The term lsquo Core Banking Solution rsquo is sometimes in the news Which of the following stat...........

Economic Affairs Types of Banks and Banking

The term ‘Core Banking Solution’ is sometimes in the news. Which of the following statements best describes/describe this term?

1.It is a 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 computerization.

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 code given below:

1 only

2 and 3 only

1 and 3 only

1, 2 and 3

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Explanation:

1 only

Core Banking Solution (CBS): It is a networking of a bank's branches that enables customers to operate their accounts from any branch of the bank on its network regardless of where they open their accounts. CBS allows centralized management of a bank's operations, including customer accounts, transactions, and other banking services, from a single core system. This enhances the efficiency and convenience of banking operations for both the bank and its customers.