DR.

RAM MANOHAR LOHIYA NATIONAL LAW UNIVERSITY

LUCKNOW

SUBJECT: BANKING AND INSURANCE LAW

PROJECT
‘E BANKING & CYBER CRIMES IN BANKING SECTOR’

SUBMITTED BY SUBMITTED TO

RAJESH YADAV Dr. SHASHANK SHEKHAR

B.A.LL.B. - VIth Semester ASSISTANT PROFESSOR (LAW)

SECTION: B Dr. RAM MANOHAR LOHIYA

ENROLL. NO. 160101119 NATIONAL LAW UNIVERSITY
 ACKNOWLEDGEMENT

Nothing in this whole world can be accomplished alone and my piece of work is also not an
exception too, in successful completion of this piece work there has been help and support of
various peoples. I am obliged to my Assistant Professor Dr. SHASHANK SHEKHAR who
has given me golden chance for this research project. I would also like to thank the almighty
and my parents for their moral support and my friends who are always there to extend the
helping hand whenever and wherever required.

I further extend my thanks to library staff and all the administrative authorities of DR.
RAM MANOHAR LOHIYA NATIONAL LAW UNIVERSITY who helped me in getting
all the materials necessary for the project.

RAJESH YADAV

ENROLL. NO. 160101119

B.A.LLB: VIth Semester

2 Table of Content

INTRODUCTION.................................................................................................................................3

E-BANKING: A NEW MEDIUM.........................................................................................................4

E-Banking in India............................................................................................................................5

Regulation of Banking in India..............................................................................................................6

Challenges in Internet Banking..............................................................................................................7

Cyber Crime: Types and Its Impact on Banking Sector.........................................................................7

Cyber Crimes related with banking sector.............................................................................................8

Prevention of Cyber Crimes................................................................................................................12

Cyber Fraud Council in Banks.........................................................................................................13

Education to Customer....................................................................................................................13

Training of Bank Employees...........................................................................................................13

Strong Encryption-Decryption Methods..........................................................................................14

Physical and Personnel Security......................................................................................................14

Cooperation among nations to avert cyber crime.............................................................................14

CONCLUSION...................................................................................................................................14

BIBLIOGRAPHY...............................................................................................................................15
 INTRODUCTION

Banks are playing very vital role in the country and have an important effect in assisting
economic development through efficient financial services in the nation. After liberalization
and globalization banks have been affected by drastic change in the Indian Banking system.
‘The traditional mode of delivering product and services by the banks to the consumers’ is
through a single distribution channel and that is physical bank branches. Financial services
industry is developing due to the introduction of internet, rapid technological evolutions,
deregulation, globalization as well as the impact of changing competitive and regulatory
forces. In order to cope with the quick changes in the business scenario, banks started to rely
on distribution channels as an alternative strategy for differentiation and gaining further
competitive advantage. Banking system has been remarkably affected by the consideration of
technology.

In Today’s era, one cannot think about the success of any industry including banking
industry without information technology. In present scenario bank operates in a highly
globalized, liberalized privatized and a competitive environment. In order to survive in this
environment banks have to use latest information technology. Information technology has
introduced new business paradigm in Indian banking system. Information Technology is
playing a more dominant role in enlarging the services in the Banking Industry.

Indian banking industry has endorsed a marvellous growth due to vast changes that are taking
place in the information technology. Electronic banking has arrived from such as
contemporary development. Every second enlargement in information technology and its
acceptability by the banks in India has enabled them to use IT extensively. So, tremendous
change in technology, high costs, security and data privacy issues, and lack of trained human
resource are some challenges faced by commercial banks in India.

E-banking is concerned with doing all transactions from home or office without visiting the
branch, using ATM’s telephones, internet and mobiles etc. for doing banking services. In the
revolutionary progress took place in the field of technology which has minimized the world
to a global village and it has brought miraculous changes in the banking industry.
 E-BANKING: A NEW MEDIUM

The term ‘electronic banking’ or e-banking covers both computer and telephone banking. The
term internet banking or E-Banking both are used as supplement. E-banking came into
existence in UK and USA in 1920’s. It became famous during 1960’s through electronic
funds transfer and credit cards. The web based banking activity came into being in Europe
and USA in the starting of 1980’s.

