business,
business-to-consumer, consumer-to-consumer, and consumer-to-business
transactions are all possible.[3]
The
terms e-commerce and e-business are sometimes used interchangeably.
Occasionally, the term e-tail is used to refer to online buying transactional
operations.[4]
E-COMMERCE IN BANKING
In
1996, ICICI Bank became the first bank to offer internet banking to its
customers to promote its use. Web based banking was just sent off in 1999, on
account of diminishing web costs and developing consciousness of electronic
media. HDFC, Citibank, IndusInd, and the now-defunct Times Bank were among the
other financial institutions to follow suit.
With
impact from October 17, 2000, the Public authority of India endorsed the IT
Act, 2000, which gave lawful authenticity to electronic exchanges and different
types of electronic business. To ensure that e-banking-related issues do not
jeopardize financial stability, the Reserve Bank continuously monitors and
revises the legal and other requirements of e-banking.[5]
FORMS OF E-BANKING
1.
Internet banking
2.
Electonic funds transfer system
3.
Investment through internet banking
4.
Automated teller machines
5.
Debit cards
6.
Credit cards
7.
Bill payment service
8.
Applying for/claiming insurance
9.
Smart cards
10.
Mobile banking
BENFITS OF E-BANKING
E-Banking
helps us overcome the shortcomings of manual systems because computers are
capable of storing, analyzing, aggregating, finding, and displaying data
according to user needs with a great deal of speed and precision. Numerous
parties gain a slew of advantages as a result of the development of electronic
banking.
To the Banks
· E-Banking Service helps in increasing the
profits
· E-banking gives you a leg up on the
competition. a border with fewer connections to the banks
· E-Banking carrieswhen it comes to
business, less is more when it comes to paper money and plastic money
· Websites that provide e-banking services
might be useful in revenue earner through its promotional activities.
· Customers may use the e-banking service
from anywhere, reducing the need to spend additional money on infrastructure.
· Websites that provide financial
convergence for customers will result in a more engaged banking consumer who
will use the banking websites more often.[6]
To the Customer
· Access to and use of banking services is
less expensive.
· Increased convenience and time savings –
transactions may be completed 24 hours a day, without the need for a physical
visit to the bank.
· Corporations will have quicker access to
information since they will be able to check on several accounts with a single
click of a button.
· E-banking services for better cash
management shorten the cash cycle and improve the efficiency of company
activities since Estonian banks' websites offer a wide range of cash management
instruments.
· Reduced fees- This refers to the fees
associated with obtaining and utilising different financial goods and services.
· Convenience- All banking transactions may
be completed from the convenience of one's own home or workplace, or from any
location the consumer desires.
· Speed - Because the medium responds
quickly, clients can literally wait until the last minute to complete a
financial transfer.
· Funds management- Customers may retrieve
their account history and do "what if" research on their own PC
before completing any online transaction. This will result in more efficient
money management.[7]
Traders and Merchants:
· It guarantees prompt payment and
settlement for the dealers' varied transactions.
· It offers a wide range of services to
businesspeople that are on par with international standards and have minimal transaction
costs.
· Cost and risk problems involved in
handling cash which are very high in business transactions are avoided.[8]
FRAUDS IN
THE INDIAN BANKING SECTOR
With the progression of time, the quantity of fakes is committed in
a bank are expanding at a disturbing rate in India. A person is said to have
committed fraud when they attempt to dishonestly benefit themselves over
another. In other words, fraud is the act or omission of causing wrongful gain
or loss through the suppression of relevant facts or in any other way. There
have been two major banking frauds in India recently that have shaken the
nation:
In the Vijay Mallya and Nirav Modi[9] cases in
India, section 17 of the Indian Contract Act defines fraud. In Derry v. Peak,
it was observed that when a false statement is made knowingly, without
believing in the truth, or carelessly, it can be considered fraud, and when a
false statement is made by someone who knows it is false, it is called false
misrepresentation.
In a similar vein, the Supreme Court ruled in Shri Krishna v.
