Open Access Research Article
E BANKING IN INDIA: A CRITICAL STUDY OF LEGISLATIVE MEASURES BY – DR. TANVEER KAUR
Published Paper
Article Details
E BANKING IN INDIA: A CRITICAL
STUDY OF LEGISLATIVE MEASURES
AUTHORED BY – DR. TANVEER KAUR
Abstract
A nation's financial sector is crucial to its overall
economic growth. An economy's lifeblood is banking. A robust and sound
financial system is a crucial prerequisite for economic growth. The Indian
banking sector is now experiencing an IT revolution. The use of the internet in
financial institutions has brought about a modernization of the industry. Both
banks and customers have profited from it. Technology and creativity have brought
about a lot of developments in Indian e-banking. The banking industry has seen
a number of innovations, including the introduction of cards, the Electronic
Clearing Service, the Electronic Funds Transfer, and the concepts of online and
mobile banking. The word "e-banking" refers to a broad category that
includes online, phone, and mobile banking. The bank hopes to offer the fundamentals of IT-based
Enabled Services through E-Banking. It was completely distinct from the
conventional banking system at the same time. Making debit and credit
transactions is more convenient for the public. The growing number of
individuals in India who have access to the internet is one of the factors
contributing to the growth of e-banking. Because electronic banking has so many
benefits, many these days choose to utilize it. However, it has also brought up
some problems and difficulties related to cybercrime, such as credit card
fraud, phishing, and data theft. Thus, an attempt has been made in this article
to provide an overview of e-banking in India as well as the many problems and
difficulties that the banking sector faces.
Key Words: E banking, information technology, traditional banking,
cyber crime, credit card fraud.
Introduction
Banking has always been crucial
for the economy, but with the advent of technology, traditional brick and
retail banking has been replaced by online banking, offering convenience and
flexibility for customers. E-banking allows financial transactions to be
conducted online, allowing customers to access their accounts anytime,
anywhere. As technology becomes more reliant, cyber regulations are becoming
increasingly important to control and protect online banking. Banks must ensure
system safety and compliance with relevant laws before implementing cyber
restrictions. To protect customers' financial information from online fraud,
strong security protocols like firewalls, multi-factor authentication, and
encryption are necessary. Technology has made commerce easier for banks and
their clients, but it also presents opportunities for global organized criminal
networks. Despite the global village, established banking institutions face
significant threats from cybercrimes.
The rise of information technology has created cyberspace, allowing
anyone to access data and information through the internet. However, this has
led to increased online misuse of technology, resulting in local and
international criminality. Cybercrime is an unlawful action committed by using
computers, electronic devices, or the internet, with penalties imposed by
national statutes. Governments face challenges in preventing cybercrime due to
the global reach of engineering, as cyberspace crosses national and
international borders and many computer systems can be accessed from anywhere.
Reliable data on cybercrime is difficult to obtain, as many cases remain
unreported and unidentifiable. Cybercrime is particularly prevalent in India.
This paper is an attempt to critically analyze the legislative measures put
forward for the E banking.
Online Banking: A Novel Approach
Banks are the engine of
the financial sector, which is essential to the economy of every country.
Banking was first developed in Babylon, Mesopotamia, and Egypt about 4,000
years ago. With the advent of paper money as a medium of trade, the banking
industry has experienced a dramatic transition. By 16,000 A.D., checks were
being used extensively. Thanks to telegraph technology, banks were "wiring"
money across locations in a matter of seconds by the mid-1900s. There have been three different periods of
payment history: (1) coin and note payments; (2) paper payments; and (3)
computerized payments. In addition to providing an ever-expanding array of
electronic payment options, new technology has profound implications for the
way banks function generally.
