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Evolution of core banking technology in India has brought in the convenience of "anytime, anywhere banking" to Indian customers. There is now a movement towards integration of core banking solutions ofvarious banks, which is expected to bring in operational efficiency and reduce the time and effort involved in handling and settling transactions, thereby improving customer service and facilitating regulatory compliance.
The Banking MMP covers the following services:
- Electronic Central Registry under Sarfaesi Act, 2002
- One India One Account-for Public Sector Banks
- Electronic Mass Payment System
The detailed concept note is being worked out by the Department of Economic Affairs External website that opens in a new window, Banking & Insurance Division.