Research is a technological process to explore unknown factors from nature. The information technology created wonders in the world. Therefore the reserve bank of India should change its functions according to the trends of technology. The market competition has been increased phenomenally.

It should take initiative steps to encourage business community with offering debit card machines. The mass utilization of debit card machines reduces the consumption of paper money. The circulation of petty amounts put pressure on its production cost of mint expenses. Hence, the government can also reduce its expenditure through deploying of debit card machines. The banks in future should be currency less branches. All most all of its transactions can be performed through electronic transfer process. The bank branches in future should look after only for manual work functions. For this purpose, the government should also develop alternative modes of electronic payment. The telecommunication sector achieved its goal by procuring more than 50 crores of mobile subscribers. Hence, the bank customer and mobile subscriber is the same, and then the mobile user can transfer his payment electronically through either mobile or atm or internet. The combination of bank and mobile service provider may leads to easy transfer of petty payment. The permitted amount may be altering according to the market testing on trial runs.

The RBI should also take initiative steps to give incentives for electronic transfer for every thousand rupees made by the bank customer. For this purpose, the banking sector should assess the expenses, per visit of bank made by the customer. Even the customer need not to visit the bank branch for his petty transactions. The customer is required to visit the bank only at the time of opening and closing of his account. All the routine transactions should be performed through either through ATM or MOBILE or INTERNET. There is a golden chance for banks, telecommunication companies and business organisations through "REVERSE TALK TIME". It is a good innovative concept and never exist on the globe, if it is implemented properly.


For development of internet banking operations, the broadband facility should be provided to all bank customers by the banks. The commercial banks should also make tie up with internet service providers for their business operations. The business operations through internet may halt the time consumption and funds will be transferred with a click of mouse. Every bank customer should be provided internet with a subsidized cost of monthly rent. The corporate sector will perform its business transactions through internet and individuals can make payments through mobile. For the mobile users the money will be credited to their talk time. Either the credited talk time can consume for his domestic payments or he can transfer it to his bank account, according to his convenient. For mass consumption of electronic transfer, the self help groups, non-government organizations, schools, colleges, universities, trade unions, transport operators, hospitals, insurance organizations, municipal corporations, gram panchayat. Local bodies, trusts, temples, retail outlets, company showrooms, petrol bunks, supermarkets will play an important role. The banks are only monitoring the transactions through electronic devices. For all these purposes, the right software should be developed with strong safety rules of the reserve bank.

The fruits of technology should be reached to the layman. The reserve bank also should think about extraction of information technology for the smooth functioning of organizational efficiency. For this purpose, the government of India should also concentrate on development of our house with the expertiscm of out information technology instead of exporting software products to the developed nations. Why not India should utilise these benefits? Our software companies are meeting the world standards to capture their business. In India, the financial sector needs more sophisticated technology for the maintenance of large databases. A financial technological product needs more skill and efficiency. The reserve bank of India is the big brother of the banking sector. Therefore it should take initiative for mass utilisation of technology in the present situation or otherwise it will lose confidence among the customers. The finance ministry should look after these aspects.


The information technology should further to develop software to suit the needs of the Indian customer. India is a country with strong skills in information technology may definitely will achieve all these goals. The mindset of the public should also be changed. The public in India should also be take initiative steps to the encouragement given by the government. For this purpose, it is better to issue DEBIT AND CREDIT cards based on Irish model, which is used for issuing ration cards. The ration card is the proof for all identifications. The Irish data may be used for all business transactions. The Irish based card is more useful for all purposes. The same card may be used for elections, identification cards of Indian citizens, for bank loans, for electricity meter identification, government based schemes like RLEGP, SHG, DWAKRA GROUP, DRDA SCHEMES, S.C. AND B.C.WELFARE SCHEMES, GAS AGENCIES, and all other needed information. In this card, all family members identification and thumb impressions should be recorded.

It is more useful to police and investigating agencies, motor vehicle driving license, payment of income tax, payment of sales tax, payment of service charges during a particular and in financing years. The card can be utilized for multipurpose. The multipurpose card is essential for identification of Indian citizens. It may be treated as electronic wallet for all purposes. If it is implemented in India, the citizen of Indian will enjoy the life style of an American. Therefore the Indian citizen enjoying the facilities on par with American citizen. The multipurpose card will be based on the government department organizations requirements. The cardholder can be used this card for all purposes. The life style of a nonprofessional will be changed with electronic wallet cum ration card. It may be called as electronic wallet or atm card or ration card or driving license or pan card or citizenship card or identity card or government card. Posts and telegraph department for easy and wide access to the public in remote areas and villages should use the information technology.

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