E-banking is the process
of employing information technology to carry out banking operations. It
describes how bank services are sent electronically to a customer's house or
place of business. The new global reality of e-commerce is significantly
changing the banking industry[1]. A
contract of sale consists of three parts: the offer, the acceptance, and the
transfer of consideration. One part of the transaction that banking mostly
handles is the payment of money. E-commerce is now thought to be the biggest
commercial window in the globe. It has resulted in a paradigm shift in the
dynamics of banking and business[2].iii
The global information technology revolution has not been entirely ignored by
the Indian banking sector. Technology is employed in banking in four main ways.[3]:
1. To manage a significantly bigger customer base
2. Significantly lower the actual cost of processing payments.
3. To release banks from the conventional limitations of place and
time and introduce fresh goods and services
Electronic technology has
become essential in banking transactions in India due to communication networks
like INFINET, optical fiber network, and terrestrial lines. Basic telecom
service providers have expanded their networking options. The expansion of
online shopping has led to policy discussions focusing on developing,
administering, and controlling electronic payment systems. The need for quick,
efficient payment systems has increased with new tools like credit cards,
telebanking, ATMs, EFT, and ECS. India's economy benefits from straight-through
processing.
E-Banking Characteristics
?
Clients may access their record data, such as balances, exchange histories,
and declarations, using online banking.
?
Through e-banking, customers can transfer money between accounts
within the same bank or other banks.
?
Users may pay their bills online by manually scheduling payments
or by setting up automatic payments using e-banking.
?
To manage their accounts, e-banking users can purchase checks
online, create new accounts, and update personal information.
?
Because many e-banking providers offer mobile banking apps, users
may do financial transactions from their smartphones or tablets.
?
To stay updated on their accounts, customers using e-banking can
set up alerts and warnings, such as account balance or exchange cautions.
?
To protect consumers' financial and personal information,
e-banking employs a variety of security measures, including fraud monitoring,
two-factor authentication, and encryption.
?
Customer service is often offered by e-banking services through a
number of channels, including online chat, email, and phone.
Indian laws' function in defending online
banking
Legal framework for
E-Banking in India
The Reserve Bank of India
(RBI), which was founded in 1935 and serves as the country's ultimate monetary
authority and source of all banking activity, started releasing rules,
circulars, and instructions piecemeal in order to keep up with the
digitalization of the financial sector. The legal foundation for banking in
India is comprised of the following laws:
?
The Banking Regulations Act,1949
?
The Reserve Bank of India Act ,1934
?
The Foreign Exchange
Management Act,1999
The Banking Regulations
Act of 1949 states that, in general, an organization cannot conduct banking
operations in India without first getting a license from the Reserve Bank of
India.[4]
To conduct business in
India as a bank, a corporation must apply for a license from the Reserve Bank
of India under the Banking Regulations Act of 1949. The Financial Guidelines
Act of 1949 makes reference to a bank's prudential requirement as well as its
capabilities and exercises. The requirements of the Reserve Bank of India Act
come into play when a non-bank accepts deposits from the general public.[5]
The Indian government to
pass the Information Technology Act, 2OOO, and also made it difficult for banks
to follow the law when it came to maintaining the privacy and confidentiality
of their clients' accounts. It was also encouraged to use the internet and
other electronic media for business, especially financial operations. In
addition to attempting to prevent cybercrime, the demonstration acknowledges
electronic markings, e-archives, and e-exchanges.[6].
The Reserve Bank of India
released guidelines in 2001 for know-your-customer procedures, anti-money
laundering measures, and privacy control in internet banking. Customers were
therefore urged to convert to online banking, but there were reservations about
security and privacy of transactions.[7]
In response to the growth
of online banking and e-commerce, the Indian government sought to draft a
second measure dubbed the "Personal Data Protection Bill 2006" to
safeguard people's privacy, however neither chamber approved the bill. In the
interim, the Act's Sections 43A and 72A were introduced in 2008 to protect
sensitive personal data and information ("SPDI") as well as personal data
("PI").[8]
Except in specific
situations, Indian nationals are not allowed to borrow money from, lend to, or
create foreign currency accounts with non-residents, including non-resident
banks, according to the Foreign Exchange Management Act of 1999 (FEMA).[9]
Laws governing e-banking
The government has
legalized internet banking, and the 2008 amendment to the IT Act largely
satisfied the last criteria for online transactions. The basis of online
banking is acknowledged by the IT Act as being electronic transactions.
