True or False: Mobile banking allows customers to conduct financial transactions exclusively through a personal computer.

False. Mobile banking allows transactions through mobile devices like phones or PDAs.

Direct deposit systems are primarily initiated by the ___ rather than the payee.

Payer

Fill in the blank: E-banking is also referred to as ___ or ___ banking.

Online; virtual

True or False: Smart cards are primarily used for cash transactions only.

False. Smart cards can hold electronic credit and facilitate various transactions, not just cash.

Identify two popular services included under the umbrella of E-banking.

Mobile Banking and Internet Banking

What is the significance of the Automated Teller Machine (ATM) in modern banking?

ATMs offer 24/7 access for cash, deposits, balance checks, mini-statements, and fund transfers, boosting convenience and reducing branch visits.

Fill in the blank: Home banking allows customers to conduct banking transactions from ___ rather than at bank branches.

Anywhere, using a phone, computer, or the internet

True or False: Payment by phone systems allows for the transfer of funds and bill payments directly from a bank account using mobile phones.

True.

What are the operative guidelines for banks regarding mobile banking transactions issued by the RBI?

Banks must follow RBI rules on security, transaction limits, and grievance handling for mobile banking.

Fill in the blank: Electronic Funds Transfer (EFT) is a method of transferring money directly between ___ without the use of physical instruments.

Bank accounts