Kurukshetra University, Kurukshetra [10]that for a
false statement to constitute fraud, the person making the statement must be
aware of its falsity, and the party against whom the fraud is committed must
not be aware of the correct circumstances.
The most significant aspects of fraud are: In relation to a specific
fact, there must be representation and affirmation; the individual offers a
bogus expression should know that the explanation that the person is making is
misleading and it should convince the other party to commit or preclude a
demonstration as per the certification being referred to.
Thus, transactions in which one party wrongfully gains and the other
wrongfully loses through dishonesty or fraud constitute banking fraud. In the
past, banking frauds included misappropriation, fraud, manipulation, and other
similar activities. However, as technology has advanced, the number of
institutions involved in the banking industry has grown.
Then again, as to fabrication, the Indian Punitive Code
characterizes falsification under segment 463. One can be said to commit phony
if he/she with the intension to cause harm or injury makes any bogus report.
The intent of the person committing the act must be dishonest or fraudulent in
order for the act to be considered forgery.
In the case of CBI v. Vikaram Anantrai Doshi
and others[11],
it was observed that banking frauds cannot be categorized as an individual or
personal wrong; rather, they are a social wrong that has an effect on society.
If anyone, including bank employees, commits the criminal offense of defrauding
someone while obtaining a loan, they are liable for any criminal proceedings
that are initiated against them, and such proceedings are unquestionably
maintainable under the law.
LEGISLATIVE FRAMEWORK IN
INDIA
Legislative Framework In
India, e-banking is relatively new, but the majority of banks offer services
like account access and information. New plans and policies for e-banking are
being developed by banks, governments, and the RBI as a result of technological
advancement. Information technology is changing quickly these days, and its
scope has grown over time. India has also implemented banking regulations and
information technology.
Banks cheats are an abhorrent
in the present current age that happens the financial advancement of any
country. Therefore, a robust legal system is required to stop such frauds in
the banking industry. In India, there is no particular regulation that bargains
solely on financial cheats, yet there are many general regulations that in some
way for sure arrangement with banking fakes. The provisions of some significant
general laws pertaining to banking fraud are the subject of this chapter's
analysis.
·
The 1860 Indian Penal Code:
The Indian Correctional Code
doesn't characterize the term 'extortion' solely and nor does it orders banking
misrepresentation as a particular offense. However, banking fraud cases draw
attention to specific provisions of the act.
According to the Indian Penal
Code, counterfeiting currency notes or coins is a crime that can be considered
an example of fraud. Further, Part XVIII of the Code can be said to contain
arrangements connecting with banking cheats wherein segment 378 and area 379
states about burglary and its discipline individually.
·
1872's Indian Contract Act:
·
Contracts are defined in Section 10 of the Indian Contract
Act. A banker and the customer have a contractual relationship, as previously
mentioned. As a result, it can be said that the Act will apply to some degree
to the investigation of banking frauds in India.
The Act's Section 16
addresses underage drinking, which can be considered a lesser form of fraud.
The concept of fraud is elaborately covered in Section 17 of the Act, and
misrepresentation is covered in Section 18. The court looked into the idea of
constructive fraud in Oriental Bank Corporation v. John Flentming. In addition,
section 19 says that agreements can't be canceled without the parties' free
consent.
·
Banking Guideline Act, 1949
The Financial Guideline
Act,1949 doesn't manage banking fakes straightforwardly and accordingly one
barely contemplates applying the arrangement of this Demonstration in managing
banking cheats. Anyway, the arrangement under this Act to some degree helps one
in understanding the tasks of the financial business which thusly could help in
figuring out the explanations for event of banking cheats.
·
The Data Innovation Act, 2000
The IT Act 2000, alongside
revising the Indian Correctional Code to bring inside its extension customary
offenses committed electronically, has likewise made:
a new breed of technology
crimes that can be avoided by maintaining a safe electronic environment for
e-banking and preventing banking frauds and forgeries. Additionally, a portion
of the RBI Act of 1934 was modified by Section 94 of the Act. Some online banking
frauds include digital forgery, unauthorized access to a computer network, data
alteration, skimming, and online identity theft and impersonation.
