Banking in India has transformed into a strong and sound system as a result of supportive measures undertaken by the Indian Government and the Reserve Bank of India. It has become a market-driven system. Information technology and electronic fund transfer have emerged as the new pillars of modern banking. Thrust on greater use of technology and upgrading skills and knowledge of bank personnel to meet changing expectations of customers are the keys for business growth. Banks have to meet the needs of the customers using technology.Internet will be the engine of banking revolution in the decades to come and e-commerce its fuel.

The Reserve Bank of India (RBI) appointed a committee on technology upgradation in banking sector in 1998. The committee submitted its report in 1999 paving the way for use of technology in banks. The report covered the following areas: (a) Security and standardization, (b) Upgradation of existing technology, (c) Computerization, (d) Legal framework for electronic banking, (e) Data mining and management information system.

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