E-banking

The government of India enacted the IT Act, 2000, which provides legal recognition to electronic transactions and other means of electronic commerce। The RBI has been preparing to upgrade itself as a regulator and supervisor of the technologically dominated financial system। It issued guidelines on risks and control in computer and telecommunication system to all banks, advising them to evaluate the risks inherent in the systems and put in place adequate control mechanisms to address these risks। The existing regulatory framework over banks has also been extended to E-banking.