The World of Para Banking: An Overview
by Yuvi K - December 16, 2023
What is Para Banking?
Para banking (Paribharati Banking in Hindi) is a process of banking through which banking operations and financial services are provided to customers through IT enabled platforms. It is an online banking system in which a customer can access their bank services through the Internet. Para banking facilities include online banking, mobile banking, ATM banking, GPRS banking, card banking, SMS banking, bill payments, e-wallets, and other related services. It enables customers to perform a variety of banking operations such as transferring funds, checking balances, and paying bills without having to visit a traditional bank branch.
Benefits of Para Banking
Para banking is a convenient and advantageous way for customers to carry out their banking transactions. Some of the benefits of para banking are:
- Convenience: customers can access their bank accounts anytime, anywhere using a computer or mobile device.
- Cost Savings: Para banking reduces the costs and cost related complexities associated with traditional banking.
- Security: Para banking transactions are encrypted and secure.
- Speed: Para banking is much faster than traditional banking, enabling customers to complete a transaction in a fraction of the time of in-person banking.
- Flexibility: customers can use para banking to access a variety of banking services such as transferring funds, paying bills, and more.
Types of Para Banking Services
Para banking offers a variety of services to customers, ranging from online banking to mobile banking. Some of the most popular para banking services are:
| Service | Description |
|---|---|
| Online Banking | Provides access to the customers’ bank accounts through the website. Customers can perform all sorts of operations (balances, payments, transfer of funds, etc.). |
| Mobile Banking | Allows customers to manage their accounts and perform transactions using a smartphone or tablet application. |
| ATM Banking | Provides access to ATMs that facilitate cash withdrawals, deposits, balance inquiries, and other transactions. |
| GPRS Banking | Allows customers to access banking facilities by using their mobile phones which are enabled with GPRS. |
| Card Banking | Includes various types of bank cards that allow customers to perform transactions like money transfers, balance inquiries, and more. |
| SMS Banking | Provides customers with the facility to access their bank accounts by sending SMS messages. |
Conclusion
Para banking is a convenient and secure way for customers to access their bank accounts and perform banking transactions. It is fast, cost-effective, and enables customers to perform a variety of banking operations anytime, anywhere. Para banking is the future of banking and will continue to be an important part of the banking process.