Electronic transactions are agreements, contracts, and transactions that are
completed online. The country's enactment of the IT Act in 2000 made e-commerce
and electronic transmission lawful.
1860
Indian Penal Code
Since the issue of Internet banking infractions is essentially
money, various charges listed in Section XVII of the aforementioned Act's Penal
Code may also be enforced in cases where the infringer commits particular
offenses listed in that section pertaining to Internet banking. For this
reason, the following sections are relevant in this case:
·
Theft. [Ss. 378 & 379]
·
Extortion. [Ss. 383 & 384]
·
Criminal misappropriation of property. [S. 403]
·
Criminal breach of trust. [S. 405 & 406]
·
The term "forgery" has been defined in relevance to the
electronic record as well, i.e. the offence of forgery is said to be committed
when anyone makes not only a false document but also a false electronic record
[S. 463]. The term "making of false document" also includes affixing
electronic signature[10] on any electronic
record. (S. 464(c)]
·
Use of forged documents or electronic record and use of such
forged document as genuine. [S. 47o, 471] The IT Act, 2000 has amended the
original sections to add "electronic documents" in the definition of
forged documents.
Cheating is when someone
is tricked or dishonestly persuaded to provide property, etc. [Sections 415 and
420]. This is relevant in addition to the important provisions of the IT Act as
it should be achievable via the use of technological means.
Prevention of Money Laundering Act, 2002
India has passed the
Prevention of Money Laundering Act, 2002 (15 of 2003)[11] and the RBI, SEBI and IRDA
art brought under the Act and thus all the financial institutions, banks,
mutual funds, insurance companies and their financial intermediaries are also
covered by it. The Act has since been amended in 2005, 2009 and 2012.
The crime of "money
laundering" is committed by anybody who, whether directly or indirectly,
is a party to or participates in any action pertaining to the proceeds of
crime, including its concealment, possession, acquisition, use, and presentation
as untarnished property. [Section 3 as modified in 2012][12]. If proven guilty, money
laundering carries a strict three-year maximum sentence that can be increased
to seven years in jail in addition to a fine. (Section 4 as revised in 2011,
above). However, the sentence may be up to seven years if the proceeds of the
crime are related to paragraph 2 of Part A of the Schedule. [Section 4]. Any
property earned or generated as a result of any criminal action of any
scheduled offense is referred to as "proceeds of crime" [S. 2(u)].
The definition of "scheduled crime" is defined as crimes that are
included in the Schedule to the Act's Parts A and B. Part C has been added to the original Act by
the Prevention of Money Laundering Amendment Act, 2009 which includes the phrase
offences having "cross-border implications."
Internet banking and the Payment and
Settlement
Systems Act, 2007
When it comes to infractions that are subject to penalties under
this Act, the Reserve Bank of India is the principal authority. Under it, offenses
include running a payment system without permission, not adhering to the
conditions of authorization, not producing statements, not returning
information or documents, giving false information that discloses information
that is forbidden, and not following RBI instructions. The following is a
summary of these offenses:
Disrespect for electronic
money transfer for lack of funds, etc., in the account: When an electronic
funds transfer initiated by an individual from a record maintained by him is
unable to be carried out because the amount of money left to the credit of that
record is insufficient to honor the exchange instructions or because it exceeds
the amount scheduled to be paid from that record by a contract made with a
bank, it is considered an offense. The penalty that is being proposed is two
years in prison, a fine equal to double the amount of money that was moved
electronically, or both. Section 25.
