This product will cater to retail customers, who will be able to conduct almost all routine banking transactions over the Net - expect withdrawing of funds. There is a tremendous potential for the Internet in India - but only time will tell whether it actually translates into money. Electronic Commerce is still 6-8 years away from reaching the core masses. The economy in India is still cash driven, though the growth is very rapid in this area. There are basic bottlenecks like development of infrastructure, both at the VSNL and MTNL end, availability of computers, and easy connectivity to the Net.
Technological thrust is our primary focus.
It has developed customer terminals for some of its larger corporate clients, and will also be providing Internet account access and telephone banking in future. Implementation for some of these projects has already begun. It will make the Indian economy fully integrated with the global economy. The international trends, factors, and movements in the various markets will directly impact and influence the Indian financial scenario. The Banking sector will have to gear up to the challenge in the future.