PROJECT REPORT

E-BANKING AND POSTAL BANKING

A PROJECT REPORT SUBMITTED TO

THE UNIVERSITY OF LUCKNOW

FOR THE DEGREE OF

BACHELOR OF MANAGEMENT STUDIES

SUBMITTED BY

VINEET UTTAM

ROLL NO -79

PROJECT GUIDE

PROF JUHI CHATURVEDI

ATAL BIHARI VAJPAYEE NAGAR NIGAM DEGREE

COLLEGE

LUCKNOW UNIVERSITY
 Introductio
n
Electronic banking is an umbrella term for the process by which a customer may perform
banking transactions electronically without visiting a brick-and-mortar institution. The
following terms all refer to one form or another of electronic banking: personal computer (PC)
banking, Internet banking, virtual banking, online banking, home banking, remote electronic
banking, and phone banking. PC banking and Internet or online banking is the most frequently
used designations. It should be noted, however, that the terms used to describe the various types
of electronic banking are often used interchangeably.Electronic banking is an activity that is not
new to banks or their customers. Banks having been providing their services to customers
electronically for years through software programs. These software programs allowed the user‘s
personal computer to dial up the bank directly. In the past however, banks have been very
reluctant to provide their customers with banking via the Internet due to security concerns.

Today, banks seem to be jumping on the bandwagon of Internet banking. Why is there a sudden
increase of bank interests in the Internet? The first major reason is because of the improved
security and encryption methods developed on the Internet. The second reason is that banks did
not want to lose a potential market share to banks that were quick to offer their services on the
Internet.Many of the banks like ICICI, HDFC, IndusInd, IDBI, Citibank,Global Trust Bank
(GTB), Bank of Punjab and State bank of India(SBI) were offering E-banking
services.The analysts‘ comments that India had a high growth potential for e-banking the
players focused on increasing and improving their E-banking services. As a part of this, the
banks began to collaborate with functions online.Why is there a sudden increase of bank
interests in the Internet? The first major reason is because of the improved security and
encryption methods developed on the Internet. The second reason is that banks did not want
to lose a potential market share to banks that were quick to offer their services on the Internet.
E-banking is defined as the automated delivery of new and traditional banking products
and services directly to customers through electronic, interactive communication channels.
E- banking includes the systems that enable financial institution customers.Individuals
or businesses, to access accounts, transact business, or obtain information on financial products
and services through a public or private network including the Internet,Customers access e-
banking services using an intelligent electronic device.

The E-banking was firstly introduced in India by the ICICI around 1996. There after many other
banks like HDFC, SBI, IDBI, Citibank Trust Banks, UTI, etc followed the service. As today
private and foreign bank had started capturing the market through e-banking hence ―the
competition is heating up and the lack of technology can make a bank loose a customer‖ so now
the public banks are breaking the shackles of traditional set-up and gearing up to face the
competition posed by the private sector counterparts.
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As per the international report the banking transactions on a brick and mortar banking costs
around $ 1.1. While through ATM it costs around $ 0.27 and just 1 percent of over the counter
banking in case of Internet banking. Statistics such as these have woken the Indian Banking
Industry. Thus, the Indian banking system is seeing a fabulous change in the quality of service
provided by them. Technology is the root of this change, which is implemented by the banks‘ to
win more business from customers.Almost all the private sector banks are moving towards e-
enabling their existing products. HDFC Bank and ICICI Bank have taken a lead in introducing e-
banking in India.
Internet banking starts from migrating existing products to the net. This started initially with
simple functions such as getting information about interest rates, checking account balances and
computing loan eligibility. Then the services were extended to online bill payment, transfer of
funds between accounts and cash management services for corporates. Recently, banks started
setting up payment gateways for B2B and B2Ctransactions. This is to facilitate payment for e-
commerce transactions by directly debiting bank accounts or through credit cards. Banks can
earn a commission based income, on the transaction or sale value resulting in higher other
income. This could be more than the revenues they can generate from credit card transactions.

Private sector banks have leveraged the Internet effectively in taking away the customers from
public sector banks and significantly increased their revenue potential. Internet banking is just
one manifestation of these banks‘ technological capabilities. They have a complete automation,
an electronic customer database, real time transaction processing capabilities and the latest
technological platforms. Management of these banks is very focused in using technology as a
key competitive tool. The capability of the management is also visible in terms of their
profitability. Among the private sector banks HDFC Bank and ICICI Bank have excellent returns
on equity compared to their peers in the industry.