Job Of Hold Bank Of India In
E-Banking:
The Save Bank of India
assumes a major part in giving acknowledgment of e-banking in India. The
transaction, which includes Real Time Gross Settlement (RTGS), National
Electronic Fund Transfer (NEFT), and other forms of fund transfer, aims to make
electronic fund transfers easier and guarantee that records and documents are
admissible in court. Save Bank of India practices the electronic instalment
framework Electronic Cleaning Administration (ECS) and Electronic Asset
Transfer (EFT) which are presented in 1995 and RTGS framework in 2004, NEFT
framework in 2005 and really look at exchange framework in 2008.
In addition, the Reserve Bank
of India issued guidelines regarding card present transaction risk mitigation
and security concerns. By requiring banks to implement additional
authentication or validation for all-in-one recurring transactions based on
information that is not available on the credit, debit, or prepaid cards, the
RBI has taken steps to protect card not present transactions in this circular.
RBI likewise guided the banks
and different partners to start quick activity for achieving the accompanying
errand inside sensible time. It likewise gives guideline to the business banks
of India connecting with the execution of extortion risk the executives
rehearses and getting the innovation framework. The Banking Laws Amendment Act
of 2012 gave the RBI the authority to request any information and conduct
business inspections of any bank associate company.
In addition, it laid the groundwork for the licensing of new banks and
established the legal framework for bank holding companies. The RBI has issued
numerous guidelines and regulations to commercial banks regarding technological
risk management, electronic banking, and cyber fraud.
THE CHALLENGES OF E-COMMERCE
·
ATM services
This
is potentially the most generally used electronic financial help in India. Over
1,000,000 ATMs have been installed in India since its inception in the middle
of the 1990s. Private banks, led by ICICI Bank, took this initiative, and they
have worked hard to make it popular. On the other hand, ATM services face their
own set of challenges.[12]
1. Inadequate infrastructure
The
lack of a suitable location, electricity, and satellite (VSAT) / internet
access has hampered the service's expansion into rural and semi-urban regions.
2. Safety Concerns
While
ATMs in urban communities are typically positioned in clogged places and
monitors are not difficult to get, this isn't true in rustic locales. The
catch-filled machines make them easy targets if they don't have enough
protection. It's likewise tricky since, dissimilar to different nations all
through the world, there's no association with the state police device.
3. Working Environment
India
is a multicultural nation with multiple languages. Our literacy rates aren't
all that great. It becomes difficult to display instructions in different
languages. Technology, on the other hand, has solved this issue. However,
people who are illiterate are unable to benefit from technology, and ATMs are
subject to severe wear and tear because they are unable to guarantee that all
users will operate at the same level.[13]
·
Debit/Credit Card
Services
One
of the banking services that has seen the most growth in recent decades is
credit and debit cards. While Western banks like as Citibank and Standard
Contracted were among quick to give them (especially Mastercards), it was the
new age of Indian confidential area banks like ICICI and HDFC that received the
greatest rewards from this turn of events. As a result, plastic money entered
the Indian economy, attracting literate, young, middle-class urbanites.
However, they also come with a few challenges.[14]
1. PIN Protection
It
is a huge deterrent to survive. To withdraw funds from a credit card, all you
need is a four-digit PIN (Personal Identification Number). This smoothes out
work to a bigger degree for an electronic framework. Nonetheless, the human
brain, with its cutoff points, makes it difficult to hold this number,
particularly for inventive and ignorant people the same. With the technologies
of today, it is also quite simple to break a four-digit code with only 10,000
possible combinations. Biometrics, then again, has an answer as finger
engraves.[15]
2. Swipe/Signature Authentication
While
shopping, most of Mastercards are swiped to demonstrate an asset move. Even
though a slip is made for customers to sign, the bank has rarely tallied the
signature when settling claims. A store has also never been able to count
signatures because most customers don't sign their cards on the back. As a
result, card swiping is frowned upon by both customers and businesses,
particularly in rural areas. It is extremely difficult to resolve the
conflicts.[16]
3. Fees for service
The
"VISA or MASTER Card" brand is used to issue the vast majority of
credit cards worldwide. They collaborate with banks to save every useful and
pertinent cardholder information. However, they charge for this service.
