According to the survey conducted by the Internet and Mobile Association of India (IAMAI) there are estimated 4.6 million Internet users who are banking online now, and this number is expected to grow to 16 million plus by 2007-08.

The survey was conducted in December 2005. Nearly 43 per cent of the online banking users in the survey were in the 26-35 years age bracket. Nearly 83 per cent of the users were male. The survey said that about 60 per cent of the users had relationships with two or three banks. The survey found that 16 per cent of the users preferred using online banking services over the weekend while about 39 per cent preferred weekdays. About seven per cent of users bank online between 12 midnight and 8 a.m., 28 per cent between 8 a.m. and 12 noon, 20 per cent between noon and 3 p.m. and 13 per cent between 3 p.m. and 6 p.m. And 17 per cent use online banking between 6 p.m. and 9 p.m. while 15 per cent prefer using it between 9 p.m. and midnight.

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