Violation of Section 4[13]. If
a person violates Section 4 or the terms and conditions of authorization under
Section 7,[14] he
commits an offence punishable by a minimum of one month in prison and up to ten
years in prison, a fine of one crore rupees or more, if any. In addition, there
would be a punishment of one lakh every day for the duration that the violation
persists. [Section 26(1)]. If the
applicant for authorization to operate the payment system willfully makes a
false statement or fails to make a significant declaration, they would be
subject to a three-year prison sentence and a punishment that starts at Rs. 10
lakhs and can go up to Rs. 50 lakhs. [Section 26(2)]. If anybody fails to present any statement,
information, returns, or other papers, or fails to furnish documents as
required under Section 12[15] or
Section 13[16]
while an inspection is made under Section 14[17], then such failure shall be
punished with fine up to Rs 10 lakhs in respect of each offence and if
persistence continues then the fine may extend to Rs. 25, 000 for every day
until such refusal, etc. continues. [S. 26(3)]. Information disclosure when it
is forbidden under Section 22[18]
shall be penalized by up to six months in prison, a fine of up to five lakhs
rupees, or both. The maximum penalty would be two times the amount of damages
resulting from the act of disclosing the information. [Section 26(4)]
In the event that a
denial is made, or in the unlikely event that a default is made in response to
a request or guideline made under the Act of 2007, the defaulter will be hit
with a fine that could total up to Rs. 10 lakhs. If the default or negation
continues, they will also be hit with an additional fine of up to Rs. 25, 000
for each day that the contradiction or default persists. [S. 26(6)]
Information Technology (Amendment) Act,
2008
A variety of other offenses have been classified as cybercrimes
under the IT Act of 2000 (as amended in 2008). The following sections are
briefly discussed in relation to online banking:
A business entity that handles personal data is obligated to
compensate the individual for damages if it fails to protect them. Rule 8 of
the IT Rules, 2011 now specifies security policies and procedures that
must be followed while managing such personal data (Section 43A). It was absent
from the Amendment Act of 1988. International Standard IS/ISO/IEC 27001 on
"Information Technology-Security Techniques-Information Security
Management System Requirements" is one example of such a standard.
Identity theft: Using another person's electronic signature,
password, or unique identification number unlawfully or dishonestly is punished
by up to three years in jail and a fine of one lakh. (Section 66C)
It is illegal for intermediaries to fail to preserve and keep
information in accordance with the authorized procedures. Penalties include
fines and up to three years in jail (Section 67C).
Information disclosed by a body with access to it without the
subject's permission. The penalty might be two years in prison, a fine of up to
one lakh rupees, or both. In accordance with Regulation 2O11, a body corporate
is required to get the permission of the individual in question with respect to
the type and purpose of the information being collected (Section 70).
A body corporate that
requests personal information from an individual under contract and discovers
that it is being used to intentionally harm or deceive another party can face
up to three years in prison, a fine of up to Rs. five lakh, or both (Section
72A).
Information Technology (Reasonable Security Practices and Procedures and
Sensitive Personal Data or Information) Rules, 2011[19]
The Rules mainly deal with the personal information of users and
are a counterpart to the IT Act of 2000. Therefore, in the context of Internet
banking, the password and electronic instructions sent to the bank by the
account holder comprise the user's personal information. Consequently, the
following words are defined in the Rules:
A passphrase, code, secret word, encryption key, or decryption key
is a type of word or phrase that is used as a password to get access to data.
[R. 2(b)].. Any information on a natural person (human being) that is available
with a body corporate and adequate to identify such a person is referred to as
"personal information". [R. 26]
"Sensitive personal data or information" refers to
personal data that is associated with a password, financial data that includes
details of a bank account, credit card, debit card, or other payment
instrument, biometric data, or other personal data that a body corporate has
lawfully received. [R. 3]
Only with the permission of the information source and even then,
for a legitimate reason, may the body corporate collect personal information,
including sensitive personal data. [R. 5]
Risks
Associated with Online Banking
Computer crime has existed for as long as computers. Any new development
or discovery has the potential to be put to both beneficial and detrimental
uses. While the majority of people use PCs for ethically sound and constructive
purposes, some people use them for heinous, exploitative, or illegal purposes.
A computer-related crime is referred to as "Computer Crime." Three
broad classifications are used to categorize PC infractions.:[20]
• Crimes Associated with Data; Crimes Associated with Software;
and Physical Crimes.
The ecosystem of the
Internet makes it very easy to direct illicit actions on computers. These are
referred to as cybercrimes, or crimes committed via the Internet. The term
"cybercrime" has recently gained popularity as a catchy way to
describe a variety of online safety concerns. Cybercrime refers to actions of
any type carried out with a criminal intent in cyberspace or via the internet.
