A PROJECT REPORT

ON

“ IT IN BANKING SECTOR ”

SUBMITTED TO
SAVITRIBAI PHULE PUNE UNIVERSITY (2021-2022)
“TOWARDS PARTIAL FULFILLMENT OF BACHELOR OF BUSINESS ADMINISTRATION”
SUBMITTED BY

ANJALI RAJESH DUBLA

S.Y.B.B.A. (Finance) UNDER

GUIDANCE OF
PROF. MRS. LAXMI AWATI

MAHATMA GANDHI VIDYAMANDIR’S PANCHAVATI COLLEGE OF MANAGEMENT & COMPUTER

SCIENCE PANCHAVATI NASHIK-03
 MGV’S,

Panchavati College of Management and

Computer Science, Panchavati, Nashik-422003

CERTIFICATE

Certified that the project report entitled “IT IN BANKING SECTOR” with special
reference to “STATE BANK OF INDIA” Has been successfully completed by ANJALI
RAJESH DUBLA as the partial fulfillment of Bachelor of Business Administration (B.B.A)
under the Savitribai Phule Pune University during the academic year 2021-22.

The work has been assessed by us and we are satisfied that the same is up to
standard envisaged for the same for the level of the course. And that the said work
may be presented to the external examiner.

External Examiner Internal Examiner H.O. D

ACKNOWLEDGEMENT

It is a great pleasure to me in acknowledging my deep sense of gratitude to all those who have
helped me in completing this project successfully. First of all I would like to thank Pune
University, Pune for providing me an opportunity to undertake a project as a partly fulfilment of
BBA degree.
I would like to thank our Head of Department and my project guide Prof. Laxmi ma’am whose
valuable guidance and encouragement at every phase of the project has help to prepare this
project successfully.
Finally, I would like to express my sincere thanks to my family, all the faculties, office staff, and
library staff of Panchavati College of management and Computer Science, Nashik and friends
who helped in some or other way in making this project.

Place: Nashik ANJALI DUBLA

Date: / / BBA
(FINANCE)
 DECLARATION

This is to declare that I, Anjali rajesh dubla, student of Bachelor of Business

Administration (2021-2022), PANCHAVATI COLLEGE OF MANAGEMENT AND
COMPUTER SCIENCE, NASHIK, have given original data and information to the best of my
knowledge in the project report titled “IT IN BANKING SECTOR” under the guidance of our
Head of Department Prof. laxmi ma’am and the partial fulfilment of the recruitment towards
the completion of the said course.

I have prepared this report independently and I have gathered all the
relevant information personally. I have prepared this project for BBA for the
year 2021-2022.

I also agree in principle not to share the vital information with any other
person the organization and will not submit the project report to any other
university.

Place: Nashik ANJALI DUBLA

Date: / / BBA
(FINANCE)
 INDEX

SR. NO CONTENT PAGE NO.

1. ➢ INTRODUCTION OF THE STUDY 1
➢ TECHNOLOGY USED IN BANKING SECTOT 2-3
➢ BENEFITS OF IT IN BANKING SECTOR 4
➢ ISSUES WITH IT IN BANKING SECTOR 5-6
➢ SECURITY THREATS IN ONLINE BANKING 7
➢ OBJECTIVE OF THE STUDY 8
➢ RESEARCH METHODOLOGY 9
➢ CHALLENGES 10-11
➢ SOLUTION TO IMPROVE ONLINE BANKING IN RURAL 12
AREAS

