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Which one of the following statement is FALSE regarding transactions of Internet Banking?

Which one of the following statement is FALSE regarding transactions of Internet Banking? Correct Answer Withdrawal of cash anywhere in India

The false statement is Withdrawal of cash anywhere in India

Key Points Internet Banking:

  • Internet banking, often referred to as online banking, e-banking, or virtual banking, is a type of electronic payment system that allows customers of banks and other financial institutions to carry out a variety of financial transactions via the financial institution's website.
  • Anyone who has registered for online banking at the bank, has an active bank account, or has access to another financial institution can use internet banking.
  • After signing up for online banking services, a customer no longer needs to go to the bank each time they wish to use a banking service.
  • It is not only a safe way to conduct banking, but it is also convenient. Unique User/Customer IDs and passwords are used to protect net banking portals.

Important Points Services Available through the Internet Banking:

  • Account Balance Check
  • IMPS Fund Transfer
  • View Bank Statements
  • NEFT & RTGS Fund Transfer
  • Utility Bill Payment
  • Start a Deposit
  • Open/Close a Fixed Deposit
  • Make Merchant Payments
  • Issuance of Cheque Book
  • Start Investments
  • Buy General Insurance
  • Recharge Prepaid Mobile/DTH
  • Check Mortgages, Loans
  • Setup/Cancel Automatic Payments
  • Manage/Change Account Details
  • Book Online Tickets
  • Buy/Sell on E-Commerce Platforms

Hence, Withdrawal of cash is not available using internet banking. This facility is only available using ATM or visiting bank branch

Related Questions

How does shadow banking differ from commercial banking?
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2. Shadow banking cannot create money.
3. While liabilities of commercial banks are insured, shadow banking liabilities are not insured.
4. While commercial banks access to central bank liquidity in the times of distress, shadow banking does not have such resource.
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