Banking sector in India has been a major beneficiary of the inroads made by information technology. Many new processes, products and services offered by banks and other financial intermediaries are now IT-centred. Effective integration of technology with sound business practices requires business process re-engineering and banks in India need to follow up on the beginnings made in this regard. Another major development witnessed in recent years is the growth in multiple delivery channels to customers such as internet-based banking, mobile banking and anywhere banking. These developments have, however, also posed certain challenges. In a world where geographical barriers are losing significance, it is essential that security is given prime importance in a transnational scenario where large sums of money are at stake.