·
Internet Banking
It
is argued to be the most significant banking innovation of the twentieth
century. This is largely due to the rise of the internet and banking
automation. The other made sure it reached everyone involved in the activity,
whether it was the bank, the customer, or a third-party supplier, while the
first made sure manual processes were replaced by automated ones.
Notwithstanding, in India, this transformation still can't seem to emerge in a
critical manner. Customers are hesitant to fully embrace it, despite the fact
that it represents a significant cost savings for banks in addition to early
expenditures.[17]
1. Lack of Online Banking Access
Even
when done from home, internet banking is still the fastest and most convenient
method of banking, but the country does not have internet banking connectivity.
The majority of semi-urban and rural areas remain disconnected or only
partially connected. Banks are unable to solve this issue.
2. Internet Service Bandwidth
Bandwidth
remains a problem even in areas with sufficient connectivity. The customer does
not have personal access to these services, despite the fact that bank offices
in this region can afford satellite connectivity and VSAT. Customers lose
patience as a result, and connectivity is disrupted. Additionally, it increases
branch foot traffic and causes customer dissatisfaction.
3. Safety and security
Across
the globe, this is still the most pressing concern regarding Internet Banking.
While the Save Bank of India has given guidelines in this regard, the issue
keeps on being a cause of stress for the two banks and their clients in India.
Despite the fact that smaller banks have already made concessions regarding
this issue, fraudsters continue to find ways to evade regulators and banks
alike thanks to technological advancements in the industry.
·
Telebanking/Mobile Banking
In
India, mobile telephony, the result of a boom in the telecom industry during
the first decade of this century, has led to a massive increase in the number
of telecom customers, now reaching over 875 million. This reality has provoked
investors to give a rising number of administrations via telephone instead of
through branch banking. These administrations incorporate things like check
book demands, secret phrase resets, and DD demands, among others. However,
there are particular drawbacks to this form of banking.
1. Lack of literacy
Banking,
in contrast to the use of cell phones, requires information on frameworks,
regulations, and guidelines. However, the majority of lower-class mobile users
are unable to use them and do not comprehend them.
2. Technology
Technology
might be a major obstacle when it comes to using mobile equipment. Service
providers are severely constrained in terms of the capabilities of these
devices due to the fact that the majority of customers purchase instruments
based on their budgets.
3. Penetrability
In
contrast to mobile phone service, banking has not reached India's rural core.
This is demonstrated by the fact that 83% of Indians do not have a bank
account. Consequently, the problem must be addressed at the bank level.
4. Security
Due
to two factors, this is once more a major concern. a. The Mobile Service
Provider's inability to provide a Reliable Network in the Area b. Information
leakage as a result of a mobile device's easy accessibility in addition, apps
on a smartphone always run the risk of accessing data stored on the device and
stealing sensitive information.
·
Transfer of funds via electronic means
One
of the most significant E-Banking implementations, this function has greatly
benefited businesses. At first, only intrabank transactions were available in
real time. All intra bank move continuously (RTGS) turned into a reality after
the Hold Bank of India put forth the attempt to interface India's planned
banks. However, this technology still requires a lot more work because of the
following issues.
·
Transfers of funds limitation
Even
if the RBI has restricted financial transfers via Internet Banking due to
security concerns, it is inconvenient and time-consuming to visit a bank each
time a larger fund transfer is required. In order to ensure that the same thing
occurs from an office computer as it does from a bank branch, there needs to be
a system in place.