These may be workouts that have lately evolved with the growth of the new
media, or they could be crimes in the old faculties. Any movement that
basically transgresses human rights may be associated with the scope of
cybercrimes..[21]
Inventive prisoners use a variety of methods and "stunts" to defraud
innocent people of their money, buy things without paying for them, sell things
without a delivery, abuse people, and much more. With its global reach, the
Internet has also contributed to an increasing amount of cross-line deception.
When introducing online business exchange through E-Banking, there are a lot of
concerns that need to be addressed.
Financial crimes using
the Internet are becoming more and more prevalent in the e-banking sector. One
of the key concerns that must be addressed before using e-banking is security.
Significant risks include unauthorized access, data loss or damage from hackers,
data loss and damage from viruses, and unauthorized access within the company.[22] An
company using the Internet to conduct online payments runs the risk of losing
security. For the protection of consumer rights, confidentiality, integrity,
authenticity, reliability, and privacy are crucial considerations.[23]
Phishing is an online
scam where unsuspecting individuals are coerced into divulging personal
information such as usernames and passwords, which spammers then use for
unauthorized purposes. The basic tactic of phishing is to send emails
purporting to be from buyers' banks or other financial institutions that are in
default, claiming to have the buyer's personal information at this point. The
customer is then contacted to confirm the details by clicking on a single link
(URL) provided in the fraudulent email. This URL directs the buyer to a phony
website that looks and feels much like the legitimate website. The data the
customer provides in the forms on the phony website is collected and used to
perpetrate extortion in their records, charge cards, or other accounts.[24]
Pharming is a type of
online fraud whereby a considerable number of unsuspecting individuals are
tricked into visiting malicious websites instead of the intended web-based
financial services. The fictitious locations, to which victims are taken
without their knowledge or consent, are expected to have an appearance similar
to that of an actual one. However, when users input their secret phrase and
login name, thieves obtain the data.[25]
The word
"hacker" is commonly used to describe an outsider who gains access to
a computer system. Two categories exist for hackers. White- Hat Hackers engage in moral hacking,
testing their clients' frameworks to identify weak points that may be
addressed. Dark-Hat Hackers, sometimes referred to as crackers, are thugs. A
malicious hacker known as a "Cracker" may target a challenging
problem for a collaboration.[26] The
updated IT Act of 2000 does not define hacking. However, a hacker may face
penalties under Section 43(a) read in conjunction with Section 66 of the
Information Technology (Amendment) Act, 2008, as well as under Sections 379 and
406 of the Indian Penal Code, 1860.
Identity theft, a growing
problem in cybercrime, is when a criminal assumes the identity of another
person. The fraudster uses charge card information and federal retirement aid
numbers, which are usually obtained online, to commit fraud (e.g., to make
purchases or use services) that the victim could be required to pay for.[27]. A technique called "trap door"
looks at hacking software code to allow for the insertion of extra
instructions.[28]
Cookies are small text
files that are downloaded to a user's computer when accessing a website. They
include information supplied to the user's software by the site server. A web
user may occasionally view cookies in the header source code of a website page
whenever they so want. The recently stored data will be sent to the website by
the user's internet browser should they return to it. In this way, cookies are
able to recognize the website as the same machine that was present a while ago,
tracking the advancements of individual computer users. Most cookies are made
up of code or other information that uniquely identifies a user's machine; this
allows the website to monitor and record the user's activities both on the
website and in other places. Instead of specifically identifying data in the
cookies itself, websites may be able to identify the user whose application
sent the goodie.[29]
Cyber
security for E-Banking in Banks
Methods and instruments
to monitor, fix, and improve the security of applications using firewalls,
encryption, and antivirus programs after they are deployed. Solutions to
safeguard the company's IT stages, network connections, server farms, and
linked gadgets, among other things. Devices that guard sensitive, private, and
confidential data from abuse, illegal access, disclosure, damage, alteration,
and disruption. Technologies and security protocols are among the devices used
to protect distributed registration environments from internal and external
cyber attacks. Network users' responsibilities and access rights are defined
and managed by an architecture or security rules that are implemented to
safeguard sensitive and important data. Embracing the RBI's recommendations for
the cyber security architecture, which center on three points: Cyber security
and resilience, the Cybersecurity Operations Center (C-SoC), and Cyber security
Incident Reporting (CSIR) entail informing staff members and outside services
about the significance of safeguarding private data and taking precautionary
steps to prevent cybe rattacks..