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TYPES OF INTERNET BANKING OR E-BANKING

Understanding the various types of Internet banking will help examiners assess the risks
involved. Currently, the following three basic kinds of Internet banking are being employed in
the marketplace.

Informational
This is the basic level of Internet banking. Typically, the bank has marketing information about
the bank‘s products and services on a stand-alone server. The risk is relatively low, as
informational systems typically have no path between the server and the bank‘s internal network.
This level of Internet banking can be provided by the banks or outsourced. While the risk to a
bank is relatively low, the server or web site may be vulnerable to alteration.Appropriate controls
therefore must be in place to prevent unauthorized alterations to the bank‘s server or web site.

Communicative
This type of Internet banking systems and the customer. The interaction between the bank‘s
system and the customer. The interaction maybe limited to electronic mail, account enquiry, loan
applications, or static file updates (name and address change). Because these servers may have a
path to the bank‘s internal networks, the risk is higher with this configuration than with
informational systems. Appropriate controls need to be in the place to prevent, monitor, and alert
management of any unauthorized attempt to access the bank‘s internal networks and computer
systems. Virus controls also become much more critical in this environment.

Transactional
This level of Internet banking allows customers to execute transactions. Since a path typically
exists between the server and the bank or outsourcer‘s internal network, this is the highest risk
architecture and must have the strongest controls. Customer transactions can include accessing
accounts, paying bills, transferring funds etc.
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1.6 FEATURES OF E-BANKING

Transactional:(e.g. performing a financial transaction such as an account to account transfer,

paying a bill or applications like applying for a loan, new account, etc.)

 Electronic Bill Presentment and Payment (EBPP)

 Funds transfer between customers own checking and savings accounts, or to another
customers account.

 Investment purchase or sale.

 Loan application and transactions such as repayments.

Non-transactional:
(e.g. online statements, Check links, Chat, Co-browsing etc.)

Financial Institution Administration- features allowing financial institutions to manage the online
experience of their end users.ASP/ Hosting Administration – features allowing the hosting
company to administer the solution across financial institution.

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1.7Advantages & Dis-advantages of E-Banking

We find that there are many advantages of E-banking like:

 Online banking gives more interest rates than any other form of banking and also saves
lot of expenses.

 We can carry out all banking transactions at our own convenience and do not have
to depend on normal bank timings.

 Lot of precious time is saved because of e- banking, as transactions are carried out in
seconds and we can see the updates immediately.

 Since everything is computerized, we save all the paper work and we save the trouble of
maintaining physical records. There is nothing manual hence the records are perfect and
accurate.

 Banks also provide balance alerts if our balance reduces and alerts the customer in case
of due dates of our bill occurs.

 There are no extra charges and these e-banking services are absolutely free. Previously
banks used to charge heavily for all their services.

 There is improvement in customer access, since the bank can access more customers
within a short time through the internet.

 The customers can be offered more services through online banking.

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There are also some disadvantages of online banking which restricts people to
use this service, like:

 E-banking has reduced the bank to customer personal interaction, since all the
transactions are handled by the customer from the internet account there is no
personalized banking service which reduces customer to bank interaction.

 When you are entering e-banking instructions there is always a chance that the
information may be leaked or your account can be hacked and all your confidential
information is leaked. There are many banks that have good security systems to guard
such thefts.

 You can access your online banking account by entering your personal identification and
your password. This password can be used by anyone to access your account and transfer
funds or cause financial problems. Whereas when you are visit the bank personally your
account is handled by the bank staff and therefore your confidential information cannot
be viewed by anyone. Also all your instructions are given in writing with your signature,
therefore there are less chances of fraud and information leak.

 When you are using internet banking the internet security is a big problem faced by many
banks. So the customer must be aware of the security issues and protect their identity and
other personal details from hackers.

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Mediums of E-banking

Various products and services

Electronic banking, also known electronic fund transfer (EFT), uses computer and electronic
technology as a substitute for checks and other paper transactions. EFTsare initiated through
devices like cards or codes that let you, or those you authorize,access your account. Many
financial institutions use ATM or debit cards and Personal Identification Numbers (PINs) for this
purpose. Some use other forms of debit cards and personal Identification Numbers (PINs) for
this purpose. Some use other forms of debit cards such as those that require, at the most, your
signature or a scan. The federal Electronic Fund Transfer Act (EFT Act) covers some electronic
consumer transactions.Following are the electronic medium by which services are generally
provided by the banks as a part of e-banking services.

