New Delhi: How long has it been since you last visited your bank? Don't be surprised if you are doing all the banking related transactions without even getting into your bank's premises. This is gradually becoming the norm.

Conversion of money transactions into electronic forms has revolutionized the retail banking system. Credit card, debit cards, electronic payments, online money transfers all can help a person withdraw money at his convenience and that to at any time of the day or night.

The backbone of this development is the tremendous advancement in information technology and its rapid deployment by the banks to reach out to their customers and make banking a hassle free experience.

Initially it was the private sector banks like ICICI, which went through a massive computerization of their services and was able to capture a size-able chunk of Indian market by adopting a consumer friendly and flexible approach. The public sector giants soon found out its importance and didn't delay in adopting these practices. A debit card to facilitate electronic transactions is more or less a regular part of any new savings account now.

Further fillip to the electronic banking was given by the advent of mobile banking services. Banks have set up their customer care centers, which are accessible round the clock usually via a toll-free number and this has entirely changed the way bank's service their customers. Most of the problems, enquiries, reminders etc. can now be made by a single phone call. This has increased the profitability of banks and reduced the cost of their operations.

As the globalization in Indian economy progresses, it is inevitable that the global players in banking sector will enter Indian market. With FDI norms set to relax for the banking sector in 2009-2010 many major players are expected to set up shop in India. It now gives us hope that Indian banks are not lagging behind the global players in terms of IT infrastructure, customer service and banking convenience.