2. ➢ INTRODUCTION OF THE BANK 13

➢ PROFILE 14-16
➢ SERVICES PROVIDED BY BANK 17-18
➢ HISTORY OF THE COMPANY 19-21
➢ CHANGES BROUGHT IN IT BY SBI 22
23-26
3. ➢ DATA ANALYSIS AND INTERPRETATION 27
4. ➢ FINDINGS 28
5. ➢ SUGGESTION 29
6. ➢ CONCLUSION 30-31
7. ➢ ANNEXURE 32
8. ➢ BIBLIOGRAPHY 33
 1. INTRODUCTION
The banking sector includes a lot of key players, including retail and commercial banks, mobile
(telecommunication network operators, and financial institutions). information Technology (IT)
has changed how business is conducted, how individuals live, work and think . There is stiff
competition amongst bunks and has also paved way for many new and exciting banking
products and services being ultered nowadays for customers with so many banks to choose.
from The banking sector has paved way for the use of it in different ways namely me personal
computer (PC), personal digital devices (PDA) tablets, smartphones automatic teller machines
(ATM) and standalone machines with in the banks 193 All the above technologies named assist
the customer and employees to access bank account information they need at the present
time. Banks and financial institutions are now offering many services that benefit their potential
and current customers in many ways. The management have now seen that with the
technology they have to keep up with the times in order to keep the customers happy and
interested in their products . IT has also brought about stiff competition wars within the
industry. IT also aids the employees of the bank as well as the banks and financial institutions
themselves. Operations are now automated making life simpler and easier. Telecommunication
Mobile Operators, Internet Service Providers (1SPs), computer hardware. manufacturers,
software developers, mobile device manufactures and the operating software manufactures
have all assisted in the giving the banking sector the much needed boost Mobile devices meet
the following criteria, having light operating software (mobile phones, smartphones, tablets
and Personal Digital Assistant (PDA)) and being portable
Mobile banking has been in use since the 90's, Banking information technologies used by the
banks include, mobile banking application contactless payments, SMS banking USSD ATM debit
and credit card, mobile money, telephone banking, wireless Point of Sale (POS) to name but a
few Mobile Banking defined best as one of the latest technologies that customer use on the go
Mobile Banking is also a service that is offered to customers by retail and commercial money
lenders and service providers for transacting by using a handheld device such as smartphone,
tablet, cellular phone and personal organisers ,it is utilising the mobile device to do the
following access the bank account, balance inquiry, bel payments, deposits and transfers The
account is accessed using an internet connection (which can either be Wi-Fi mobile data or free
optic cable) or by mobile network by sending an SMS or calling An individual does not have to
physically go into the branch to make transactions now a days. The account information can be
accessed from virtually anywhere in the world and transactions achieved as well. Mobile
banking in a large sense is part and parcel of E-commerce. Information Technology which will
be referred to as IT within the rest of the document refers to the application of computers,
which include hardware, software networking and the internet and communication apparatus
to ensure the facts obtained can be used by individuals and businesses . Many companies now
have IT departments which are setup to manage the computers, networks and other technical
areas of their businesses there have been vast changes and addition to IT used worldwide.
 TECHNOLOGY USED IN BANKS.

The following technologies are currently in use in the banking business all around the world.
These technologies are still in use today. More technology will be launched and employed in
the developing and developed worlds in the future. Here is a list of some of the current
banking technologies, both old and modern.
1.Digital Account Opening:
The most popular and most relevant investment banks have made is in DAO technology where
more than half of the banks are either setting up a new system or replacing one in 2020. The
one thing that banks need to identify is how to get the digital account opening process right.
After having moved to digital technologies, they also need to make the regulations easier for
people to access the portal. While auto-filling the basic information is great, banks need to
make their identity verification more stringent. Once this is done, a digital account opening
would see a major elevation in 2020.
2.Person-to-Person Payments:
There are banks that are looking to upgrade or modify their P2P payment procedures. The
biggest advantage of P2P Payments is the convenience and speed of using it. With just a click of
a button, funds can be transferred from one person to the other. Since we are moving towards
a cashless economy, most of us don’t carry cash. Hence, banks investing in this technology and
making it a part of their app would be at a big benefit.
3.Robotic Process Automation: The volume of unstructured data that the banks have to
process is growing exponentially with the rise of the digital economy. These are not just
banking transaction data, but also other behavioural data that could allow banks to improve
and innovate the customer experience. Robotic Process Automation is improving the user
experience by allowing bots to handle repetitive tasks without human intervention. It also
reduces errors and enables bank staff members to handle more intricate queries and provide
better customer service.
4.Data Analytics: Today, success is achieved by driving intelligent customer engagement based
on a data-driven understanding of the business. Technology and digitization have transformed
the BFSI sector by enabling them with real-time actionable insights to make informed decisions,
creating competitive advantages and elevating consumer experience. This also allows banks to
share potential products, upsells, cross-sells, and strategic planning with customers. With AI-
backed models, the ability to transform the banking experiences of customers is truly
exponential.
5.Internet Banking: One of the older technologies, where the aim of mobile banking was to go
paperless. A customer accesses their bank account online by using and active Internet
connection and is able to access the account balance enquiry, make payments, funds transfer,
international money payments, create and update standing order and direct debit payments
and check recent transactions. The customer accesses the website via a personal computer or
laptop and the account information can be accessed from anywhere in the world. The following
services can be accessed online; account balance enquiry, fund transfer among the accounts,
create and update standing order and direct debit payments, remittance, account overview,
account history, loan repayment, refill prepaid card and password change
6.Secure Short Messaging Service (SSMS): SSMS banking is used for customers to send and
receive text messages on their mobile phones. Banks keep records of the customers mobile
number, the customer is able to make enquires on their bank account. A customer has to
register their mobile number to utilise the SSMS Banking service through the bank. The bank
also sends the customer messages of each transaction that has occurred on the account. The
customer will also be aware of the any transactions they did not make. A transaction is
achieved by sending an SSMS to the Mobile Banking Service assigned number. The structured
SMS has to have a tag word which the bank provides. The SMS service interacts with the
customer as the customer responds. Unlike SMS, which is "store and forward"
7.RFID Technology: A bank card is embedded with a chip made for payment. Payment is made
is simply made by placing the card in front of an RFID reader, and the payment is processed
automatically
 BENEFITS OF IT IN BANKING SECTOR.

