The term ‘Core Banking Solution’ is sometimes seen 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 codes given below:

Question

The term ‘Core Banking Solution’ is sometimes seen 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 codes given below:

CollectorBabu · Accepted Answer

Correct Answer: 1 only. ● Core Banking Solution refers to the 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. ● Core banking functions include transaction accounts, loans, mortgages and payments. Banks make these services available across multiple channels like automated teller machines, Internet banking, mobile banking and branches.

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