GyanGramThe term ‘Core Banking Solution’ is sometimes seen in the news. Which of the following statements best descri…
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The term ‘Core Banking Solution’ is sometimes seen in the news. Which of the following statements best describes/describe this term?
1. It is 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.
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• Correct Answer: A
• Core Banking Solution (CBS) networks all bank branches, allowing customers to operate accounts from any branch on the network.
• It shifts the relationship from branch-level to bank-level customer service.
• B, C are wrong: CBS is not for RBI control or bank takeover due to NPAs.
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