• Increased customers: If there’s one thing we cannot deny, it is the increased customer
base that information technology brings to a sector. An increasing number of people
are relying every day on online banking solutions. The contrast of slow and cumbersome
traditional banking also works in favor of digital banking. However, IT has increased the
customer base in the banking sector.

• A user-friendly experience: If we take a stroll towards the artistic side of information

technology regarding banking, we see that it has crafted a unique, user-friendly
experience that never existed before. While banking earlier was symbolic of a slow and
tiring queue that never ends, it now feels like a few simple clicks.

• Cost efficiency: Though it isn’t an advantage that is always mentioned, it is one that we
cannot think enough about. Digital processes have brought in a noticeable amount of
cost efficiency, which has been a useful trait for the banking sector and the consumers.
Information technology has enabled easy and super-quick cashless transactions,
consequently cutting down so much of intermediary fees. One now saves up on so many
fronts through paperless payments.

• Longer Working Hours: Business hours are extended from the normal Monday to Friday
and 8-5 working days. The business is virtually open 24 hours and 7 days a week. This
applies to all businesses around the globe. The extended hours allows for business
transactions to be conducted from anywhere and anytime of day. People are now
allowed to purchase anytime and anywhere.

• Creation of New and Exciting Jobs in the Field of IT: Creation of new and interesting jobs
within the Information Technology field. For example, would have computer
programmers, system administrators, system analysts, technical specialists of hardware
and software, web development, computer engineering and network administration.
 Issues with IT in banking sector.

Online banking via personal computers and mobile apps on cell phones has made banking more
convenient and accessible 24 hours a day. However, there are some downsides to online
banking. While these issues may not keep you from using online services, keep these concerns
in mind to avoid potential issues down the road.

• Technology and Service Interruptions: Anytime we use computers or internet service,

we are at the mercy of the system’s stability and efficiency. Your ability to access
accounts online will naturally be affected if your internet service is running slowly or
completely out for a period of time. Similarly, if the bank’s servers go down or are
temporarily unavailable due to scheduled site maintenance, you won’t be able to gain
online or mobile access to your banking information.

• Security and Identity Theft Concerns: In general, online banking sites and mobile apps
are designed to be secure and banks are continually putting updated security protocols
in place. However, no system is completely fool proof and accounts can be hacked,
resulting in identity theft via stolen login credentials. So while you can use mobile or
online banking with general confidence, be careful to avoid using networks that are not
secure and be careful to change passwords and protect your login information.

• Limitations on Deposits: Daily or monthly mobile deposit limitations may make it

difficult for individuals, but especially businesses to make large deposits online. Once
you have reached your designated limit, you’ll need to trek to a branch to deposit
money. Also, not all types of checks are easily read by computer scanning software. For
example, business checks that are handwritten and have a black line on the reverse side
to make a carbon record in an account register may be kicked out of the online deposit
system, requiring an on-site deposit.

• Convenient but Not Always Faster: While it may take very little time to deposit a check
via a bank’s mobile app, you still need to wait for access to your money. Online banking
provides convenience in terms of the amount of time saved in travel or waiting in line at
a branch location, but all deposits are reviewed and funds are released for access
according to bank policy, which may take up to three business days depending on the
amount deposited
• Lack of Personal Banker Relationship: For the most part you may be able to handle your
general banking needs by yourself. Yet when problems arise if you don’t have a personal
relationship with a banker, it might be more difficult to get your issues resolved. While
online banking sites have customer service departments, you often need to work your
way through a phone tree and wait on hold before speaking with someone who has no
knowledge of your needs or banking history. In contrast, a local banker is motivated to
serve their customers and strengthen their personal relationships.

