| The term 'Core Banking Solution' is sometimes seen in the news. Which of the following statements best describes/describe this term? |
| 1. lt is 9 networking of a bank's branches which enables customers to operate their accounts from any branch of the bank on its network regardless of where they open their accounts. |
| 2. It is an effort to increase RBI's control over commercial banks through computerisation. |
| 3. It is a detailed procedure by which a bank with huge non-performing assets is taken over by another bank. |
| Select the correct answer using the codes given below |
A) Only 1
B) 2 and 3
C) 1and 3
D) 1, 2 and 3
Correct Answer: A
Solution :
Exp. [a] Core banking is a banking service provided by a group of networked bank branches where customers may access their bank account and perform basic transactions from any of the member branch offices. Core banking is often associated with retail banking and many banks treat the retail customers as their core banking customers. Businesses are usually managed was the Corporate banking division of the institution. Core banking covers basic depositing and lending of money. Normal Core Banking functions will include transaction accounts, loans, mortgages and payments. Banks make these services available across multiple channels like ATMs, Internet banking, mobile banking and branches. The advancement in technology, especially Internet and information technology has led to new ways of doing business in banking. These technologies have reduced manual work in banks and increasing efficiency.
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