E-banking is a generic term making use of electronic channels through ATM’s, mobile
phones, internet etc. for delivery of banking services and products. E-based banking is also
known as cyber banking home banking and virtual banking and it includes various banking
activities that can be conducted from anywhere. 1 Therefore, E-banking includes RTGS,
NEFT, ECS, Credit Cards and Debit Cards, Cheques, ATM, Tele-banking, Internet banking
and mobile banking.

Hertzum defined E-banking as web-based banking. United Nations Conference on Trade and
Development (UNCTAD) defined all dimensions of E-banking. Internet banking refers to the
development over the internet of retail and wholesale banking services. It involves individual
and corporate clients and includes bank transfers, payments and settlements, documentary
collections and credits, corporate and household lending and business and some others.2

E-Banking in India
In India e-banking is recent origin. Only in early 1990’s there has been start of non branch
banking services. The old manual systems on which Indian Banking System depended upon
for centuries seem to have no place in present scenario. The credit of launching internet
banking in India goes to ICICI Bank. Citi Bank and HDFC bank followed with internet
banking services in 1999. Many initiatives have been taken by the Government of India as
well as the Reserve Bank to facilitate the development of e-banking in India. A high level
committee under chairmanship of Dr. K.C. Chakrabarty and renounce member from IIT, IIM,

1
(Dhenadhyayalan 2010).
2
(UNCTAD-2002)
IDRBT Banks and the RBI prepared the “IT Vision Document 2011-17” for development of
banks, which provides road map for enhancement usage of IT in the banking sector. Hence,
Indian commercial banks have adopted many new dimensions of IT and e-banking in one of
them. Most of the public sector banks, new private banks and foreign banks are the apex body
in the adoption of e-banking. Indian banks provided to their customers e-banking product and
services is given here under:
1. Automated Teller Machines
2. Internet Banking
3. Mobile Banking
4. Phone Banking
5. Debit/Credit Cards
6. Electronic

Regulation of Banking in India

Law relating to banking in India has undergone sweeping changes after the advent of
technology. The changes have been made due to revolution in banking sector worldwide. To
meet the international standard in service the transformation was necessary. There are
amendments carried to the existing laws to meet the needs of the technology in banking.
To regulate the banking in India there are many statutes, which forms the legal framework
such as Banking Regulation Act, 1949, The Reserve Bank of India Act 1934, The Negotiable
Instruments Act, 1881, The Indian Contract Act, 1882, 3 Foreign Exchange Management Act,
1999,4 Consumer Protection Act, 1986,5 Prevention of Money Laundering Act, 2002,6
Bankers Books Evidence Act, 1891,7 Indian Evidence Act, 1872,8 Indian Penal Code, 1860,9
The Payment and Settlement Systems Act, 2007 10 and most importantly Information
Technology Act, 200011to look into crimes committed due to E-Banking.
Preamble of the IT Act 2000 provides that the Act was passed with the objective to give legal
recognition for transactions carried out by means of electronic data interchange and other

3
Act No. 9 of 1872.
4
Act No. 42 of 1999.
5
Act No. 68 of 1986.
6
Act No. 15 of 2003.
7
Act No. 18 of 1891.
8
Act No. 1 of 1872.
9
Act No. 45 of 1860.
10
Act 51 of 2007.
11
Act No. 21 of 2000.
means of e-commerce. Further the Act has also made amendments to the IPC 1860, Indian
Evidence Act 1872, The Bankers Books of Evidence Act 1891, and the Reserve Bank of
India Act 1934 for facilitating legal recognition and regulation of the commercial activities.
Though this objective of the Act is not to suppress the commercial activity, but has defined
certain offences and penalties to smother such omissions, which is understood to come within
the characterization of cyber crimes. For customers security is still a big concern for usage of
e-banking services which the present legislation is inadequate to deal with. The challenges
ahead to the court of law to apply the provisions have been difficult due to lack of clarity.

