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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

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 code given below.

(a)

1 only

(b)

2 and 3 only

(c)

1 and 3 only

(d)

1, 2 and 3

Answer:

(a)

Core Books/NCERT

Explanation

Only statement 1 is correct. Core banking solution enables customers to operate their accounts, and avail banking services from any branch of the bank on CBS network, regardless of where they open and maintain their account. Tikdam: Statement 3 is absurd any branch is redflag. Pause and think. Yes all branches are interconnected va central server that’s how you can withdraw money from any atm. If you see any and mark it wrong, you will be penalized