Net banking

Meaning :

Net banking is an online banking service that allows customers to do their banking through the bank’s website or mobile app without having to go to a bank branch. It includes services like checking account balances, transferring money, paying bills, opening deposits,  and applying for loans online.

Importance in Finance :  

Saves time by allowing banking from home or anywhere.

Offers 24/7 access to banking services, so you can bank anytime.

Reduces the need to visit physical bank branches.

Improves financial transparency by providing instant records of transactions.

Types/Uses  :

Fund transfers between accounts.

Paying utility bills like electricity or water.

Managing your bank account online.

Making payments for online shopping.