Hacking
in the Banking Industry
One of the third-biggest
private sector banks in India, Axis Bank, had a data breach in 2016 that
resulted in the exposure of its clients' personal data, including credit card
and bank account information.[30].
The biggest public sector bank in India, State Bank of India (SBI), was the
subject of a phishing scam in 2022, in which fraudsters impersonated the bank
and sent phony SMS messages requesting that users update their PAN and KYC
information. Several clients lost money as a result of falling for the hoax.[31]
Cybercriminals used phishing scams in 2020 to target ICICI Bank clients, posing
as emails and texts and requesting personal and banking information. Several
clients lost money as a result of falling for the hoax. One of the biggest
banks in India, HDFC Bank, had a cyber attack in December 2019 that had an
impact on its online banking services. In an effort to stop more harm, the bank
was forced to temporarily halt its online banking services. Cybercriminals used
a phishing scheme in 2021 to target Kotak Mahindra Bank clients, posing as
emails and texts and requesting personal and banking information. Several
clients lost money as a result of falling for the hoax.
Conclusion
Banking has become a
reliable and strong base for handling finances and financial issues, with
India's banking sector experiencing social and financial transformation since independence.
The rise of the internet and computers has transformed the banking industry,
allowing for greater interaction with various cultures and sub-societies.
However, the internet can also be a virtual damnation when misused or abused by
those with bad intentions. E-banking has revolutionized the banking industry,
providing convenience and freedom for customers. However, this also requires
the protection of consumers' financial information. Cyber regulations are
essential to ensure the security of online banking systems and consumer
privacy. India lacks an explicit E-Banking Regulation, despite RBI instructions
and the Information Technology Act, 2000 providing some indirect provisions.
Indian banks struggle with cyber security and must separate to maintain a
technologically and legally sound e-banking infrastructure. Resistance to
internet banking slows adoption and forces banks to maintain their current
customer service options, reducing their ability to fully utilize technological
innovations. Bank supervisors must recognize these issues to design strategy
steps to remove barriers and ensure e-banking remains popular, providing
flexibility and convenience to institutions and clients.
Recommendations
Banks' Data Privacy and E-Banking:
·
Adherence to data privacy laws like GDPR is crucial for secure
data collection, storage, and processing.
·
Regular security mechanisms and regulatory environment are
necessary for Internet Banking.
·
Banks should keep users informed about complex technologies and
changes.
·
SMS alerts and Secure Socket Layer (SSL) to ensure information
confidentiality.
·
Prioritizing cyber security evaluation, controlling remote access,
restricting third-party access, adopting technological solutions, raising
awareness, and improving threat detection and response capabilities are
essential.
[1] S. Ganesh, Electronic Commerce:
Applications in Banking”, in S.B. Verma, S.K. Gupta and M.K. Sharma (edited),
p. 27
[2] R. P. Nainta, Banking System, Frauds and
Legal Control, Deep & Deep Publications Pvt. Ltd., New Delhi, 2005, p. 154
[3] S.S. Kaptan and N.S. Choubey, Indian
Banking in Electronic Era, Sarup & Sons, New Delhi, 2003, p. 91
[4] Mishra A.K., Internet
banking in India. Banknetindia.com,
http://www.banknetindia.com/banking/ibkg.htm.
[5] ibid
[6] Journal of Internet Banking and Commerce,
www.Arraydev.com/commerce/jibc
[7] Enabling E-Commerce in India,
www.giic.org.
[8] Avinandan Mukherjee, A model of trust in
online relationship banking, The International Journal of Bank Marketing 2003;
21, 1; ProQuest Central p. 5 (2003)
[9] Foreign Exchange and Management Act,
1999.