Challenges in Internet Banking

The challenges related to e-banking prevail in Indian context are discussed below:
 Security Risk: The problem related to the security has become one of the major
concerns for banks. A large group of customers refuses to opt for e-banking facilities
due to uncertainty and security concerns. According to the IAMAI Report no. of
internet users is not using internet banking in India because of security concerns. So
it’s a big challenge for marketers and makes consumers satisfied regarding their
security concerns, which may further increase the online banking use.
 Privacy risk: The risk of disclosing private information & fear of identity theft is one
of the major factors that inhibit the consumers while opting for internet banking
services. Most of the consumers believe that using online banking services make them
vulnerable to identity theft.
 The Trust Factor: Trust is the biggest hurdle to online banking for most of the
customers. Conventional banking is preferred by the customers because of lack of
trust on the online security. They have a perception that online transaction is risky due
to which frauds can take place. Trust is among the significant factors which influence
the customers’ willingness to engage in a transaction with web merchants.
 Customer Awareness: Awareness among consumers about the e-banking facilities
and procedures is still at lower side in Indian scenario. Banks are not able to
disseminate proper information about the use, benefits and facility of internet
banking. Less awareness of new technologies and their benefits is among one of the
most ranked barrier in the development of e-banking.
.
 Cyber Crime: Types and Its Impact on Banking Sector
Neither crime nor cyber-crime has been defined in IPC or Information Technology Act, 2000
but only provides punishment for certain offences. The word ‘cyber’ is synonymous with
computer, computer systems and computer network. Thus, it can be said that cyber-crime
occurs when any illegal activity is committed using a computer or computer resource or
computer network. Douglas and Loader have defined cyber-crime as a computer mediated
activity which is conducted through global electronic networks that are either considered
illicit or illegal by certain parties. 12 Cyber crimes have been classified into four categories by
Wall. They are cyber-deceptions, cyber-violence, cyber-pornography and cyber-trespass.13
The frauds in e-banking sector are covered under cyber-deception. Cyber-deception is further
defined as an immoral activity which includes theft, credit card fraud, and intellectual
property violations. Mostly frauds are committed because of two goals, one, to gain access to
the user’s account and steal his personal information and transfer funds from one account to
another. Second is to undermine the image of the bank and block the bank server because so
that the customer is unable to access his account. 14 In terms of number of cybercrime
incidents in ransom ware, identity theft and phishing attacks India has been ranked among the
top 5 countries.15 According to Global Economic Crime Survey 2014, conducted by PwC,
cybercrime was one of the top economic crimes which were reported by various
organizations across the world, including India.16 Banking sector too has suffered an impact
of cyber crimes. RBI has defined bank fraud has as, 'A deliberate act of omission or
commission by any person, carried out in the course of a banking transaction or in the books
of accounts maintained manually or under computer system in banks, resulting into wrongful
gain to any person for a temporary period or otherwise, with or without any monetary loss to
the bank.’17