 INTERNET Banking

 ATM (Automatic Teller Machine)

 Phone Banking

 Mobile Banking
 Payment Cards (Debits/Credit Card)

All the above mediums provide services, which can be, also know as ―any time anywhere
banking‖. This facilitates the customer of the bank to operate their account from any corner of
the world, without visiting local or any subsidiary branch of their banks.Efforts are made by the
bank not only to provide the facility to the customer, but also to reduce the operational cost of
the bank by providing e-banking services. So with this, banks have to employ less staff and still
would be able to deliver service to the customer ,round the corner.

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Internet
Banking
Net banking is a web-based service that enables the banks authorized customers to access their
account information. It allows the customers to log on to the banks website with the help of
bank‘s issued identification and personal identification number (PIN). The banking system
verifies the user and provides access to the requested services, the rage of products and service
offered by each bank on the internet differs widely in there content.Most banks offer net banking
as a value-added service. Net banking has also led to the emergent of new banks, which operate
only through the internet and do not exists physically, Such banks are called ―virtual‖ banks or
―Internet Only‖ banks.

A couple of years ago, there was a belief even among bankers that customers opening new
accounts wanted the online banking facility, just to ‗feel good‘ and very few of them actually
used that services. Today, bankers believe that the trend from ‗nice to have‘ is changing to ‗need
to have‘ .after all it depends on how busy a person is.
Services provided through Internet Banking
1) account information
2) E-cheques (Online Fund Transfer)
3) Bill Payment Service
4) Requests And Intimations
5) Demat Account share trading
17
Account
information
Provides summary of all bank accounts.Allow transaction tracking which enables retrieval of
transaction details based on cheque number, transaction amount, and date.Provide account
statement and transaction reports used on user-defined criteria. Customers can even download
and print the statement of accounts.

E-Cheques ( Online Fund

Transfer)
Customer can transfer funds:Transfer funds between accounts, even if they are in different
branches‘ cities Customer can also transfer funds to any person having an account with the same
bank anytime, anywhere, using third party funds transfer option.

Bill Payment
Service
Banks Bill Pay is the easiest way to manage bills. A/c holder can pay their regular monthly bills
i.e. telephone, electricity, mobile phone, insurance etc. at anytime, anywhere for free.Saves time
and effort. Make bill payments at customer‘s convenience form their home or office.Lets a/c
holders check their hill amount before it is debited form their account. No debits to account
without their knowledge. No more missed deadlines, no more loss of interest – a/c holder can
schedule their bills in advance, avoid missing the bill deadlines as well as earn extra interest on
their money.Track payment history – all payments to a biller are stored automatically for future
reference. No queuing up at collection centers or writing cheque any more! Just a few clicks and
customers account will be debited for the exact amount they ask.
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Requests And Intimations

Can electronically submit a request for:

 Cheque-book

 Stop payment instructions

 Opening a fixed deposit

 Opening a recurring deposit

 Intimate for the loss of ATM card

 Register online for phone and mobile banking

 Cheque status Online application for debit card

 Issue a DD or a Banker‘s cheque form account at special rates. Just select the account
to be debited form and give details of the amount, location and beneficiary. The demand
draft will be couriered to a/c holder at their mailing address.

 Customers can get their applications for issuance of Letters of Credit and Bank

 Guarantees processed online.

 Book your Railways Ticket Online.

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Demat Account and Share Trading

Demat
Account
Demat is commonly used abbreviation of Dematerialisation‘, which is a process where by
securities like share, debentures are converted from the material‘ (paper documents)unto
electronic data and stored in the computer of an electronic Depository.A depository is a security
banks,‘ where dematerialized physical securities are held in custody, and form where they can be
traded. This facilitates faster, risk-free and low cost settlement.

