The term 'Core Banking Solutions' is sometimes seen in the news. Which of the following statements best descri

Question

The term 'Core Banking Solutions' 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 code given below.

Accepted Answer

'Core Banking Solutions' (CBS) refer to the networking of bank branches, enabling customers to operate their accounts from any branch of the bank, regardless of where they initially opened their account. This technology centralizes customer data and banking operations, allowing for 'anywhere, anytime, anyhow' banking. Statement 1 accurately describes this. Statement 2 is incorrect; while CBS involves computerization, its primary aim is not to increase RBI's control over commercial banks but to improve customer service and operational efficiency for the banks themselves. Statement 3 is incorrect; CBS is about integrating banking services across branches, not about procedures for bank takeovers due to non-performing assets.

Answer

1 only

Answer

2 and 3 only

Answer

1 and 3 only

Answer

1, 2 and 3

Explanation

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