Cyber Crimes related with banking sector

12
Douglas, T., & Loader, B. D.Cybercrime: Security and surveillance in the information age: Routledge
Publisher 13 April 2000.
13
Wall, Cybercrimes and the Internet, 4th Edn, Routledge, (2001).
14
A R Raghavan & Latha Parthiban, Effect of Cyber Crime on Bank’s Finances, Vol. 2(2) Feb 2014 p 173-178
< http://ijcrar.com/archive-6.php > accessed on 24th August, 2015.
15
2013 Norton Report, http://www.symantec.com/about/news/resources/press_kits/detail.jsp?
pkid=nortonreport-2013 > accessed on 23rd September, 2015.
16
Current Fraud Trends in the Financial Sector, ASSOCHAM India, June 2015.
17
Reserve Bank of India, Report of the Study Group on Large Value Bank Frauds, 1997.
 (1) Hacking
Hacking is a crime, which means an unauthorized access made by a person to cracking the
systems or an attempt to bypass the security mechanisms, by hacking the banking sites or
accounts of the customers. The Hacking is not defined in the amended IT Act, 2000. But
under Section 43(a) read with section 66 of Information Technology (Amendment) Act, 2008
and under Section 379 & 406 of Indian Penal Code, 1860, a hacker can be punished. Before
the 2008 Amendment Act, Hacking was punishable under Section 66 of the IT Act with up to
three years of imprisonment or fine which may extend up to two lakh rupees, or both. If such
crime is proved then for such hacking offence the accused is punished under IT Act, for
imprisonment, which may extend to three years or with fine, which may be extended to five
lakh rupees or both. Hacking offence is considered as a cognizable offence, it is also a
bailable offence.
(2) Credit Card Fraud
There are many online credit card fraud are made when a customer use their credit card or
debit card for any online payment, a person who had a mala fide intention use such cards
detail and password by hacking and make misuse of it for online purchase for which the
customers card used or hacked is suffered for such kind of attract or action of a fraud made
by and evil.18 The hacker can misuse the credit card by impersonating the credit card owner
when electronic transactions are not secured.
(3) Phishing or Identity Theft
Phishing is a scam where Internet fraudsters request personal information from users online.
These requests are most commonly in the form of an email from an organization with which
one may or may not do business. In many cases, the email has been made to look exactly like
a legitimate organization’s email would appear complete with company logos and other
convincing information. The email usually states that the company needs to update personal
information or that the account is about to become inactive, all in an effort to get the user to
click the link to a site that only looks like the real thing. Phishing is only one of the numerous
frauds on the Internet, attempting to trick individuals into separating with their cash. Phishing
alludes to the receipt of spontaneous messages by customers of financial institutions, asking
for them to enter their username, password or other individual data to access their account for
some reason. Customers are directed to give a response to a mail and also directed to click on
the link mentioned in the mail when they click on the given link for entering their information
which were asked in the mail received by the fraudulent institutions of banking website, by
18
Barkha Bhasin, Rama Mohan Ukkalam, Cyber law and Crimes, Edn 3rd, Asia Law House, pg. 7.
such kind of activities customers thus they remain unaware that the fraud has happened with
them. The fraudster then has admittance to the client's online financial balance available in
the bank account and to the funds contained in that account by making the misuse of the
detail received from the customer fraudulently 19 . In the case of Umashankar
Sivasubramanian v. ICICI Bank,20 the petitioner used to receive monthly bank account
statement under the email ID of the bank, one day received a mail asking for his personal
details, which he provided, after which his account was debited with Rs. 5 lakhs. Upon
complaint, the bank said that it was a phishing mail against which he approached the
adjudicating officer. In this case, the bank was held liable according to Section 43 and
Section 85 of the IT Act, 2000, as it failed to establish due diligence and providing adequate
checks and safeguards to prevent unauthorized access into the customer’s account. The bank
was directed to pay Rs. 12.5 lakhs. In National Association of Software and Services
Companies v. Ajay Sood21 , a reasoned order approving a settlement agreement between the
plaintiff and the defendants in a case which dealt with the issue of ‘phishing’, wherein a
decree of ` 16 lakhs was passed in favour of the plaintiffs. The plaintiff contended that the
defendants were masquerading as NASSCOM, and were sending emails, in order to obtain
personal data from various addresses, which they could then use for head-hunting, and they
went on the website as if they were a premiere selection and recruitment firm. The suit was
filed praying for a decree of permanent injunction restraining the defendants or any person
acting under their authority from circulating fraudulent e-mails purportedly originating from
the plaintiff of using the trademark 'NASSCOM' or any other mark confusingly similar in
relation to goods or services. The Hon’ble Judge further observed that “I find no legislation in
India on 'phishing'. An act which amounts to phishing, under the Indian law would be a
misrepresentation made in the course of trade leading to confusion as to the source and origin
of the e-mail causing immense harm not only to the consumer but even the person whose
name, identity or password is misused. It would also be an act of passing off as is affecting or
tarnishing the image of the plaintiff, if an action is brought by the aggrieved party.
(4) Keystroke Logging or Key logging
Key logging is a method by which fraudsters record actual keystrokes and mouse clicks. Key
loggers are “Trojan” software programs that target computer’s operating system and are