• A Limited Scope of Services: Although you can do quite a bit with an online bank
account, such as make deposits, check balances and pay bills, there are limitations to
the kinds of services you can access. You may be able to make an initial application for
opening a new account or applying for a loan or mortgage, but in most cases you will
need to visit a branch to sign forms and show identity documentation. Similarly, even
though you can transfer money to a checking account or debit card in order to make
purchases, if you need cash, you’ll have to visit a branch office or a nearby ATM.
 SECURITY THREATS IN ONLINE BANKING.
Banks and service providers require guarding against various types of online attacks. The
purpose of an attack may vary. In operating systems of particular kind, attackers may try to
exploit know vulnerabilities.

• Fraudulent Bank Websites:

A suspicious bank website: www.sbionline.com
Original bank website: www.onlinesbi.com
These website are believed to aim to trick persons into disclosing their sensitive
personal information.

• Fake e-mails: Fake e-mails Email send from fraudulent bank Verify the personal
information Guide customer enter the fraud link. Disclosing their ATM card numbers
and their passwords.

• Viruses and Worms-Trojan Horse Program: Viruses and Worms-Trojan Horse Program
When we open some suspicious websites or email Trojan Horse Program will install our
computer secretly Hidden in the computer When you access bank websites Capture our
account and the password.

• Sniffers: Also familiar as network monitors, this software is used to capture keystrokes
from a specific PC. Logon Ids and passwords may be captured with this software.

• Guessing Passwords: We can test all possible combinations to enter into a network
using this software.

• Brute Force: A technique to capture encrypted messages then using software to break
the code and gain access to messages, user ID’s, and passwords.

• Random Dialing: To dial every number on a known bank telephone exchange, this
technique is used. The purpose is to find a modem connected to the network. This could
then be used as a point of attack.

• Social Engineering: To gain information about the system along with changing password,
an attacker calls the bank’s help desk impersonating unauthorized user.
 Objectives.

The objectives of the project “use of information technology in banking” includes the
following:

• To know the present condition of online banking in India.

• To know about online payment methods.
• To know about the frauds in online banking system.
• To know about the risk management policy in online banking.
• To encourage the older generation towards online banking.
• To know about the online banking structure in a bank.
 RESEARCH METHODOLOGY

• Type of Research: it is a survey research method collecting actual facts and figures. It is
descriptive in nature using both primary and secondary data. Secondary data is used to
conceptualize the objective of the survey. And primary data is used to collect actual
facts regarding proposed problems in objectives.

• Types of Data:

Primary data: primary data were collected through structured questionnaire methods.
Primary data includes actual facts about awareness and usage of internet banking.

Secondary data: Secondary data were collected through various sources such as
official's reports & websites etc. most of the secondary data is collected through
internet.
 Challenges online banking faces in rural areas
Various Challenges in Rural Areas Which are Posing as Roadblocks for Digital Banking
1.Financial literacy and not literacy alone: Being a part of the formal financial system is a costly
affair—for the minimum requirement, it demands financial literacy which is far more taxing
than literacy. Given that most individuals tend to grapple while filling up cheque and bank
forms, even with literate, the transaction is a cost in rural areas.

2.Digital illiteracy: The rural population is less aware of digital world and
computer/smartphone. They even lack the basic knowledge of operating a smartphone or a
computer. Poor internet connection is also making the scenario worse.

3.Vulnerable system and the mistrust: The misnomer is that if money has been parked in a
bank, they can be cheated or refrained from withdrawing money, making them even more wary
to a digital transaction. Further, the frauds that happen make the things worse.

4.Selective to nonacceptance of digital payments: As there are limited entities to commit

transaction in rural areas, non-acceptance by any of such limited entitities may soon result in
non-digital payment mode, despite the willingness to pay or so.

5.Limited number of transactions: Higher number of transactions with the same merchant may
push an individual to redirect toward ease of payment. However, in rural areas, there are
limited number of transactions, and that too at the end of the month, people might be less
willing to undertake transactions through the digital mode.

6.Merchant sale: Adoption of the merchant sales via PoS is very slow despite the service
provider’s effort by providing various schemes and discounts.
7.Inadequate infrastructure: Smartphone penetrations, internet connectivity, electricity,
banking services are not adequate. Even the biggest nationalized banks of India are finding it
difficult to provide the basic banking services to the rural population. Although the Jan Dhan
Yojana boosted financial inclusion, but most of the accounts made under the scheme are
dormant and less or no transactions are done in them.

