It is not the cost factor that is driving Internet banking usage; it is convenience that is leading the online banking revolution.Internet banking is in its nascent stage in India. Only 4 to 5 million customers have registered for internet banking services with banks. Through this new channel, banks are offering services like balance enquiry, account checking, funds transfer, demand draft, checkbook request, bank statements and paying utility bills, TDS (Tax Deduction at Source) enquiry, cheque status enquiry, demat on net for registered customers.

At the international level, corporate banking is the first choice of net bankers, but in India it is the complete oppositeinitial developments are taking place in the retail banking segment. The ICICI Bank initiated Internet banking services in 1997. This was followed by HDFC Bank, Indusland Bank, Federal Bank, Citibank, and ABN AMRO to retain their high profile customers. But usage increased only in 1999 due to lower ISP (Internet Services Provider) charges, increased PC (Personal Computer) penetration and a tech-friendly atmosphere.

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