19
http://resources.infosecinstitute.com/modern-online-banking-cyber-crime.
20
Umashankar Sivasubramanian vs. ICICI Bank (Petition No. 2462 of 2008) Judgment Dated 12th April 2010.
21
National Association of Software and Services Companies v. Ajay Sood, 119 (2005) DLT 596.
“installed” via a virus. These can be particularly dangerous because the fraudster captures
user ID and password, account number, and anything else that has been typed.
(5) Viruses
A virus is a program that infects an executable file and after infecting it causes the file to
function in an unusual way. It propagates itself by attaching to executable files like
application programs and operating system. Running the executable file may make new
copies of the virus. On the other hand there are programs, that can copy themselves, called
worms which do not alter or delete any file, but only multiply itself and send the copy to
other computers from the victim’s computer.22
(6) Spyware
Spyware is the number one way that online banking credentials are stolen and used for
fraudulent activities. Spyware works by capturing information either on the computer, or
while it is transmitted between the computer and websites. Often times, it is installed through
fake “pop up” ads asking to download software. Industry standard Antivirus products detect
and remove software of this type, usually by blocking the download and installation before it
can infect the computer.
(7) Watering hole
“Watering hole” cyber fraud is considered to be a branch arising from phishing attacks. In
watering hole a malicious code is injected onto public web pages of a website which is visited
only by a small group of people. In a watering hole attack situation, when the victim visit the
site injected with malicious code by attackers the information of such victim is then traced by
the attacker. In phishing attack, victim himself gives away information innocently whereas in
watering hole the attacker waits for the victim to visit the site. There can be an increase in
watering hole incidents when there is more misuse and exploitation of zero-day
vulnerabilities in various software programs like Adobe Flash Player or Google Chrome.
Cyber criminals in watering hole use the kits available in black market to infect, inject and
configure a website which may be new or updated to lure people to provide them details. The
site which is to be used for an attack is usually hacked by the attackers’ months before the
actual attack. They use professional methods to perform such act. Therefore it becomes
difficult for cyber-crime cells to locate such infected website. Watering hole is thus a method
of surgical attack where the hackers aim to hit only certain specific group of people in the
internet and in comparison to phishing it is less ear-splitting.
8) Credit Card Redirection and Pharming
22
Kamika Seth, Cyber Laws and Information Technology Age, Lexis Nexis publication, p 446.
Pharming is linked with the words, ‘farming’ & ‘phishing’. In Pharming a bank’s URL is
hijacked by the attackers in such a manner that when a customer log in to the bank website
they are redirected to another website which is fake but looks like an original website of the
bank. Pharming is done over Internet and Skimming is another method which occurs in
ATMs.
(9) DNS Cache Poisoning
DNS servers are deployed in an organization’s network to improve resolution response
performance by caching previously obtained query results. Poisoning attacks against a DNS
server are made by exploiting vulnerability in DNS software. That causes the server to
incorrectly validate DNS responses that ensure that they’re from an authoritative source. The
server will end up caching incorrect entries locally, and serve them to other users that make
the same request. Victims of a banking website could be redirected to a server managed by
criminals who could use it to serve malware, or to induce bank customers to provide their
credentials to a copy of a legitimate website. If an attacker spoofs an IP address; DNS entries
for a bank website on a given DNS server, replacing them with the IP address of a server they
control, makes an attacker able to hijack customers.
(10) Malware based-attacks
Malware based-attacks are one of the most among hazardous cyber threats related to
electronic banking services. In such attacks a malicious code is designed. Now-a-days the
number of malware attacks in banking sector has been increasing. Some of the infamous
banking malware are Carbep, Tinba, Spyeye, Zeus and KINS. Zeus is the oldest out of these
malware. It was detected in July 2007 when the information was lost and stolen from United
States Department of Transportation. There are other malwares which have been identified in
previous years to commit bank fraud on a large scale.42 It has been noticed that almost every
virus has two features, one, that they secure a backdoor entry into the system and they steal
credential information of a user.

Prevention of Cyber Crimes

Banking sector is the backbone of our economy. The increasing number of cyber-crime cases
has resulted in huge loses to our economy. Cyber-attacks should be prevented by ensuring
suitable legislation which is implemented effectively. Both the banks and the customer
should be made aware about the risk involved and safeguard measures. There needs to be
cooperation between the various stakeholders to counter cyber-crime. Some of the measures
in which cyber-crimes can be prevented and reduced are:

Cyber Fraud Council in Banks

Whenever a cyber-fraud is committed the victim should report to the Cyber Fraud
Council that must be set up by in each and every bank to review, monitor investigate and
report about cyber-crime. In case, such Council does not take perform or refuses to
perform its duty then a provision to file an FIR must be made. The matter to be brought
before such council can be of any value. However, when the value is high then the
Council shall act expeditiously. RBI in its 2011 Report stated that when bank frauds are
of less than one Crore then it may not be necessary to call for the attention of the Special
Committee Board.23

Education to Customer
The customer should be educated and made aware about various bank frauds and
measures should be informed to them for safety mechanisms so that they do not fall prey
as victims of cyber-crime. If a customer is conscious and report the matter of cyber-crime
then in the initial stage also instances of cyber-crimes can be reduced. A customer should
be made aware about the Dos and Don’ts’ of E-banking. It can be done through
publishing it on the bank’s website, publishing in the newspaper, through advertisements,
by sending SMS alerts, through poster education etc. In case a bank introduce any new
policy or there are any changes which are required to be followed by all banks as per RBI
then, bank must inform the customer through mails or by informing the customer through
telephone.24 The awareness material should be timely updated keeping in mind the
changes in the legislation and guidelines of RBI.25

Training of Bank Employees

Training and Orientation programs must be conducted for the employees by the banks.
The employees must be made aware about fraud prevention measures. It can be done
through newsletters or magazines throwing light on frauds related aspects of banks by

23
Reserve Bank of India, Working Group on Information Security, Electronic Banking, Technology Risk
Management and Cyber Frauds, (21 Jan 2011).