8.Nature of rural economy: Most of the needs of rural people depend on cash transactions, and
to introduce the concept of digital payments is a very daunting task. Cash serves better than
digital transaction because rural economy is mostly informal or unorganized.

9.Poor economy: The rural population of India is still poor, and the per capita income is
considerably less than the national one. This makes even the basic necessities unaffordable for
the rural population.
 Solutions to improve online banking in rural areas

1.Improvement in infrastructure: Low-cost smartphone is especially designed for rural areas

with regional languages. Smooth and speedy implementation of the Bharat Net Project ensured
supply of electricity, better and cheap internet connectivity by creating hotspots and rationing
of free data as proposed by TRAI on monthly basis, improvement in banking services especially
online services. Reformation and better implementation of PURAs are extremely essential.

2.Digital literacy: Digital literacy is one of the biggest hurdles in transition toward cashless
economy. Common Service Center (CSC) under the aegis of Digital India program should be fast
tracked, computer education in schools promoted, self-help groups (SHGs) should be trained
and encouraged to spread digital literacy.

3.Trust building: Though trust building takes time, suitable advertisement strategies and
promotion of cashless economy can help. Incentives such as ‘Lucky Grahak Yojana’ and ‘Digi-
Dhan Vyapar Yojana’ are steps in right direction.

4.Revamping of rural economy: Rural economy should be formalized to the extent possible.
This can be done by easy availability of loans in formal sector, incentives for adopting digital
economy, digitization of land records, better implementation of JAM, and so on.
 2. Introduction of Bank(SBI)

State Bank of India (SBI), with a 200 year history, is the largest commercial bank in India terms
of assets, deposits, profits, branches, customers and employees. The Government of India is the
single largest shareholder of this Fortune 500 entity with 61.58% ownership. SBI is ranked60th
in the list of Top 1000 Banks in the world by "The Banker" in July 2012.The origins of State Bank
of India date back to 1806 when the Bank of Calcutta (later called the Bank of Bengal) was
established. In 1921, the Bank of Bengal and two other banks (Bank of Madras and Bank of
Bombay) were amalgamated to form the Imperial Bank of India. In 1955,the Reserve Bank of
India acquired the controlling interests of the Imperial Bank of India and SBI was created by an
act of Parliament to succeed the Imperial Bank of India.The SBI group consists of SBI and
five associate banks. The group has an extensive network,with over 20000 plus branches in
India and another 186 offices in 34 countries across the world.As of 31st March 2013, the group
had assets worth USD 392 billion, deposits of USD 299 billion and capital & reserves in excess of
USD 23.03 billion. The sbi group commands over 23% share of the domestic Indian banking
market. SBI’s non- banking subsidiaries/joint ventures are market leaders in their respective
areas and provide wide ranging services, which include life insurance, merchant banking,
mutual funds, credit cards, factoring services, security trading and primary dealership, making
the SBI Group a truly large financial supermarket and India’s financial supermarket and India’s
financial icon.
 PROFILE

State Bank of India

The Banker to Every Indian

State Bank Bhavan, Nariman Point, Mumbai

Formerly Imperial Bank of India

Type Public Sector Undertaking

Traded as • NSE: SBIN

• BSE: 500112
• LSE: SBID
• BSE SENSEX Constituent
• NSE NIFTY 50 Constituent

ISIN INE062A01020
Industry Banking, financial services

Predecessor Imperial Bank of India

(1921 – 1955)

Bank of Calcutta
(1806 – 1921)
Bank of Bombay
(1840 – 1921)
Bank of Madras
(1843 – 1921)

Founded 1 July 1955; 66 years ago

State Bank of India

• 27 January 1921
Imperial Bank of India

2 June 1806
Bank of Calcutta
15 April 1840
Bank of Bombay
1 July 1843
Bank of Madras

Headquarters State Bank Bhawan, M.C.

