Threats to the Rights of Consumers in E-Banking in India: An Overview

Abstract

In the last decade, India has witnessed one of the most important events in human history- the Web Revolution. The rapidly increased use of the web, the Internet, Intranet and Extranet, e- business or e-commerce and mobile commerce has changed the manner in which business is done in almost all the organizations. Technological innovation is blurring the distinction among traditional forms of financial intermediaries such as commercial banks, investment banks and specialized finance companies. The advent of e-Business accompanied with technological innovations and globalization is constantly propelling the businesses organization to redefine their business operations in terms of value chain reengineering and restructuring business models. Likely, the financial sector is metamorphosing under the impact of competitive, regulatory and technological forces. Financial institutions especially the banking sector is currently in a transition phase.