DIGITAL ECONOMY: SAFE BANKING

PRESENTED BY: MR. KAMLESH LOTLIKAR

 Introduction: Digital Economy
The digital economy is a worldwide network of economic activities that are enabled by information and
communications technologies (ICT). It's an umbrella term that describes how traditional economic activities are
being transformed by the internet and World Wide Web technologies.
Some examples of digital economy innovations include: Digital banking, E-commerce, Virtual education,
Smartphone apps, Collaboration platforms.
 Some advantages of the digital economy include:
 Saves time through faster response and real-time functioning
 Cost-effective for customers
 Offers greater choices
 Some disadvantages of the digital economy include
 Privacy issues and security concerns
 The probability of fraudulent activities is high
What is Banking?
 A bank, by definition, is an institution whose primary function is to store
deposited money while also providing lending services to customers.
Banks play a critical role in the economy because they help to store and
create money. Banks store money in a couple of ways.
 The function of a Bank is to collect deposits from the public and lend
those deposits for the development of Agriculture, Industry, Trade and
Commerce. Bank pays interest at lower rates to the depositors and
receives interests on loans and advances from them at higher rates.
 What are the 4 types of banks?
 Central Bank - RBI
 Commercial Bank : State Bank of India, ICICI, HDFC, Axis
 Cooperative Banks : Saraswat Cooperative Bank, Shamrao Vithal
Cooperative Bank (SVC Bank) ...
 Regional Rural Banks : Andhra Pradesh Grameena Vikas
Bank ,Meghalaya Rural Bank
Type of Bank in India
 Central Bank : Reserve Bank of India, abbreviated as RBI, is India's central bank and regulatory body responsible for
regulation of the Indian banking system.
 Commercial Bank :A commercial bank is a kind of financial institution that carries all the operations related to deposit
and withdrawal of money for the general public, providing loans for investment, and other such activities. These
banks are profit-making institutions and do business only to make a profit..
 Co-operative Banks :A co-operative bank is a small-sized, financial entity, where its members are the owners and
customers of the Bank.
 Regional Rural Banks (RRB) are Indian Scheduled Commercial Banks ( Government Banks) operating at regional
level in different states of India. They have been created with a view of serving primarily the rural areas of India with
basic banking and financial services.
 What is modern banking technology?
 Modern banking system offers online services like Internet and
Telephone/PC Banking. Customers use their account ID and
password to check accounts, pay bills, and print receipts from
their home computer.
 The banking innovation includes
 RTGS: Real Time Gross Settlement
 NEFT : National Electronic Funds Transfer
 ATM : Automated Teller Machine
 Plastic Money may refer to the use of plastic cards like
debit/credit cards in the form of electronic transactions
 Mobile banking is the act of making financial transactions
on a mobile device (cell phone, tablet, etc.).
 Internet banking, also known as online banking, e-banking
or virtual banking, is an electronic payment system that
enables customers of a bank or other financial institution to
conduct a range of financial transactions through the
financial institution's website
 Types of Fraud
 Phishing is a global problem faced by Banks worldwide. It is an attempt to 'fish' for your banking details. Phishing could
be an e-mail that appears to be from a known institution like banks / a popular website.
 Vishing is an attempt of a fraudster to take confidential details from you over a phone call. Details like user id, login &
transaction password, OTP (One time password), URN (Unique registration number), Card PIN, Grid card values, CVV
or any personal parameters such as date of birth, mother's maiden name. Fraudsters claim to represent banks and
attempt to trick customers into providing their personal and financial details over the phone. These details will then be
used to conduct fraudulent activities on your account without your permission leading to financial loss.
 Online Scams :Fraudsters send attractive offers through letters, e-mails, calls, SMS messages asking you to deposit
money to participate in schemes that "sound too good to be true". Later, they withdraw the money and stop further
communication.
 Here is a list of the most common frauds:
 Contests and lotteries that you had not registered for, asking you to make a payment for receiving your prize
 Emails appearing to have been sent from large corporations, public institutions and regulatory bodies
 Phone calls or SMSes offering jobs that you had not applied for; intimations of gifts or inheritances supposed to
originate from a foreign country, asking you for personal information
 High-yield investment plans and multi-level marketing schemes offering unealistic returns on investment; please
checks the credentials of the person offering these
 Safe Online Banking Tips
 Bank employees will never ask for your Password/ PIN/ OTP/ CVV/ Card Number

 Sharing your details can lead to unauthorized transfer of money from your account.

 Safe Banking Tips

 Change your password regularly
 Do not use public computers to login
 Keep checking your savings account regularly
 Do not share your details with anyone
 Always use licensed anti-virus software
 Disconnect the internet connection when not in use
 Type your internet banking URL
THANK YOU