Share
Trading
In share trading a customer can buy and sell securities online without stepping into a broker‘s
office. Once the share are dematerialized then the trading can be done from home or office. As
demat a/c are directly linked to the customer‘s bank a/c, so there is no need to write cheque for
the payments o

ATMs

Automated Teller Machines or 24-hour Tellers are electronic terminals that let you bank almost
anytime. To withdraw cash, make deposits, or transfer funds between accounts,you generally
insert an ATM card and enter your PIN. Some financial institution and ATM owners charge a
fee, particularly to consumers who don‘t have accounts with the moron transactions at remote
locations. Generally, ATMs must tell you they charge a fee and its amount on or at the terminal
screen before you complete the transaction. Check the rules of our institution and ATMs you use
to find out when or whether a fee is charged.It won‘t be just if I start explaining what an ATM
is. ATMs and cash dispensers are by far the largest investment ever made in electronic self-
service by financial institutions.Over US$ 40 billion has been invested in simply buying these
machines and many times that in running them. There are now over 1.1 million machines
operating in over 140countries worldwide.The banks are losing the cashiers checks, check
cashing and even cash dispensing to the-stores and grocery stores. They are asleep at the switch
and watching more transactions walk away to convenience stores and supermarkets that provide
24 hour access and integrated transactions ATMs do provide a larger set of functions, such as
check cashing, ticket sales or money orders. We already know that cash dispensing as a
dedicated function is a sustainable applications, the question is whether that application can
be incorporated successfully into a more complex consumer product that offers multiple
applications.It is worth noting that, due to market saturation, overall ATM usage is increasing
while transaction volume on a per-ATM basiS
Cash
withdrawal
Withdraw upto Rs.15,000/- per day from your account. Fast cash options provides the facility of
withdrawing prefixed amounts. Ultra Fast Cash option allows you to withdraw Rs.3000/- in one
shot.

Balance
Enquiry
Know your ledger balance and available balance

Mini
Statement
Get a printout of your last 8 transactions and your current balance.

Deposit Cash /
Cheques
Available at all full function ATMs. Customers can deposit both cash and cheques. Cash
deposited in ATMs will be credited to the account on the same day (provided cash is deposited
before the clearing) and cheques are sent for clearing on the next working day.

Funds
Transfer:
Transfer funds from one account to another linked account in the same branch.

PIN
Changes
Change the Personal Identification Number (PIN) of ATM or Debit card.
Payment
s
The latest feature of our ATMs, this functionality can be used for payment of bills, making
donations to temples / trusts, buying internet packs, airtime recharges for prepaid mobile phones
and much more.
Others
Request for a checkbook from our ATMs and our concerned branch will dispatch it such that it
reaches you within 10 working days.

ATM
Advantages
24-hour access to cash

You can withdraw up to Rs. 10,000/- per day on your ATM Card. The fast cash option saves
your time by providing the cash in denominations of Rs. 500/-
Balance inquiry
Your updated balance will appear on the screen and will also be printed on the transaction slip.
Mini-statement request
Get details of the last 9 transactions on your account with the mini-statement, along with your
balance.
Cheque book request
Send us a request for a cheque book or account statement it will arrive at your doorstep.
Funds transfer
 Transfer money from one of your accounts to another. It‘s easy, select the account from which
you want to transfer, then indicate the amount and the account to which your want it transferred.
Both accounts must be linked to your ATM card and customer ID. A maximum of 5 saving and 5
Current accounts can be linked.
PIN change
Your can conveniently charge your (PIN) given at the time of opening your account)whenever
you wish. Stay totally in control and ensure complete security for your ATM Card.
Bill Pay
Pay your cellular, telephone and electricity bills using your ATM Card.

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Tele banking or Phone Banking:
Telephone banking is relatively new Electronic Banking Product. However it is fastly becoming
one of the most popular products.Customer can perform a number of transactions from the
convenience of their own home or office; in fact from anywhere they have access to phone.
Customers can do following:-

 Check balances and statement information

 Transfer funds from one account to another

 Pay certain bills

 Order statements or cheque books

 Demand draft request.

This facility is available with the help of Voice Response System (VRS). This system basically,
accepts only TONE dialed input. Like the ATM customer has to follow particular process,
initially account number and telephone PIN are fed for the process to start. Also the VRS system
provides the users within additional facilities such as changing existing password with the new
desired, information about new products,current interest rates etc.

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Mobile Banking:

Mobile banking comes in as a part of the banks initiative to offer multiple channels banking
providing convenience for its customer. A versatile multifunctional, free service that is
accessible and viewable on the monitor of mobile phone. Mobile phones are playing great role in
Indian banking- both directly and indirectly. They are being used both as banking and other
channels.

Mobile Banking refers to provision and availment of banking- and financial services with the
help of mobile telecommunication devices.The scope of offered services may include facilities to
conduct bank and stock market transactions, to administer accounts and to access customised
information."