Road, Nariman
Point, Mumbai, Maharashtra, India

Number of 22,219 Branches, 62,617 ATMs in

locations India, International: 229 Branches
in 31 countries

Area served Worldwide

Key people Dinesh Kumar Khara

(Chairman)[1]

Products • Retail banking

• Corporate banking
• Investment banking
• Mortgage loans
• Private banking
• Wealth management
 • Credit cards
• Finance and Insurance

Revenue ₹385,338
crore (US$51 billion) (2021)

Operating ₹78,898
income crore (US$10 billion) (2021)

Net income ₹22,405

crore (US$3.0 billion) (2021)

Total assets ₹4,845,619

crore (US$640 billion) (2021)

Total equity ₹274,669

crore (US$36 billion) (2021)

Number of 245,642 (March 2021)

employees

Parent Government of India

Subsidiaries • SBI Life Insurance Ltd

• SBI Cards and Payment
Services Ltd
• SBI General
Insurance (70%)
• Jio Payments
Bank (30%)
• Yes Bank (30%)
• Andhra Pradesh
Grameena Vikas
Bank (35%)
• Kaveri Grameena
Bank (35%)

Website bank.sbi

Footnotes / references
[2][3][4][5]
 SERVICES PROVIDED BY SBI

1. SBI E-Tax:

This facility enables to pay TDS, Income tax, Indirect tax, Corporation tax, Wealth tax, Estate
Duty and Fringe Benefits tax online through SBI E-Tax. The online payment feature facilitates
anytime, anywhere payment and an instant E-Receipt is generated once the transaction is
complete. The Indirect Tax payment facility is available to Registered Central Excise/Service Tax
Assesses who possesses the 15 digit PAN based Assesses Code.

2.E-Payment:

A simple and convenient service for viewing and paying bills online. Using the bill payment
anybody can view and Pay various bills online, directly from your SBI account. It can pay
telephone, electricity, insurance, credit cards and other bills from the comfort of your house or
office, 24 hours a day, 365 days a year.It can also set up Auto Pay instructions with an upper
limit to ensure that your bills are paid automatically whenever they are due.

3.RTGS/NEFT:

It can transfer money from State Bank account to accounts in other banks using the RTGS/NEFT
service. The RTGS system facilitates transfer of funds from accounts in one bank to another on
a "real time" and on "gross settlement" basis. This system is the fastest possible interbank
money transfer facility available through secure banking channels in India. It can transfer an
amount of Rs.1 lacs and above using RTGS system. National Electronic Funds Transfer (NEFT)
facilitates transfer of funds to the credit account with the other participating bank.

4. Fund Transfer:

The Funds Transfer facility enables to transfer funds within accounts in the same branch or
other branches. It can transfer aggregating Rs.1 lacs per day to own accounts in the same
branch and other branches. To make a funds transfer, it should be an active Internet Banking
user with transaction rights. Funds transfer to PPF account is restricted to the same branch.

5. Third Party Transfer: It can transfer funds to trusted third party‘s account by adding them as
third party accounts. The beneficiary account should be of any SBI branch. Transfer is instant. it
can do any number of Transactions in a day for amount aggregating Rs.1lakh.

6. Demand Draft:

The Internet Banking application provides to register demand drafts requests online. You can
get a demand draft from any of your Accounts (Savings Bank, Current Account, Cash Credit or
Overdraft). Limit can be set to issue demand drafts from your accounts or use the bank
specified limit for demand drafts.
7. Cheque Book Request:

A request can be posted through internet banking account for a cheque book. Cheque book can
be requested for any Savings, Current, Cash Credit, and Over Draft accounts. It enables to opt
for cheque book with 25, 50 or 100 cheque leaves. Cheque book can be delivered to registered
address or any other address provided in request.

10. Account Opening Request:

Online SBI enables it to open a new account online. You can apply for a new account only in
branches. where you already have accounts. You should have an INB-enabled account with
transaction right in the branch. Funds in an existing account are used to open the new account.
You can open Savings, Current, Term Deposit and Recurring Deposit accounts etc.

11. Account Statement:

The Internet Banking application can generate an online, downloadable account statement for
any accounts for any date range and for any account mapped to username. The statement
includes the transaction details, opening, closing and accumulated balance in the account. The
account statement can be viewed online, printed or downloaded as an Excel or PDF file.

12.Transaction Enquiry:

Online SBI provides features to enquire status of online transactions. It can view and verify
transaction details and the current status of transactions.
 History of Bank

Stamp dedicated to state bank of India in 2005

Share of the bank of Bengal, issued 13 May 1876.

Seal of imperial bank of India.

The roots of State Bank of India lie in the first decade of the 19th century when the Bank of
Calcutta later renamed the Bank of Bengal, was established on 2 June 1806. The Bank of Bengal
was one of three Presidency banks, the other two being the Bank of Bombay (incorporated on
15 April 1840) and the Bank of Madras (incorporated on 1 July 1843). All three Presidency banks
were incorporated as joint stock companies and were the result of royal charters. These three
banks received the exclusive right to issue paper currency till 1861 when, with the Paper
Currency Act, the right was taken over by the Government of India. The Presidency banks
amalgamated on 27 January 1921, and the re-organised banking entity took as its
name Imperial Bank of India.

