Virtual Banking

Q.  Which one of the following is controlled by the World Wide Web?
- Published on 08 Feb 17

a. Universal Banking
b. Virtual Banking
c. Wholesale Banking
d. None of these

ANSWER: Virtual Banking
Virtual Banking is the provision of accessing the banking and related services online.

Any financial institution that offers the traditional banking services online is termed as a virtual bank.

Virtual banking enables a customer to pay bills online, check account details, secure loans, withdraw and deposit money anytime as per their convenience.

Some common forms of virtual banking are, ATMs, use of magnetic ink character recognition code (MICR), Electronic clearing service scheme, electronic fund transfer scheme, RTGS, computerized settlement of clearing transactions, centralized fund management schemes, etc.

ICICI Bank was the first Indian bank to provide internet banking facility.

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