According to this model Mobile Banking can be said to consist of three inter-related concepts:

Mobile Accounting
Mobile Brokerage
Mobile Financial Information Services

Most services in the categories designated Accounting and Brokerage are transaction-based. The
non-transaction-based services of an informational nature are however essential for conducting
transactions - for instance, balance inquiries might be needed before committing a money
remittance. The accounting and brokerage services are therefore offered invariably in
combination with information services. Information services, on the other hand, may be offered
as an independent module.

Mobile phone banking may also be used to help in business situations as well as financial.

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 Payment Cards (Debits/Credit Card)

The card industry, which is growing at the rate of 20% per annum, is flooded with cards ranging
from gold, silver, global, smart to secure the list is endless. From just two players in early 80s,
the industry now houses over 10 major players vying for a major chunk of the card pie.Currently
four major bishops are ruling the card empire – Citibank, Standard Chartered Bank. HSBC and
State Bank of India (SBI). The industry, which is catering to over 3.8 million card users, is
expected to double by the fiscal 2003. Accordingly to a study conducted by State bank of India,
Citibank is the dominant player, having issued 1.5 million cards so far. Stanch art follows way
behind with 0.67 million,while Hong Kong Bank has 0.3 million credit card customers. Among
the nationalized banks, SBI tops the list with 0.28 million cards, followed by Blanks of Baroda
at 0.22 million.The credit card market in India, which started out in 1981, is on the verge of an
unprecedented boom. Between 1987 and 2000, the market has virtually grown to over 3.8
million cards with almost 25-30% growth in new cardholders.The latest innovation in credit
cards is the introduction of a magnetic slip in the card for use in withdrawing cash at the
automatic teller machine (ATM), of which abut 60000 are already in existence in the world. In
India also ATMs have made late appearance, but now spreading very rapidly. As per statistics
published by RBI there are 895 ATMs in India as at the end of the year
2001 but it is also regularly increasing.

Advantages of Credit
Card
The following are the advantages of credit cards:
1. The credit card holders need not to carry either traveler‘s cheques or cash with them and they
are free from the security of cash.
2. Traveling facilities are available in hotels, restaurants and airways to the cardholders.
3. Each card holder gets insurance facility which is up to one lakh on ordinary insurance.
4. It has become a status symbol. Railway tickets are available on special windows.Extra charges
are made by the railway and the cancellation of tickets is also allowed and the amount is directly
credited in the bank account of the card holder.
5. The business of the card holder individuals or institution has been because the businessmen
are assured for the payment as the transactions have been finalized on the basis of credit cards.
6. Credit cards enhance the credit of banks and the credit of new customers and consumers is
enhanced

Disadvantages of Credit cards

1. Credit card is a contact in advance and if the card holder does not make payment,the recovery
by bank becomes difficult.
2. Card holders spend in excess of their incomes and it poses the problem of recovery form them.
 3. Bank‘s profitability is adversely affected due to increase in overdraft of cardholders
and difficulties in repayment by them.
 Smart
card

A smartcard resembles a credit card except that it has a microchip embedded within it, which
allows the smartcard to store information and sometimes to even perform simple calculations.
Common smartcard chips typically holds about 8,000 bytes(characters) of information, which
enables the smartcard to perform a variety of functions such as identification , storing bank
account information an holding digital cash.A number of smartcards are on the market today, and
these are used in a wide range of applications. Mondex has received a lot of recognition in the
financial press, and several banks have already conducted trials with its smartcard. Wells Fargo
& Co., a major California bank based in San Francisco, will issue Mondex smartcards to all of
its online banking customers in 2998, a number which could reach into the hundreds of
thousands. Because MasterCard International holds a 51% stake in Mondex, it could become
the defacto international standard for bank-issued smartcards.

Smart Cards – The new Innovation

A smart card is a miniaturized personal computer (PC), which can be used for a dazzling array of
applications, and also as ‗digital‘ cash. It contains a micro processor,memory and tailored
software. The software security system used for these cards is almost as fool proof as those used
by nuclear establishments and leading international banks! Smart cards can manage security
procedures using passwords and state-of-the-art encryption techniques. Further, identity traits
such as digitized photos, signatures and fingerprints being placed on the card make it fraud-
proof.
POSTAL BANKING
Postal savings systems provide depositors who do not have access to banks a safe and convenient method to save
money. Many nations have operated banking systems involving post offices to promote saving money among the poor.

