The Indian Internet Banking Journey
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Case Details:
Case Code : ITSY003
Case Length : 08 Pages
Period : 1990-2002
Pub Date : 2002
Teaching Note :Not Available
Organization : Reserve Bank of India, ICICI, HDFC, IDBI, etc.
Industry : Banking
Countries : India
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"We want to use the Internet to become a universal
banking major."
- Nachiket Mor, Head of ICICI's Treasury, in March 2000.
The Internet Banking Boom
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In 2001, a Reserve Bank of India survey revealed that of 46
major banks operating in India, around 50% were either offering Internet banking
services at various levels or planned to in the near future. According to a
research report,1 while in 2001, India's
Internet user base was an estimated 9 lakh; it was expected to reach 90 lakh by
2003.
Also, while only 1% of these Internet users utilized the Internet banking
services in 1998, the Internet banking user base increased to 16.7% by mid-
2000.
Many of the major banks like ICICI, HDFC, IndusInd, IDBI, Citibank, Global
Trust Bank (GTB), Bank of Punjab and UTI were offering Internet banking
services. |
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Based on the above statistics and the analysts' comments that India had a high
growth potential for Internet banking, the players focused on increasing and
improving their Internet banking services.
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As a part of this, the banks began to collaborate
with various utility companies to enable the customers to perform
various functions online.
ICICI's 'Infinity,' which was already a leader in the
Indian Internet banking arena, began to allow its customers to pay their
online real time shopping bills.
HDFC, through its 'payment gateway'
feature, allowed its Internet banking customers to make online and real
time payments for their purchases.
HDFC also entered into tie-ups with
various portals to provide these business-to-customer (B2C) e-commerce
transactions. |
The Indian Internet Banking Journey
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