*Assistant Professor, Department of Commerce and Management Dr. C. V. Raman University, Kota, Bilaspur, Chhattisgarh, India
**Head, Associate Professor, Department of Management, Chouksey Engineering College, Bilaspur, Chhattisgarh, India
Indian Banking industry is witnessing an unprecedented competition. To stay ahead, Banks are coming up with plethora of services to lure customers. Services like 24hour banking, Service at door step, Telephone banking, Internet banking, Extended Business Hours (EBH), Speedy processing are only a few to mention. Greater part of today’s bank transactions take place somewhere else other than in branch premises. This shows the growth of "virtual" banks in India. With convenience, speed, efficiency and effectiveness, these virtual banks, in effect have opened up a new world of possibilities and brought major changes in providing a broad range of services. Virtual banks are now seen as an answer to the challenge of designing a new service channel that is fully secure, functional and which customers can readily learn to use and trust it. Virtual banking -- a powerful "value added" tool -- has become the focal point for banks to attract and retain customers.
