Differentiate the following in brief: (ii) Universal Banking and Virtual Banking.

Universal Banking Virtual Banking Universal banks refer to the banks which offer a wide range of financial services apart from the traditional function of accepting deposits and granting of loans by commercial banks. In universal banking, large banks operate extensive networks of branches, provide many services, hold several claims on firms including equity and participate directly; in the corporate management of firms which depend on banks for funds. Universal banking is combination of commercial banking, investment banking, insurance and various other activities. Under the branch banking system the large banks operate through a large number of branches. There is personal direct relation- ship between the banker and the customer. But under virtual banking while the banks are trying to strengthen customer relation- ship, the customers are slowly moving away from the traditional branch banking. The important types of virtual banking services include ATMs, POS, Internet Banking, Mobile Banking, Smart Cards etc. With the help of these modern devices, the customers can transact banking business from anywhere in the world.