BANKING GENERAL KNOWLEDGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Same day (T day)
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Next working day (T+1 day)
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Second working day (T+2 day)
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Third working day (T+3 day)
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Detailed explanation-1: -Some payment gateways have the default settlement cycle of T+2 or T+3 working or business days, where T stands for the date of payment capture from the customer’s bank or card.
Detailed explanation-2: -The primary reason why settlements are not instant is that money movement at every step of the process is not immediate. Also, the underlying complexities of reconciliation is an additional challenge that stands in the way of instant settlements.
Detailed explanation-3: -PayPoint India has entered into a partnership with Bank of Baroda, enabling the bank to further expand its network by utilising PayPoint’s customer service points to a reach out to a larger pool of customers and achieve a bigger geographical spread.
Detailed explanation-4: -You can get a copy of your mini statement by calling 8468001122 or texting ‘MINIspace>last 4-digits of A/C No. ‘ to 8422009988. You can also log in to the BOB Connect Net Banking Portal or download and use the Baroda M-Connect Plus mobile application. Mini statements are also available at any BOB or other bank’s ATM.