ELECTRONIC COMMERCE AND BANKING
Chapter notes, video classes, MCQ practice tests and quick-revision one-liners for Information Technology and Digital Banking (Elective) — CAIIB.
One-liners from this chapter
Free sample — 8 of 66 rapid-fire Q&A cards.
What is Electronic Commerce (e-commerce) in the context of banking?
E-commerce refers to the conduct of business transactions electronically over networks, including buying, selling, and transferring funds using digital platforms and internet-based systems.
What is the primary difference between e-commerce and traditional commerce in banking?
E-commerce uses electronic networks instead of physical channels.
What is the primary regulatory body overseeing digital banking and e-commerce transactions in India?
The Reserve Bank of India (RBI) is the primary regulatory body, issuing guidelines on internet banking, payment systems, and digital financial transactions under the Payment and Settlement Systems Act, 2007.
What is the role of a digital certificate in authenticating e-commerce transactions?
It verifies the identity of parties involved in the transaction.
What is a Payment Gateway in the context of electronic commerce?
A Payment Gateway is a technology service that authorises and processes online payment transactions between buyers and sellers, acting as an intermediary between the merchant's website and the acquiring bank.
What is the meaning of asymmetric encryption used in e-banking security?
It uses two keys: a public key and a private key.
What does the term 'non-repudiation' mean in electronic banking transactions?
Non-repudiation ensures that a party to a transaction cannot deny the authenticity of their digital signature or the sending of a message, providing legal proof of origin and integrity of electronic transactions.
What is Transport Layer Security (TLS) and how does it protect online banking?
TLS encrypts data transmitted between browser and server.
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