24
Ibid

25
Ibid.
 senior functionaries, putting up ‘Dos and Don’ts’ in the workplace of the employees,
safety tips being flashed on screen at the time of logging into Core Banking solution
software, holding discussions on factors causing cybercrime and actions required to be
undertaken in handling them. Employees who go beyond their call of duty to prevent
cyber frauds if rewarded will also enhance the work dedication.

Strong Encryption-Decryption Methods

E-banking activities must be dealt using Secure Sockets Layer (SSL). It provides
encryption link of data between a web server and an internet browser. The link makes
sure that the data remains confidential and secure. As per India, we follow asymmetric
crypto system which requires two keys, public and private, for encryption and decryption
of data.26 For SSL connection a SSL Certificate is required which is granted by the
appropriate authority under IT Act, 2000.

Physical and Personnel Security

Banks must execute proper physical and ecosystem controls giving regards to threats, and
based on the institution’s unique geographical location, and neighbouring entities etc.
Also when a new employee is employed then there should be a process of verification of
the applicant. The level of verification may wary depending upon the position and job
profile.27 In ATMs there must always be a security guard who has received proper
training under the force. It is because many incidents occur where ATMs are looted.

Cooperation among nations to avert cyber crime

Cyberspace being transnational in nature requires cooperation among States to work
together to avert cyber-crime. Although, a few treaties and implementation measures
exist; a wholesome approach defining legal and technical measures and organizational
capabilities is yet to take central importance for India in its goal to contribute to the
global fight against cybercrime. IT Act, 2000 having extra-territorial application poses a
problem in investigation, prosecution and extradition of foreign nationals.

26
Section 3(2), Information Technology Act, 2000

27
RBI Guidelines on Information Security, Electronic Banking, Technology Risk management and Cyber
Frauds, 2012.
 CONCLUSION

In this study, I reached and believed that the e-banking is an essential tool for transparency,
accountability, reduction of fraud and more importantly economic growth and development.
In India Government has taken more initiatives to build-up use of the roadmap of e-banking
and increase in the utility of smart phones, personnel computers, laptops and internet
connection tremendously indicates, people are using online services.

Most of the banks have their mobile apps and people handing most of their transactions
through online services, it reveals that as the scope of e-banking are enhanced. It is concluded
that there is no doubt that in the near future e-banking preferred mode of banking and
undeniably overcome traditional banking.

Thus, it is clear that in newly industrialized nations, electronic banking is gaining its
momentum as the banks operating globally have declared E-banking as one of the core
strategies for future development. There exists a potential scope to gear on the opportunities
related to the electronic banking channels with a particular emphasis on the developing
nations. Banks should work in conjunction with the government to improve the security,
safety and privacy issues and maintaining the confidentiality of their prospective consumers
would enhance the uptake of E-banking in India. Considering the challenges and risk related
to e-banking, the Government of India along with various government agencies is making an
effort to make e-banking more safe, secure and reliable.

From the abovementioned discussion it is evident that the new generation of the electronic
banking transactions created a bundle of opportunities as well as challenges to the existing
banks, financial institutions and consumers in India as well globally. It is visible from the
extant documentary analysis that almost all the major banks irrespective of the level of
country’s advancement have rapidly introduced innovative E-banking technologies.

BIBLIOGRAPHY

Books
 Bimal N Patel, Banking Laws, 1st edn. 2014, Eastern Book Company.
 M. L. Tannan, Banking Law & Practices in India, 23rd edn. 2010, LexisNexis.
  Avatar Singh, Banking and Negotiable Instruments, 3rd edn. 2016, Eastern Book
Company.

Online Resources
 https://www.icsi.edu/media/webmodules/publications
 http://rajdeepandjoyeeta.com/internet-banking-legal-issues
 https://business.laws.com/online-banking