The Imperial Bank of India remained a joint-stock company but without Government
participation. Pursuant to the provisions of the State Bank of India Act of 1955, the Reserve
Bank of India, which is India's central bank, acquired a controlling interest in the Imperial Bank
of India. On 1 July 1955, the Imperial Bank of India became the State Bank of India. In 2008,
the Government of India acquired the Reserve Bank of India's stake in SBI so as to remove
any conflict of interest because the RBI is the country's banking regulatory authority.

In 1959, the government passed the State Bank of India (Subsidiary Banks) Act. This made eight
banks that had belonged to princely states into subsidiaries of SBI. This was at the time of the
First Five Year Plan, which prioritised the development of rural India. The government
integrated these banks into the State Bank of India system to expand its rural outreach. In 1963
SBI merged State Bank of Jaipur (est. 1943) and State Bank of Bikaner (est.1944).

SBI has acquired local banks in rescues. The first was the Bank of Bihar (est. 1911), which SBI
acquired in 1969, together with its 28 branches. The next year SBI acquired National Bank of
Lahore (est. 1942), which had 24 branches. Five years later, in 1975, SBI acquired Krishnaram
Baldeo Bank, which had been established in 1916 in Gwalior State, under the patronage of
Maharaja Madho Rao Scindia. The bank had been the Dukan Pichadi, a small moneylender,
owned by the Maharaja. The new bank's first manager was Jall N. Broacha, a Parsi. In 1985, SBI
acquired the Bank of Cochin in Kerala, which had 120 branches. SBI was the acquirer as its
affiliate, the State Bank of Travancore, already had an extensive network in Kerala.

There was, even before it actually happened, a proposal to merge all the associate banks into
SBI to create a single very large bank and streamline operations
The first step towards unification occurred on 13 August 2008 when State Bank of
Saurashtra merged with SBI, reducing the number of associate state banks from seven to six.
On 19 June 2009, the SBI board approved the absorption of State Bank of Indore, in which SBI
held 98.3%. (Individuals who held the shares prior to its takeover by the government held the
balance of 1.7%.).

The acquisition of State Bank of Indore added 470 branches to SBI's existing network of
branches. Also, following the acquisition, SBI's total assets approached ₹10 trillion. The total
assets of SBI and the State Bank of Indore were ₹9,981,190 million as of March 2009. The
process of merging of State Bank of Indore was completed by April 2010, and the SBI Indore
branches started functioning as SBI branches on 26 August 2010.
On 7 October 2013, Arundhati Bhattacharya became the first woman to be appointed
Chairperson of the bank. Mrs. Bhattacharya received an extension of two years of service to
merge into SBI the five remaining associate banks
 CHANGES BROUGHT IN INFORMATION TECHNOLOGY BY SBI:

• In the next decade intemet facility was provided for individuals.

• All SBI branches were connected and ATM'S were launch.
• 2001 - KMPG appointed consultant for preparing IT Plan for the Bank. Later on Core
banking proposed by the IT consultancy company.
• 2002 - All branches computerized but on decentralized systems, there the initiative of
core banking took place.
• 2008- more than 6500 branches (95% of business) on Core Banking Solution (CBS)
Internet Banking facility for corporate customers were also launched in early 2008
• More Interfaces developed with e-Commerce & other sites through alternate channels
like ATM & Online Banking
• All Foreign Offices were brought on Centralized Solution Large network is playing the
role of backbone for connectivity across the country.
• Multiple Service Providers are providing the links BSNL, MTNL, Reliance, Tata & reliance
which are making the system errorless and provide high speed.
• Multiple Technologies to support the networking infrastructure - Leased. lines, Dial-up,
CDMA & VSAT
 3. Data analysis and interpretation.

