Discussion
The success of E-banking depends upon
(i) Multi-layer security system
(ii) Risk and surveillance system
(iii) Updated flawless softwares
(iv) Stringent legal framework
Answer: B
Correct answer: (i), (ii) and (iii)
The keyed set gathers the three things a bank itself must get right for electronic banking to work. A multi-layer security system - encryption in transit, two-factor authentication, session controls - is what keeps customer credentials and transactions safe, and a single layer is not enough because each layer is there to catch what the one before it misses. A risk and surveillance system monitors transactions as they happen, so unusual patterns are caught before money leaves rather than after. Updated, flawless software matters because unpatched code is the commonest way in; an e-banking platform is only as sound as its last update. The fourth item, a stringent legal framework, is genuinely important to electronic banking - India’s Information Technology Act 2000 gave digital records and signatures legal standing, without which online transactions would be hard to enforce - but it is part of the environment a bank operates in rather than something the bank builds. That is the distinction the key draws, and it is worth knowing that some sources answer this item with all four.
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