INDIAN POST PAYMENT BANK

India Post Payments Bank (IPPB) is a public sector payments bank from India operated by the India Post. Opened in
2018, the bank had acquired about 3.5 crore customers by September 2020.

 HistorY
A postage stamp released during the launch of India Post Payments Bank in 2017.
On 19 August 2015, the India Post received licence to run a payments bank from the Reserve Bank of India. On 17 August 2016, it was registered as a
public limited government company for setting up a payments bank. IPPB is operating with the Department of Posts under Ministry of
Communications.The pilot project of IPPB was inaugurated on 30 January 2017 at Raipur and Ranchi In August 2018, the Union Cabinet approved a
cost of ₹1,435 crore (US$200 million) for setting up the bank The first phase of the bank with 650 branches and 3,250 post offices as access points was
inaugurated on 1 September 2018 Over ten thousand postmen have been roped into the first phase. By September 2020, the bank had acquired about 3.5
crore customers

Services

IPPB branch at the Head Post Office in Mehsana

IPPB aims to utilize all of India's 155,015 post offices as access points and 3 lakh postal postmen and Grameen Dak Sewaks to provide doorstep banking
services.
The Prime Minister of India, Narendra Modi, at the launch of the India Post Payments Bank, in New Delhi on 1 September 2018. The Minister of State for
Communications (I/C) Manoj Sinha, the Secretary (Post), Ananta Narayan Nanda and IPPB CEO and MD. Suresh Sethi are also seen.

IPPB offers savings accounts, money transfer and insurances through the third parties, bill and utility payments.

 Account: The bank offers savings and current accounts up to a balance of ₹1 Lakh.

 QR Card: Customers can use QR code payments eliminating the need to remember account numbers, PINs and passwords.
 Unified Payments Interface
 Immediate Payment Service
 National Electronic Funds Transfer
 Real-time gross settlement
 Bharat BillPay
 Direct Benefit Transfer
IPPB has been allowed to link around 17 crore postal savings bank (PSB) accounts with its accounts.

Recruitment for IPPB started, about 3500 personnel will be recruited across the country in the next few monthsPost Payments
Bank has been incorporated as a Public Limited Company by the Department of Posts, Government of India, on 17th August,
2016

KEY FACTORS

• FINANCIAL LITERACY: Wealth creates wealth. Even a little saving can go a long way if channelized correctly. With
trustworthy advice and services designed to include everybody, income can be invested correctly, more can be saved, and
people can start moving forward, faster. IPPB aims to make India prosperous by ensuring that everyone has equal access to
financial information and services, no matter who they are, what they earn and where they live.

• STREAMLINING PAYMENTS: Beneficiaries can access income from government's DBT programs like wages, Social Security
Pensions and scholarships, directly from their IPPB bank account. They can also pay their utility bills, fees for educational
institutions and much more from the same IPPB account. It ensures that wherever they are, they can make the most of the
financial opportunities available to them.

FINANCIAL INCLUSION: Millions of Indians don't have access to banking facilities. They cannot avail of government
benefits, loans and insurance, and even interest on savings. IPPB will reach the unbanked and the underbanked across all
cross sections of society . Services offered by IPPB will help them take the first step towards prosperity.

• EASE OF ACCESSIBILITY: IPPB is powered by the very postmen who deliver our letters. With over 1.54 lac post offices across
the country, India Post enjoys the trust of Indians everywhere. The postal delivery system will make IPPB, India's most
 accessible banking network. IPPB will also offer services through the internet and mobile banking, and prepaid instruments
like mobile wallets, debit cards, ATMs, etc.

Domestic Remittance Services

• IPPB will provide an inexpensive and secure medium to transfer funds from its domestic remittance
offering.
• All customers of IPPB would be eligible to avail a host of different modes of domestic remittance subject to the stipulated
constraints .
Example: NEFT, IMPS, AEPS and UPI

Direct Benefit Transfer (DBT):

• DBT program aims to transfer subsidies directly to the people through their bank accounts, which will in turn reduce
leakages, delays and other similar challenges.
• Funds from the disbursing agency are automatically credited into the beneficiary accounts through NACH/APBS
instead of cash disbursal. IPPB will provide cash out of the subsidies at the customer's doorstep by combining this service
with Doorstep Banking .