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Abstract
A bank is a financial institution whose primary activity is to act as a payment agent for customers and to borrow and lend money. Banking is the business activity of accepting and safeguarding money owned by other individuals and entities and then lending out this money in order to earn profit. Banks play a very important role in the economic life of the nation. The health of the economy is closely related to the soundness of its banking system. A bank is just like a heart in the economic structure and the capital provided by it is like blood in it. Bank provides necessary funds for executive program in the process of economic development.
Information Technology (IT) has become a necessary tool in today’s organisations. Banks today operate in a highly globalized, liberalized, privatized and a competitive environment. In order to survive in this environment banks have to use IT. IT has introduced new business paradigm. It is increasingly playing a significant role in improving the services in the banking industry. Modern technology is seen as a panacea for most of the ills that the banking sector faces today.