BANKING AFFAIRS

Detailed explanation-1: -Central banks in India have set a limit of Rs 1 lakh for UPI transactions. RBI imposed this limit to prevent fraud and illegal activities.

Detailed explanation-2: -Core Banking Solution (CBS) is the networking of bank branches, which allows customers to manage their accounts, and use various banking facilities from any part of the world. In simple terms, there is no need to visit your own branch to do banking transactions.

Detailed explanation-3: -The four key components of banking business with controls pervading all the four areas of business process, policies and procedures, regulatory requirements and organization structure.

Detailed explanation-4: -Interest. Calculation and management. Payments processing (cash, cheques /checks, mandates, NEFT, RTGS etc.). Customer relationship management (CRM) activities.