Explanation: 54.5% consumers are most likely to use business banking services provided, 21.2%
are less likely and 24.2% are somewhat likely to use the services

Explanation: 60.6% consumers always use online banking facilities provided by the bank, 12.1%
never used them and 27.3% rarely use the facilities provided by the bank
 Explanation: 42.4% consumers find the banking services provided are very innovative, 21.2%
find them less innovative and 36.4% find the services provided somewhat innovative

Explanation: 9.1% consumers are using online banking services for 1 month, 12.1% have been
using between 1 to 6 months, 30.3% consumers are using between 6 months to 1 year and
48.5% have been using them for more than 1 year
Explanation: 12.1% consumers think about personalized services provided by their bank, 30.3%
think of computerised banking, 33.3% think of customer services and 24.2% think of wide
branch network

Explanation: 39.4% consumers rate the online banking services provided highly useful, 12.1%
rated them low, 42.4% rated neither high nor low in terms of use and 6.1% of consumers don’t
use online banking at all
Explanation: 79.4% of consumers consider private banks as most technologically advanced and
20.6% of consumers consider public banks as technologically advanced

Explanation: After starting the use of online banking services 11.8% of consumers always visit
their bank, 23.5% visit bank weekly and 64.7% visit their banks monthly
 4. Findings

• System downtime can be a challenge as not only are users unable to make payments or
conduct transactions but concerns about data and fund security also start to emerge.

• Cost efficient and less time consuming, Online banking via personal computers and
mobile apps on cell phones has made banking more convenient and accessible 24 hours
a day.

• Changing consumer habits and less innovations, as well as security and technical
concerns, are all major challenges of online banking that banks must reconcile to
succeed in this field.

• While you can use mobile or online banking with general confidence, be careful to avoid
using networks that are not secure and be careful to change passwords and protect your
login information.

• To eliminate the hazards, extensive banking work is required in the acceptance of IT in

the banking sector. Customers must be advised about the necessary safety precautions.
Regular security checks are also essential to avoid failures.

• No system is completely fool proof and accounts can be hacked, resulting in identity
theft via stolen login credentials.
 5. Suggestions.

• There should be continues innovations of new technology introduced to improve

customer experience and gaining the trust of people with better performance in
financial services provided by the information technology in banking sector.

• Protecting the personal information entrusted and disclosed by the customer should be
utilised for right purpose and it should be known to the customer that there data is
secured and stored in safe place.

• Online banking is indeed the best way to make P2P payments or transferring money to
merchants but they should be aware of the disclosure of the personal information in the
right away (the passwords should be strongly set and the one time password when used
should not be shared).

• When the customer Uses of public unsecured wi-fi networks for online banking they
should make sure that the anti-virus apps should be installed in there mobile.

• Banking and other financial institution must be certain that their applications for mobile
devices are up-to-date and are offering a seamless banking experience as possible for all
users.

• Providing a superior level of convenience and security, being able to contact banks
easily through online help site and improving the user experience across apps will help
banks to gain the trust of their trust.

• To make the banking user friendly for older generation, banks can provide a call center
strategies and up-skill agents to be able to deal with complex customer needs.
 6. Conclusion.

Finally, new technologies are being used by the banking industry to give improved services to
clients. Customers’ needs have changed as technology and their own needs have progressed,
and the banking industry recognises this. IT has benefited mobile banking services in reaching
geographic distances and diverse markets, allowing for improved goods, competitive markets,
and the introduction of uniform procedures for threat control. To eliminate the hazards,
extensive banking work is required in the acceptance of IT in the banking sector. Customers
must be advised about the necessary safety precautions. Regular security checks are also
essential to avoid failure. Customer faith in IT may be restored with backup and recovery
procedures. For inclusive growth, the benefits of mobile banking should reach the average man
in even the most remote corners of the country. Mobile Banking is a powerful tool for
delivering payment services and account information to consumers who have accounts.
 7. ANNEXURE
Questionnaire

Q-1 If access to full business banking services were available today,how likely would you be to use the
services?

Most likely

Less likely

Somewhat likely

Q-2 Do you use online banking facilities provided by your bank?

Always

Never

Rarely

Q-3 How innovative is the banking services provided by your bank?

Very innovative

Less innovative

Somewhere innovative

Q-4 Since how long you are using banking services?

0-1 month

1 month-6 month

6 month-1 year

More than 1 year

Q-5 You think of your bank what comes in your mind first?

Personalized service

Computerized service

Customer service

Wide branch network

Q-6 How would you rate the online banking services provided by your bank?

High

Low

Neither high nor low

I don’t use online banking

Q-7 Which category of banks do you consider as most technologically advanced?

Private banks

Public banks

Q-8 How many times do you visit your bank since you started using online banking?

Always

Weekly

Monthly
 8. BIBLIOGRAPHY
Websites:

• WWW.SBI.COM
• WWW.WIKIPEDIA.COM
• WWW.GOOGLE.COM
• WWW.BUSINESSTODAY.IN
• WWW.ECONOMICSTIMES.COM