ADVANTAGES OF E-COMMERCE FOR
BANKS
Banks
have a convincing inspiration to look for online business exchanges. Businesses
run the risk of losing out to electronics-based commerce if they don't take
advantage of the Internet's opportunities. They would, however, be limited in
their ability to independently interact with customers and sellers or offer
their own products in the electronic marketplace while they would be processing
payments for them. On the other hand, if banks establish an online presence,
they should be able to promote traditional banking products more effectively
and develop and offer new products that e-commerce participants require.
IMPLICATIONS OF THE RISK
While banks stand to gain
from participating in e-commerce, they will also be exposed to significant new
risks. The inability of banks to adapt to the changes in the business
environment brought on by e-commerce is one example of a strategic risk. Others
are functioning, so e-commerce-supporting computers and network infrastructure
might break down.[18]
1.
Strategic risk
The serious climate in
banking and fund will without a doubt be changed by web based business. One
gamble for banks is that they might be surprised by the turns of events,
incapable to predict or answer fittingly to new types of contest. We refer to
this situation as a strategic competitive risk.
Take,
for instance, the problem presented by the establishment of Internet-only
banks. Such banks will be unconstrained by the necessity to keep a costly
branch network when they enter the electronic commercial center. Consequently,
these Internet-only banks may offer competitive deposit and lending rates and
possibly eliminate many of the fees demanded by larger banks. On the other
hand, discount brokers and mutual funds, two examples of on-line financial
service providers, may include additional traditional banking products. Because
they are not tied to branch networks, these suppliers may be able to offer
extremely low rates on transaction accounts and credit cards.
2.
Operational Risk
The
incorporation of banks into the electronic economy increases their
vulnerability to technical difficulties. In order for banks to successfully
promote products via the Internet, it will be essential for their computers and
the underlying computer network to operate continuously and smoothly. If
individual computers fail, causing customers discomfort, it could damage the
reputations of individual banks; A significant amount of business could be lost
if the network breaks down. If hackers carried out fraudulent transactions on
bank systems, resulting in the organizations ceasing operations, banks could
suffer financial losses.
MANAGEMENT OF RISK
In
order to effectively manage strategic and operational risks, banks will develop
information systems to monitor the financial risk posed by e-commerce. Banks
have gained ground in developing gamble the executives frameworks that gauge
how much worth is in danger under different presumptions about loan costs, the
overall costs of monetary instruments, and other market conditions on the discount
side. When legal and regulatory action is required to resolve any issues that
arise, it is more difficult to quantify the exposure to strategic and
operational risks in e-commerce. Furthermore, there is a lack of historical
data on which to base risk predictions because e-commerce is still a relatively
new phenomenon.
CONCLUSION
Taking
advantage of the opportunities presented by the rise of online commerce, banks
are A cost-effective electronic access route has already been implemented by a
number of institutions for traditional banking products. Additionally, a number
of banks plan to offer innovative solutions geared toward e-commerce. If these
efforts are widely supported across the sector, they will alter the makeup of
bank business operations. Indeed, as their traditional lines of business become
less relevant, banks may find themselves increasingly facilitating e-commerce.
Banks would no doubt decrease the size or change the extent of their branch
networks in light of such a shift, designating more assets to the turn of
events and upkeep of PC organizations and programming. On the other hand, the
precise role that banks play in e-commerce will largely depend on how well they
deal with the strategic and operational risks that come with doing business
online.
The RBI also provides
regulation and guidelines for lowering the risk of hacking, and banks are
required to keep customer accounts secret. Yet, at times it has seen that the
banks didn't treat the rules in a serious way and happened to which individuals
needs to endure. In this way, RBI ought to watch out for the banks and select
an expert master connecting with guarantee that banks are utilizing the new
advancements. The individual should frequently report bank-related matters to
the RBI.
Banking
frauds are now a common occurrence in the modern world. The general public
places their money in banks primarily for security and not just for the banks'
low interest rates. However, when banks commit fraud, the general public loses
faith in them. These days, barely a day passes when occurrences of banks fakes
and phonies are not detailed in paper and such cheats might go from burglary,
theft, fakes connecting with check card and Mastercard and cheats committed
through web particularly in examples of web banking.
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