[10] Electric Signature, Art.2, Definition;
Part I, UNICITRAL Model Law on Electric Signatures with Guide Enactment 2001, I
[11]The Act is passed as a consequence of the
Political Declaration adopted by the Special Session of the UN General Assembly
1999 which called upon the Member States to adopt an anti-money laundering law
and connected programmes. Accordingly, the Standing Committee on Finance
presented its recommendations to the Lok Sabha on 4-3-1999
[12] The Prevention of Money Laundering
(Amendment) Act, 2012, dt. 3-1-2013.
[13] Payment system not to operate without
authorisation. RBI is the only authority to author- ise payment system and its
operation. Any one desirous of commencing or operating a payment system should
apply to the RBI. [Ss. 4 and 5]
[14]The RBI after receiving the application
for commencing or operating the payment system shall hold an inquiry [S. 6]
before considering the application for operating the system. While disposing of
the application the RBI can issue or refuse authorisation. If it issues it must
consider: the need for authorisation, the technical standards of the proposed
payment system, the terms and conditions of operation of the proposed payment
system including security procedure, the manner of transfer of funds, the
procedure for netting, the financial status of the applicant, the interest of
consumers, monetary and credit policies, etc. [S. 7]
[15] The RBI can call for returns, documents
or other information from any system provider [S. 12]
[16] The RBI shall have power to access the
payment system whenever required. [S. 13]
[17] RBI has power to authorise any officer to
enter any premises, make an inspection of the payment system, computer system
or any other equipment to check if compliance with the orders and directions is
observed. [S. 14]
[18] Duty to keep the payment system
confidential. A system provider is under obligation not to disclose any
document or information relating to the payment system as directed by the RBI. [S.
22]
[19] G.S.R. (E) The Gazette of India, Extra.,
Part II, S. 3, sub-s. (i), dt. 11-4-2011. The Government of India, Ministry of
Communications and Information Technology, New Delhi
[20] R.P.Nainta, pp. 59-60
[21] Definition by Advocate Pavan Duggal
[22] V.P. Shetty, “Electronic Banking”, in
S.B. Verma, S.K. Gupta and M.K. Sharma (edited), p. 24.
[23] S.Ganesh, p. 31.
[24] S.C.Gupta, “Internet Banking-Changing
Vistas of Delivery Chanel”, in S.B. Verma, S.K. Gupta and M.K. Sharma (edited),
p. 106.
[25] S.C. Gupta, p. 106.
[26] Efraim Turban, et.al, Electronic
Commerce, Prentice Hall, Upper Saddle River, NJ, 2006, p. 118
[27] Efraim Turban, 2006, p. 648
[28] See: P. Weill and M.R. Vitale, Place to
Space: Migrating to e-Business Models, Harvard Business School Press, Boston,
2001.
[29] Lee Fen Yem, Cyber Space Law, Oxford
University Press, New Delhi, 2007, p. 128
[30] Bank Informs Rbi of Security Breach: Axis
Suffers Cyber Attack, Hires Ey To Probe Damage - The Economic Times,
https://economictimes.indiatimes.com/industry/banking/finance/banking/axis-bank-yet-to-figure-outextent-of-server-breach-damage-if-any/articleshow/54927032.cms
[31]SBI alerts about online KYC fraud: Tells
customers how to keep bank account safe - The Economic Times
https://economictimes.indiatimes.com/wealth/save/sbi-alerts-about-online-kyc-fraud-tells-customershow-to-keep-bank-account-safe/articleshow/84370088.cms?from=mdr
Article Information
E BANKING IN INDIA: A CRITICAL STUDY OF LEGISLATIVE MEASURES BY – DR. TANVEER KAUR
Authors: DR. TANVEER KAUR
- Journal IJLRA
- ISSN 2582-6433
- Published 2024/01/02
- Issue 7
About Journal
International Journal for Legal Research and Analysis
- Abbreviation IJLRA
- ISSN 2582-6433
- Access Open Access
- License CC 4.0
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